Thread: Tax questions, (UK)

Originally Posted by mahi

Do the math. If you can buy a house in Nevada (pretty close to home for you ) for less than the tax you would pay to California,( or even close to the same $) Buy the house in Nevada and use it as your primary residence PRIOR to cashing in your Dinars. It's not illegal to position yourself in a way that would minimize your taxes.

If I had the $$$ to buy a house anywhere . . .I wouldnt be living at home with my friggin folks . I am going to cash out the bare minimum to get done what I need . . .allow the rates to climb, find some guy named Murray who knows every tax loophole and then live in one of those nice no tax states when I hit the rest of the stash.

Or maybe move to Belize

Originally Posted by archangel

Oz, Those dam taxes .....thats why I have all my notes in 1k and 5k dinars none higher, you got to cheat a little, it would be un American like not to.....LOL

I hope the r/v is over $2 per dinar...then you will have to pay taxes on those 5k notes, LOL.

Originally Posted by danny51

I hope the r/v is over $2 per dinar...then you will have to pay taxes on those 5k notes, LOL.

Im sure the banks will be filling out all those little forms . . .maybe we can get a few notes thru the Casinos . . .but they get a little something extra outta the exchange rate.

I cant believe I am complaining about being a millionaire . . .a whole new set of problems . . HAHAHAHAHA gotta be better than the ones I have now

Originally Posted by ozizoz

Im sure the banks will be filling out all those little forms . . .maybe we can get a few notes thru the Casinos . . .but they get a little something extra outta the exchange rate.

I cant believe I am complaining about being a millionaire . . .a whole new set of problems . . HAHAHAHAHA gotta be better than the ones I have now

The IRS will most likely require banks to fill out the report forms for ALL dinar exchanges, no matter how small. That way they won't miss out on their piece of the pie, LOL.

I still holding out hope that GW might bail us out and earn a few more votes by signing some kind of Executive Order limiting taxes on Iraq Investment returns

I emailed him . . .but havent heard back . . .go figure? Maybe I should left out the part where I want to sleep with his daughters

Originally Posted by ozizoz

I still holding out hope that GW might bail us out and earn a few more votes by signing some kind of Executive Order limiting taxes on Iraq Investment returns
I emailed him . . .but havent heard back . . .go figure? Maybe I should left out the part where I want to sleep with his daughters

I posted this a few weeks ago for I believe Neno. I just put random notes I took from forums in my note pad for further reference....Heres what I have, hope it makes sense....

The 2003 Tax Bill provision signed into law by President Bush gradually reduces the tax liabilities incurred by investors. This year its still 10% on long term capital gains. Next year its 5%, and in 2008, it will be 0%. So by default, everyone who has bought Dinar before today will fall into that category in 2008 (long term refers to holdings of over a year).

Bad news is that unless the law is renewed, the rates reset in 2009, back to 20% long term I believe. But that still gives you an entire year to reap rewards.

Many have speculated that this law was devised to coincide with a timeframe when many people will be able to cash out of a certain investment. I'll let you guess which one..........
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Originally Posted by boogirl
I was searching for tax changes from 2003 and I can only find this... I do believe this is what they were talking about. It was a part of the Tax Relief Reconciliation Act of 2003.

JS-408: Tax Provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003

Reduction in Tax Rates on Dividends and Capital Gains: The maximum tax rate on dividends paid by corporations to individuals and on individuals’ capital gains is reduced to 15% in 2003 through 2008. For taxpayers in the 10% and 15% ordinary income tax rate brackets, the rate on dividends and capital gains is reduced to 5% in 2003 through 2007, and to zero in 2008.

JS-408: Tax Provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003
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O.K. Here is what I found. Right off of the IRS website. It is a long publication, but start at page 66. It has the Capital gains tax rates and if you keep going, it shows example Schedules. This is just basic stuff. But thought I would put it here for reference. It is a pdf. file.

http://www.irs.gov/pub/irs-pdf/p550.pdf

Like I said, it is 81 pages long, but if you start a page 66, about Mid way down the page on the right. That is where it starts talking about the rates.

Read it thoroughly. First of all the President signed into law this year an extension of these long term rates through the year 2010. This was done in May of 2006.

The 5% rate is great - but you've got to be in lower bracket for it to apply. It applies to anyone in the 10% or 15% bracket with other income.

The 15% rates applies to anyone in the 25% or higher bracket.

If you are in a lower bracket with lower income, this would be a good thing. If not, then hold it a year and pay the 15% - which isn't a bad thing either when you think about it.


So maybe GW DID help us out?? Thoughts?

Cheers!
DayDream

Originally Posted by ShowMeThe$$

That, my friend, is what TEXAS is for...no state income tax and plenty of conservatives.

sounds like alaska,,, cept texas is markedly SMALLER. lol

Originally Posted by shotgunsusie

sounds like alaska,,, cept texas is markedly SMALLER. lol

And texas is worth a bit more money according to what we paid for alaska back in the day!

Originally Posted by PaulieThaGreat

And texas is worth a bit more money according to what we paid for alaska back in the day!

Yeah but we got California, Nevada, Arizona and New Mexico for $1 million from Mexico . . .

how ya like them apples? Na Nah

Would like to get peoples thoughts on the above topic. I'm sure most of us understand it is legal to find ways to minimize your taxes, but not evade them. If we cash in smaller denoms at say a couple grand at a time, could we fly under the radar?