Question-how would giving them the dinar and letting them cash it in (something I planned on doing all along-heck, I even started a thread somewhere on tithing BEFORE the RV-thought it would be a leap of faith to actually tithe my dinar...) but how does it make a difference for the giver?Charitable Giving - those who want to give to their church - yes, you're correct. Give the actual Dinar, don't cash it in first. You then get a deduction for the current value of the Dinar you gave and they don't have to pay any taxes on it. A great way to go.
Wouldn't either way be a tax write off for the giver? (If you feel you need to charge me for your services, pm me and we can set that up!!! I don't mean to tie you up with your knowledge b/c this is your field!)
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16-05-2007, 07:01 PM #81
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Habakkuk 2:2-3 Then the LORD answered me and said: “ Write the vision And make it plain on tablets,
That he may run who reads it. 3 For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry.
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16-05-2007, 07:04 PM #82
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The 50-60K will be to help satisfy some of our urges for the instant wealth, just enough to buy a new wardrobe, 52" flat screen HDTV, a new computer for us and one for our son. And of course a week long vacation in Vegas for the whole family!
Habakkuk 2:2-3 Then the LORD answered me and said: “ Write the vision And make it plain on tablets,
That he may run who reads it. 3 For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry.
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16-05-2007, 07:15 PM #83
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16-05-2007, 07:25 PM #84
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I guess what I am confused about is EITHER way, say I give 10% dinar before the RV-ahhhh! Thank you, Jesus! He just enlightened me...Let me see if I have this correct:
- If I cash it in, I still get to deduct the amount we give, which will come off of our taxable income.
- If I give them their OWN dinar, the value of the dinar does not get added to MY income, yet I still get to write off whatever the current value of the dinar would be if I WOULD have cashed it in myself, therefore the deduction comes off of whatever capital gains I DID claim?
Habakkuk 2:2-3 Then the LORD answered me and said: “ Write the vision And make it plain on tablets,
That he may run who reads it. 3 For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry.
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16-05-2007, 07:30 PM #85
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Confused
If you cash it in first, you pay capital gains tax on the gain on your investment. Yes, you get to deduct it, but why pay the tax?
If you GIVE them your dinar, you get to deduct the current appreciated value at the time of the donation and not pay capital gains tax on it. Yes, your donation would be a deduction on your tax return, assuming your income wasn't too high where there would be no deductions allowed.
WE SHOULD BE SO LUCKY!!!!!!!!!!!!!!!!!!!!!
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16-05-2007, 07:34 PM #86
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So, my theory all along was right on....give folks their own dinar!!! I've been giving it as birthday presents and have bought some for father's day!
Habakkuk 2:2-3 Then the LORD answered me and said: “ Write the vision And make it plain on tablets,
That he may run who reads it. 3 For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry.
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16-05-2007, 07:41 PM #87
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Whoa!!
Giving Folks their own Dinar is another matter than giving it to a Charity.
If you give someone an item, then their cost basis is whatever you paid for it. You being the Donor. Then when they go to sell it, they claim about .1475c basis per Dinar and cash it in for many thousands of u.s. dollars and will have a real tax burden. You might lose some friends and family when that happens. fyi
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16-05-2007, 07:46 PM #88
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Habakkuk 2:2-3 Then the LORD answered me and said: “ Write the vision And make it plain on tablets,
That he may run who reads it. 3 For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry.
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16-05-2007, 07:51 PM #89
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16-05-2007, 07:56 PM #90
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Darn. I hate being confused.
I honestly thought that if someone had say under 10000 USD (say the dinar is worth that) then they would not have to pay a capital gains under 10K. I honestly didn't think it mattered whether or not I gave them dinar or not. I have given 25K notes to family b/c they are not buying their own. Oh, well, we will have to re-think that if it goes up-perhaps I'd have to cash it all in and THEN pay them out....somehow.
Habakkuk 2:2-3 Then the LORD answered me and said: “ Write the vision And make it plain on tablets,
That he may run who reads it. 3 For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry.
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