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Taxes

Charlie n TX

By Charlie n TX,
in RV & Dinar Questions

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FOUNDIT Newbie

FOUNDIT

Posted
Posted

Capital Gains is paid on an investment....however this is not in that category because it is a currency exchange.Therefor it is considered income.Even that is in the gray area.....I believe when this RV happens there will be a sop given to the IRS as to the nature of this tax. This will be published before the next tax deadline.

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bdg54 Newbie

bdg54

Posted
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My accountant said it would be ordinary income tax and at the 35% rate unless it goes into next year and they dont extend the tax cuts for 2011. Im setting up a dynasty trust in Nevada and then a couple of LLC's that the Trust will own.

The IRS will get there due tax even if you have a corp set up in a offshore tax haven I checked that out with two differnt Tax attorneys BIG red flag and THE US Govt. can and will go anywhere to collect taxes due them anywhere in the world. :( So be careful.

A offshore Corp is great for asset protection and foreign investments also but ...... still plan on paying Uncle Sam... his dues .

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Guest Ratatap

Guest Ratatap

Posted
Posted

Wow!! 35 percent

Unbelivable, but what can you do?

You can educate yourself on how to get reimbursed your 35% even though you have to pay it in. Debating whether to even go into this topic on Dinarvets as it is not easy to explain but very legit........Your accountant will not even know how.....I will not have lost a dime to taxes over the course of a year....

GO RV !!!!!!

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Sun City Newbie

Sun City

Posted
Posted

You can educate yourself on how to get reimbursed your 35% even though you have to pay it in. Debating whether to even go into this topic on Dinarvets as it is not easy to explain but very legit........Your accountant will not even know how.....I will not have lost a dime to taxes over the course of a year....

GO RV !!!!!!

Where should we start with this education?

Any suggestions?

Thanks

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vern Newbie

vern

Posted
Posted

There are some of us from Canada- We would like to know where-what- why- howcome- got-to- and whatever else we can get help. Our Prime Minister just sent a letter to Switzerland asking that they confirm and send all Canadian info on investors and off shore hiding. So where on earth can we get help. This has been a steep learning curve for us. Is it worth moving to other Southern countries or stay in the same country. I am slow to move on everything. I am going to sit back and make my moves slowly altho i might go for a trip first. Just to get over the shock of it all. But we need info on Canadian Law. I know there are people here from all over the world. Maybe it would be a good idea o open a page and whoever is from certain counties could contribute to it all. Thanks for all written material i have read and it is all great. I have learned loads and i was in bussiness for 25 years . This is way different. For me #1 rule In all things acknowlegde the LORD. #2 Go slow and Watch your step/dont be decieved.#3Ask for guidence and take part in wise counsel and dont listen to fools - fools lead to lies and lies to trouble. #4 Keep thanking GOD for ALL things come from/through HIM------- Thanks again will be watching for answers--Vern

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dslayer4j Newbie

dslayer4j

Posted
Posted

What I'm doing is cashing some in here this year and figuring out what I have tax due and give 90% away to charities that I like and the other 10% will go to big brother (irs). I just don't want to give more than I have to to irs and it end up in some bankers off shore account. Because thats where it is going to end up. I promise. They havn't done away with charitible deductions (yet) there trying though. Get a good tax attorney and cpa that will be the best thing to do for your own situation.

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calderteam Newbie

calderteam

Posted
Posted

I'm new to all this, but I did read about the ROTH IRA way of helping with the taxes (ExecConsult?) Anyway, I did open a self-directed Roth IRA . If you open one (see Dinar Trade), you fund it with USD then authorize them, (I used Entrust) to purchase dinar through the IRA--(takes 5 days because of the rights of rescinding). Once the RV happens, authorize them to exchange the dinar and that money does into your ROTH IRA. The information I have is that you can withdraw from it after 5 years and age 591/2 with no taxes, but if you withdraw before, there is a 10% penalty (not sure if they will change the rules after this all happens, but for now it sounds pretty good to me. I have no financial background or experience, but if I were you, I would check this out to see if it would work for you. Again, this would only help if we don't have an rv within your 5 days of waiting, but if it does, and you want to stop the process, you can do so within those 5 days. Just my 2 cents worth.

You can also have an LLC in your ROTH IRA that can do lots of good stuff. Check it out.

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SAG Newbie

SAG

Posted
Posted

Thanks for all the post. Would still like some additional education...

Get a good tax attorney. You can't hide it offshore if you still own the dinar.. An offshore company on the other hand can own the dinar and therefore the company would not necessarily be taxed on any earnings or investments. Find a good tax attorney to help you with the details. I didn't go this route because the cost was too much for me. Speculation on the dinar with my investment was enough and adding another $20 - $30K to this investment was just not something I was willing to do.

I am cashing in then I will deal with a tax attorney on the remaining balance after taxes. JMO

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  • 2 weeks later...
dragon Newbie

dragon

Posted
Posted

There are some of us from Canada- We would like to know where-what- why- howcome- got-to- and whatever else we can get help. Our Prime Minister just sent a letter to Switzerland asking that they confirm and send all Canadian info on investors and off shore hiding. So where on earth can we get help. This has been a steep learning curve for us. Is it worth moving to other Southern countries or stay in the same country. I am slow to move on everything. I am going to sit back and make my moves slowly altho i might go for a trip first. Just to get over the shock of it all. But we need info on Canadian Law. I know there are people here from all over the world. Maybe it would be a good idea o open a page and whoever is from certain counties could contribute to it all. Thanks for all written material i have read and it is all great. I have learned loads and i was in bussiness for 25 years . This is way different. For me #1 rule In all things acknowlegde the LORD. #2 Go slow and Watch your step/dont be decieved.#3Ask for guidence and take part in wise counsel and dont listen to fools - fools lead to lies and lies to trouble. #4 Keep thanking GOD for ALL things come from/through HIM------- Thanks again will be watching for answers--Vern

I've been a member of an org called The Sovereign Society for years, sovereignsociety.com , and they are all about keeping control of your wealth and offshore stuff. They have Canadian experts as well as American. You might want to browse their site and give them a call for info.

I went to a local C.A. to ask him about offshore corps etc. He sets up some in Barbados, because Cdn major banks have branches there, so he feels it's safer and doesn't know much about other countries. He said it is about $5000 to do a corp there. Prices vary in various countries, and the security of your money in them does as well, so you want to research it well. By the way, it's not necessarily better to have the local banks in your offshore haven; posts here have said that it is easier for the Cdn govt to pressure them to hand over records of Cdn with accounts there, and given examples, in particular a problem with Scotia Bank I think it was making it difficult or impossible for Cdns to open accounts in other countries under govt pressure (not sure where that post was and the details, but try a search of the forums).

Adam's OSI group on this site has researched and made arrangements for those interested to form offshore corp & bank acct, for just over 1600, which is a relative bargain. You can find info on this site for that and would need to become a VIP member--and be setting up an offshore business to access all their info--which is only $49 for 3 month membership, or more for longer. I formed a local corp in Ontario, was 1600 just for the corp, and you go to your own bank to set up an account. A tax pro can advise you best what the pros and cons are for forming a corp to hold ownership of your dinars and how much it would reduce the taxes.

If you want your dinar profits held offshore, you definitely need to consider having ownership in the name of your corporation--and transferred before the RV--not you personally, as you would be liable for the taxes personally as far as I know, unless you go the "non-resident" route (but that means severing most financial ties with Canada and living most of the year at least in another country. You can find the non-res rules on the Cd Rev Agency site. That would be a serious decision that you'd want to be clear about.)

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joe liberst Newbie

joe liberst

Posted
Posted

Be careful with who you go through to setup your trust or take tax advice from. Be sure they are qualified in the area of law that they are helping you in. I have heard a few CCs on trusts and some of the experts seem to be avoiding or not directly answering some detailed questions.

If you feel that you want to verify their qualifications or want to find other people to discuss anything from trust to tax law (and everything in between) a good website is http://www.martindale.com/. At this website you can find certified lawyers in your area.

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