krmayo

What are my Tax Options if I Cash in All my Dinars?

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If I cash all my dinar out and fill out the 1099 form, I guess that's what I'm paying tax on? Is there anything I can do after cashing out?

You can tell I haven't spoken to a CPA or tax attorney yet.

I assume it would be too late to do a corporation or anything like that, but do I have other options that some of you might be willing to share?

Thanks!
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[quote name='krmayo' date='14 December 2010 - 03:54 PM' timestamp='1292360081' post='300945']
If I cash all my dinar out and fill out the 1099 form, I guess that's what I'm paying tax on? Is there anything I can do after cashing out?

You can tell I haven't spoken to a CPA or tax attorney yet.

I assume it would be too late to do a corporation or anything like that, but do I have other options that some of you might be willing to share?

Thanks!
[/quote]


i have the same thoughts and questions.
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Actually, I don't think we're going to have to hurry so much to cash out. I think the rate will probably be set for 6 mos - 2 years. That will give you plenty of time to talk to lawyers and CPA's - AND they won't look at you crazy because the RV will have already taken place!

The only thing that may rush us is if the compromise between the Bush tax cut extension and the unemployment extension doesn't work out. In that case, if you waited till 2011 to cash out, you would be paying 4.9% more in federal taxes, which could add up to quite a few dollars! I think it probably is going to work out, though.
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No one really knows at this point. Not even the IRS. I called and talked with two different people who gave me two different answers. I'm sure there is a lot more information to come. I do know that i'm ready to pay 35% just in case. I want to know that i'm spending money legally. I want to have the freedom of not having to constantly watch my back. If I get reimbursed later, fine by me, just doing my part to hopefully get America out of debt...Don't forget to give...orphanages have a program for the kids that have turned of age to leave on their own, i'll be looking more into that one...I'll be giving to the church in my hometown and still coming up with more...due diligence, take care of your families and invest wisely...GO RV!!
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Another item that may affect when you cash in is the period of time the larger bills will be good. Best if you begin making your plan and have alternates based on different time periods (i.e. 30-60-90+ days) in which you would need to either exchange or cash in your large denomination bills.

Do those plans right now - don't wait!
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[quote name='sogoddess' date='14 December 2010 - 02:59 PM' timestamp='1292360399' post='300959']
Actually, I don't think we're going to have to hurry so much to cash out. I think the rate will probably be set for 6 mos - 2 years. That will give you plenty of time to talk to lawyers and CPA's - AND they won't look at you crazy because the RV will have already taken place!

The only thing that may rush us is if the compromise between the Bush tax cut extension and the unemployment extension doesn't work out. In that case, if you waited till 2011 to cash out, you would be paying 4.9% more in federal taxes, which could add up to quite a few dollars! I think it probably is going to work out, though.
[/quote]
FYI - for anyone who is not aware already - President Obama signed law on 17 December 2010 that extends Bush tax cuts through 2012.

I am in complete agreement with you. There are very few things that would need to be done prior to any RV. About the only one that I can think of off the top of my head at this late hour is setting up (or converting a into) a self-directed Roth IRA. Then purchase the dinar inside the Roth to get tax free growth for retirement.

Best of Blessings & Merry Christmas,
Mark
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Well if you sell them NOW...you can use them as a loss against your taxes :lol:

just kidding :)
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[quote name='krmayo' date='14 December 2010 - 02:54 PM' timestamp='1292360081' post='300945']
If I cash all my dinar out and fill out the 1099 form, I guess that's what I'm paying tax on? Is there anything I can do after cashing out?

You can tell I haven't spoken to a CPA or tax attorney yet.

I assume it would be too late to do a corporation or anything like that, but do I have other options that some of you might be willing to share?

Thanks!
[/quote]
There are plenty of options post RV. Please don't worry that you are too late. The most important thing is what you do [b]before you cash out[/b]. Whereas ability to use most tactics you could employ (outside of buying dinar inside a Roth IRA) will not be affected by whether or not an RV has occurred, some of them do require the physical dinar to be contributed to an entity (usually a business or trust) and then cashed out within that entity instead of cashing them out personally.

My suggestion is that you cash out just enough to be able to hire an estate planning attorney, CPA, and financial adviser. Also, make sure you are getting well qualified counsel commensurate with the amount of money you will be planning for. Ask around, get the best advisers you can find. They will be well worth what you pay them.

Best of Blessings,
Mark
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