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Buying Silver or Gold and Tax Idea


fox
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A friend told me that if I buy silver or gold I do not have to fill out any tax forms for that transaction. He said I only have to report it when I sell the silver or gold. So,

if I buy the silver or gold with my dinar, I would only have to pay taxes on the profit I make (or report a small loss if applicable) on the sale of the silver or gold.

1. Is this true?

2. I read that in 2012 this law will change. I would love to have a link to the tax changes if anyone knows how to find that information.

3. Is there some stipulation about a length of time I have to keep the gold or silver for this to work?

4. Also, someone has said there is a difference in the capital gains tax from 15% for more than a year, to another percentage if held for less than a year. Is this determined by a literal 12 months or different tax years? What is the percentage if I have had it for less that a year? I have read the tax discussions, but since I have a relatively small amount of dinar that is a gift from my sister (less than the $13,000 allowable value at the time of the gifting) , I think it will not have to be claimed as regular income.

Any words of advice will be appreciated.

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If your friends aren't tax professionals then maybe you need to listen to some different friends. The basic answer is none of us really know what they are going to do with taxes with this thing so forget about exchanging for gold/silver and the capital gains laws of over 1 year or under 1 year. Either wait and see or plan ahead like many by taking advantage of osi.

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That is false, and I hate to say it - but Ali is largely responsible for starting that misconception. He's not a financial adviser, he's a dinar dealer... don't listen to any financial advice from your friends or someone selling you Dinar!

Dinar is a good investment in my opinion, but there are going to be major tax consequences when we see a large return on our investment.

If you trade X dinar for XXXXXXX gold, you are entering into a situation that you will need to report and you will need to pay taxes on, especially if you did it in your own name.

If you're looking for a way to defer taxes, the two best strategies I know of are:

1. Use an IBC http://dinarnews.net/ibc or http://corpoffshore.com for information

2. Buy Dinar with your IRA account. This is a little complicated and I am working on a guide for us investors. but it won't be done for a few weeks.

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I agree with Adam and I am a Tax Pro. Please consult with a tax professional - preferably one with initials - if you are concerned about your tax situation (and who isnt lol).

Adam has some great ideas in VIP depending on how far you want to go to avoid and/or defer taxes on cash in. The tax section of the forum has great info as well.

Best advice I can give is READ READ READ and when you are done READ some more. Unfrortunately there are as many situations as there are people and you have to find what works for you. There is no magic program except the one you build for yourself with the help of those who know. This is just my 23.4 Dinar and I hope it helps.

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I can 1 up you Adam.....Buy dinar with a Roth I R A. The benefits get even better as best I can tell! Also, you can open businesses up inside of your I R A s. There are only 3 things you can't do with your I R A s......Pretty open field I'd say!!!! B)

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Hang on, before you start making big bold font at me! I'm not the bad guy here, I'm trying to help and I've looked over this question hundreds of tiems with dozens of professionals. If it was as easy as swapping dinar for gold, holding it a year, then cashing out at long term gains - I would be telling everyone about it!

Unfortunately, it's not. I've studied it extensively - in fact, I studied for and passed the Series 65 recently in order to be able to back up my research and offer investments to the VIP members in the future. I've paid TENS of thousands of dollars for professional advice. No offense to your personal accountant, but unless your personal accountant handles multi million dollar accounts on a regular basis... she/he is not in the same league as the people I've paid over the last 6 years as a Dinar Investor, and more importantly, as a successful owner of several businesses.

I'm not trying to just shut you down, though... let's look at what you asked:

1st I am the aforementioned friend of fox. <--- Irrelevant.

2nd I got my advice that I gave to her from my personal accountant, of several yrs. <--- Irrelevant.

To answer your other questions, I think you are trying to trade XX Dinar for XXXXXXXX gold - correct?

How are you supposed to pay for XXXXXXX gold unless you cash in your Dinar in some way?

I'm not trying to burst your bubble, but as soon as you cash in or trade in your Dinar, that's when you have a gain - before you ever receive the gold.

If you trade X dollars for X gold, there is no gain and your accountant is correct.

If you trade X dinars for XXXXXX dollars and then trade XXXXXX dollars for XXXXXX gold - I bolded the part where you made the gains. Dinars to Gold is not a "like kind" exchange and does not qualify for rollover benefits.

I hope that helps. If you want to cash in your dinars and buy gold, and then not pay taxes - I'm willing to bet you're making the wrong decision, but I don't have time to try to convince you if you're not convinced by now.

Best wishes, and best of luck.

- Adam

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again i would like to thank you for your site and all you have done for us, it is my pleasure to have been a member, and i would have eagerly paid for your VIP if i had it. just saying i like you, publicly

You are welcome, I hope I didn't come across in a bad way. I just have a great fear that so many people are going to fall into that trap and end up losing much of what they have waited and prepared for based on a very common misconception!

Your accountant is probably just fine for today's purposes, but after the RV you may want to look for someone else. Many of us are planning on going that route already.

:tiphat:

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