53 replies to this topic

[wpsmit]

Wow, Mark. I remember when you said you had to do some more research because of questions you still had but here it seems you are trying to help the IRS as well. I suppose when you find something that isn't clearly spelled out, that is the best way to approach them and your recommendations may be more gratefully accepted. And, what with the amount of reseach you have obviously done seemingly covering all aspects of this venture, it seems they would realize that and seriously consider your position and conceivably follow all you recommendations. Let's hope so and we all thank you so much for bring this to the attention of the IRS so that we may all be treated fair and equal.

I'm afraid this solution is too logical for the IRS, but good luck anyway.

[cruzin']

Question: If i go overseas and buy coins ie old coins or gold coins, you get the pic. and bring them back to sell maybe on ebay some to coin collectors and stuff. would i have to claim that?? It might be a silly question to some, but i don't know.

[Adam Montana]

If you made a profit, yes.

Technically, you are supposed to report a $20 bill you find on the ground - the IRS considers it taxable income.

Does it make sense? NO! I don't make the rules.

[jaman]

hi Adam one question I was told that there was a small window to re-invest the gains to defer the taxes any comment ?

[Adam Montana]

hi Adam one question I was told that there was a small window to re-invest the gains to defer the taxes any comment ?

There is talk, and this actually makes sense, that if we roll our investment into another investment within 60 days, we will be able to defer paying taxes. In fact, this is exactly what I've been paying very talented advisers and attorneys to help me set up for the VIP members. (Kind of like rolling a 401k into an IRA - if you do it within 60 days, you can do so with no penalty.)

To take it a step further, we have worked out investment strategies that allow us to reinvest in ways that not only defer our tax liability - but turn great gains into even greater gains.

Here's some more info: http://dinarnews.net/benefits

Hope that helps!

[cruzin']

Thanx Adam. I am sure that people more educated in these things still can't find a way around the IRS. I will be thinking of going the LLC wrought from AZ.

Edited by cruzin', 24 August 2011 - 09:13 PM.

[Adam Montana]

Thanx Adam. I am sure that people more educated in these things still can't find a way around the IRS. I will be thinking of going the LLC wrought from AZ.

LLC won't do you much good, this is one of the topics we have covered at length and in much detail in the VIP section.

Before you spend a few hundred on a useless LLC, I would strongly encourage you to spend $49 on VIP and get the REAL scoop on asset protection!

[ExecConsult]

hi Adam one question I was told that there was a small window to re-invest the gains to defer the taxes any comment ?

What Adam talks about in the VIP section is not so much a way to reinvest as a way to defer US taxes by deferring income recognition. This can be done the way the VIP section sets it up. It may also be able to be done through a "deferred sales trust." The absolute BEST way to hold your dinar in my humble opinion is in a Roth IRA so the gains are tax FREE not just tax DEFERRED.

Anyway, whether it is selling stock or exchanging IQD, at the moment of income recognition you have created a taxable event. Neither type of transaction enjoys any special rules that would allow you to avert taxes by reinvesting. The only things I can think of that allow that under our current laws are qualified retirement accounts, IRAs, and sale of your personal residence (though you don't have to reinvest it in a new home anymore- that used to be the rule).

Hope that is helpful.

Best of Blessings,
Mark

LLC won't do you much good, this is one of the topics we have covered at length and in much detail in the VIP section.

Before you spend a few hundred on a useless LLC, I would strongly encourage you to spend $49 on VIP and get the REAL scoop on asset protection!

An LLC won't do you a lot of good for taxes (unless you have a lot of capital investment you can expense), but an LLC can give great asset protection if it is set up correctly and in the correct jurisdiction. I would not use AZ to set up an LLC to hold dinar or investments. I'd use either Wyoming or Nevada personally.

What the VIP section suggests can be very effective if done properly. However, a domestic LLC, FLP, LLP, FLLLC, if properly drafted will provide great asset protection as well. (Sorry to disagree Adam.)

Best of Blessings,
Mark

P.S. See my profile for abbreviated professional disclaimer.

[cruzin']

Thank you Adam and Mark. I see i still need more education on this subject. I will do my studies as soon as i get more time on my hands, for right now 2 jobs is 2 too many LOL. But on a good note if a sizable RV hit i would cash in a small amount to pay of some debt at first then figure out my best options for the rest. Quick question: I can't get taxed till cashing in?? Right???

[SPECIAL LADY]

Thank you for sharing. Excellent, excellent job.

[ExecConsult]

Quick question: I can't get taxed till cashing in?? Right???

You don't get taxed until you have an income event. That means either exchange for US dollars OR exchange for anything else of value. In the event you exchange foreign currency for anything other than USD, the IRS Regulations state that the IRS would look at this as an exchange for dollars and using the dollars to purchase whatever you got at it's market value. (I only bring this up because some people thought they could avoid taxes by using dinar to exchange for homes and cars. Doesn't work.)

Best of Blessings,
Mark

[Adam Montana]

What Adam talks about in the VIP section is not so much a way to reinvest as a way to defer US taxes by deferring income recognition. This can be done the way the VIP section sets it up. It may also be able to be done through a "deferred sales trust." The absolute BEST way to hold your dinar in my humble opinion is in a Roth IRA so the gains are tax FREE not just tax DEFERRED.

Anyway, whether it is selling stock or exchanging IQD, at the moment of income recognition you have created a taxable event. Neither type of transaction enjoys any special rules that would allow you to avert taxes by reinvesting. The only things I can think of that allow that under our current laws are qualified retirement accounts, IRAs, and sale of your personal residence (though you don't have to reinvest it in a new home anymore- that used to be the rule).

Hope that is helpful.

Best of Blessings,
Mark


An LLC won't do you a lot of good for taxes (unless you have a lot of capital investment you can expense), but an LLC can give great asset protection if it is set up correctly and in the correct jurisdiction. I would not use AZ to set up an LLC to hold dinar or investments. I'd use either Wyoming or Nevada personally.

What the VIP section suggests can be very effective if done properly. However, a domestic LLC, FLP, LLP, FLLLC, if properly drafted will provide great asset protection as well. (Sorry to disagree Adam.)

Best of Blessings,
Mark

P.S. See my profile for abbreviated professional disclaimer.

Oh no, we don't disagree. A properly formed entity can help protect assets.

However:

Regarding Dinar, there is always a chance the USG could lock up all Dinar related transactions with a simple mention of anything Homeland Security related. After all, Iraq is in the Middle East. For this reason I choose to have my assets protected by a corporation that does not reside under the jurisdiction of the USG.

Regarding Taxes, a domestic entity won't help much for exactly the reason you just mentioned - you can't trade Dinar for houses or cars and avoid paying taxes! At the end of the year, your gains (through the corp) are added up and you pay taxes on the full amount. Once again, I prefer to let a foreign corp receive the gains immediately... I will reap the benefits on my own terms, in my own time, and I will pay much less taxes than the average bear.

Another point we sort of disagree on is the IRA - that's a great tool if you don't want to touch your money until you reach a certain age. It's not appropriate to assume everyone on this board is an ancient codger like yourself!


( kidding of course )

An IRA is a great vehicle for many people, but it's not a "one size fits all" solution.

As always, thank you for your insight and contributions!

[ExecConsult]

Another point we sort of disagree on is the IRA - that's a great tool if you don't want to touch your money until you reach a certain age. It's not appropriate to assume everyone on this board is an ancient codger like yourself!

( kidding of course )

An IRA is a great vehicle for many people, but it's not a "one size fits all" solution.

As always, thank you for your insight and contributions!

Bless you Adam - you are the first person ever to think of me as mature enough to be called a "codger."

Agreed - not one size fits all - can get around age requirement if you annuitize the payment stream (payments come out in substantially similar payments). You also have the 5 year rule for waiting for 5 years from the initial funding until you can get at it. Still even if you violate the 5 year rule, the numbers are pretty favorable. It is a good thing to look at but, as with all advice you read here, discuss it with a competent adviser in relation to your own circumstances before acting.

Best of Blessings,
Mark

[ExecConsult]

WooHOoo!! (I hope.)

I was Just informed by the attorney who convinced me to do the IRS submission to begin with. The IRS has published their Priority Guidance Plan and Section 988 is now on the plan.

Before we get too excited, it is unclear if they will address the issues regarding section 988 which we need them too, but I am hopeful that this is in response (at least partially) to my submission and we will get the guidance and direction we need.

WHAT THIS MEANS?
There are a total of 317 projects the IRS has decided are priorities for giving guidance on for July 2011 through June 2012. Section 988 is one of the 317 projects. Now we have to wait and see if the guidance they give for section 988 is of any real help to Dinar investors.

Best of Blessings,
Mark

Edited by ExecConsult, 07 September 2011 - 03:16 PM.

[Lee1]

Like everyone else Mark, much thanks and appreciation for all your efforts. We probably (should) owe you a million $ in attorney fees by now (at $400/hour). Anyway. . .

Being a soon-to-be old codger, how do I put Dinars into a Roth? What do I do/who do I go to do this? I'm assuming I understood your earlier post correctly: Dinars ===> Roth.

Thanks.

[ExecConsult]

An LLC is an excellent thing to use to own stuff with, where the LLC does no business whatsoever. It just holds title anonymously to a car or house.


And when you sell, there are no taxes. You sell the LLC, not the vehicle or the house. The LLC retains ownership.

It's true that the LLC is good to own stuff. However, when you sell, if you have an income, you must pay taxes on that income regardless of whether you sell the assets out of the LLC or you sell the LLC interests. In fact, with regard to foreign currency, the IRS has an example in the regulations where someone places foreign currency in a business entity. The foreign currency has appreciated about $300,000. Since any exchange gains would be at ordinary income levels, instead of exchanging the currency the individual sold the stock in the company hoping to get capital gains treatment for the income. The IRS came in and said since the value of the company was based on the appreciation of the foreign currency, capital gains would not be allowed and they reclassified the income as ordinary income.

Anyway, whether you sell the assets or sell the LLC, any income triggers tax.

Best of Blessings,
Mark

Like everyone else Mark, much thanks and appreciation for all your efforts. We probably (should) owe you a million $ in attorney fees by now (at $400/hour). Anyway. . .

Being a soon-to-be old codger, how do I put Dinars into a Roth? What do I do/who do I go to do this? I'm assuming I understood your earlier post correctly: Dinars ===> Roth.

Thanks.

You made me smile. Anyone who wants to pay me $400/hour for what I have done here is certainly not going to be refused. However, I usually ONLY charge $250/hour. Anyway, you are most welcome.

You can not take current dinar and place it into a Roth IRA. You must fund the Roth with US dollars and then instruct the IRA custodian to use the funds to purchase new dinar. To accomplish this you must have a self-directed Roth IRA and an IRA custodian who is willing to purchase and hold dinar as an investment. There are many companies out there. When DinarTrade was still up and running, they had a relationship with Entrust. However, Entrust would not hold the dinar once purchased and people had to use a third party company to hold the dinar. I have been referring anyone who asks over to NAFEP. They are an IRA company set up to hold hard assets in IRA. They will hold dinar in their gold vaults.

I hope that is helpful.

Best of Blessings,
Mark

[Snazzy11]

ExeConsult.... Thanks for all your help and the time you invest in your explanations.

Question: will we be taxed every year on the dinar rv or just a one time deal? Like a lot of others I plan on putting it into my LLC as a fund holding until I decide the best place to invest.

Thanks
GO RV

[4profit]

I have set up Roth Ira LLC last year by http://www.irafinancialgroup.com/.
I am required to hold dinars in safety deposit box at my local bank.
The fees cost more than Entrust.


If anyone interest, check http://www.irafinancialgroup.com/.
Also check how long it will take to set up depending where the state you live to receive article.
It took me about one month.

[Nottoolate]

Thank you Mark and Adam so much, this is why there is such confidence in the DinarVets site.

[ExecConsult]

ExeConsult.... Thanks for all your help and the time you invest in your explanations.

Question: will we be taxed every year on the dinar rv or just a one time deal? Like a lot of others I plan on putting it into my LLC as a fund holding until I decide the best place to invest.

Thanks
GO RV

Short Answer
NO - you will not be taxed every year on income from an RV

Longer Answer
You are taxed each year on what you earned in the year. You have income from the RV when you make an exchange IQD into USD (or anything else of value). If you exchange it all in one year, you will pay your taxes for the income for that year.

Hope that is helpful.

Best of Blessings,
Mark