Qman Posted February 19, 2010 Report Share Posted February 19, 2010 Try asking Obama and see what he says!!! Link to comment Share on other sites More sharing options...
planters Posted February 19, 2010 Report Share Posted February 19, 2010 I believe the taxes will not be taken when you cash in. You will be responsible to pay the taxes at the end of the year. Save your receipts because I believe Capital gains are the rule we will follow: Long term 15% Short term 35% Short term is anything less the a year. This is just my opinion and always seek advice from a competent financial advisor. Oh and don't forget about state taxes if they apply to your state. Link to comment Share on other sites More sharing options...
migel Posted February 19, 2010 Report Share Posted February 19, 2010 Wrong, taxes will be paid on the due date of estimates, which is the end of the quarter the income was realized in. If the IRS wants it before hand, let them eat cake! Link to comment Share on other sites More sharing options...
twestbrook Posted February 19, 2010 Report Share Posted February 19, 2010 I understand that I will pay short term capital gains since I will not have owned my dinar a year (I hope!). My understanding is that I will pay the tax of the bracket I fall in with my other income (which is minimal). So unless they count the dinar profits in with my ordinary income, I should only be paying 15%. Can anyone confirm or explain otherwise? Thanks. Link to comment Share on other sites More sharing options...
RAB42 Posted February 19, 2010 Report Share Posted February 19, 2010 That is my same understanding, it will be based on your last tax return income fillings. Link to comment Share on other sites More sharing options...
markb57 Posted February 19, 2010 Report Share Posted February 19, 2010 I understand that I will pay short term capital gains since I will not have owned my dinar a year (I hope!). My understanding is that I will pay the tax of the bracket I fall in with my other income (which is minimal). So unless they count the dinar profits in with my ordinary income, I should only be paying 15%. Can anyone confirm or explain otherwise? Thanks.Thats income tax. Now add 35% capitol gain. Link to comment Share on other sites More sharing options...
SexyDinar Posted February 19, 2010 Report Share Posted February 19, 2010 I think if you are going to be in the millions of dollars profit then you should be looking at jurisdication which don't have capital gains tax or low tax ie. TAX HAVENS!!See list below with explanations:-http://www.zyra.org.uk/taxhaven.htm Link to comment Share on other sites More sharing options...
The Watcher Posted February 19, 2010 Report Share Posted February 19, 2010 Check with your CPA. The IRS will want their share when you collect, be it 15% or 28%. After that, any large amount income derived from the remainder, such as savings income, will likely have to be paid quarterly to avoid a 10% penalty at the end of the year. You have to have projected income fall within a certain percentage of that owed to avoid the penalty. Also, I believe the capital gains rates are FLAT. They are calculated outside your normal taxes at the appropriate rate and then ADDED TO the nominal tax rate that you may fall in. That is the way my CPA has always done it and he is not in jail to my knowledge. Link to comment Share on other sites More sharing options...
BurntToast Posted February 19, 2010 Report Share Posted February 19, 2010 Depending on how much you invested, the income from your investment will likely put you in a high tax bracket. Short term capital gains is 35% in the highest tax bracket. Then you can probably figure a windfall tax, I am guessing at 2%, then figure state tax. I figure I will walk away with about 58%. The only thing I know about taxes is that we pay them one way or another. Consult a tax expert, of course, but expect to pay. Link to comment Share on other sites More sharing options...
scoty1967 Posted February 19, 2010 Report Share Posted February 19, 2010 I dont think we will make enough money off this to pay taxes. Link to comment Share on other sites More sharing options...
Qman Posted February 19, 2010 Author Report Share Posted February 19, 2010 I hope you don't mind me saying I hope you are wrong! Link to comment Share on other sites More sharing options...
scoty1967 Posted February 19, 2010 Report Share Posted February 19, 2010 not at all I hope to be wrong.But all the real news points twards a lop....Sorry Link to comment Share on other sites More sharing options...
tim5400 Posted February 19, 2010 Report Share Posted February 19, 2010 (edited) Ive said this b4the gov. owns dinar which was bought w our money..all gov money is our money yet they will not paya tax on the profit from our money but we will ..Can you SAY UNFAIR Edited February 19, 2010 by tim5400 misspelling Link to comment Share on other sites More sharing options...
austin Posted February 19, 2010 Report Share Posted February 19, 2010 do capital gains tax get paid at the end of each year or with quarterly if it is over a certain amount? Link to comment Share on other sites More sharing options...
mrref Posted February 19, 2010 Report Share Posted February 19, 2010 As many people that we have on this site I am sure someone is a CPA or Financial consultant that can assist us with questions that we all have. SPEAK UP thanks Link to comment Share on other sites More sharing options...
ladonna Posted February 19, 2010 Report Share Posted February 19, 2010 I'm not sure about the windfall tax...but I do believe we will be paying 35%. I think we will not pay at time of exchange...but I will be consulting with my tax lawyer and financial planner anyway cuz I don't want to go to jail. If you are paying tax you are probably making money. It sucks but that is the way it is. IMO. Link to comment Share on other sites More sharing options...
ladonna Posted February 19, 2010 Report Share Posted February 19, 2010 All we have to do is be on staff with President Obama and we do not even have to pay our taxes. Am I right! Link to comment Share on other sites More sharing options...
Mongo Posted February 19, 2010 Report Share Posted February 19, 2010 Is it just me, or does anyone else think the taxes that will be taken out, once you exchange your Dinar, ridiculous???... We get taxed hard on everything else, why can't we get a break on something like this? Isn't the government paid enough?!?!?!The tax code is designed to confuse the tax payers with contradictions at every turn. 10 IRS experts will give you 10 different answers to any question you ask. the constitution has no provisions for Federal taxation of the american citizen in it. what happened yesterday in austin Tx. where a fed up tax payer took matters in his own hands and rammed his plane into the IRS building, will become more common in the future as the IRS squeezes the financial life out of everybody that works for a living. the IRS will continue it's rampage until the American people stand up, united and abolish this system of unfair taxation. Link to comment Share on other sites More sharing options...
djuggler Posted February 19, 2010 Report Share Posted February 19, 2010 Here is an interesting read on the topic!http://www.nytimes.com/2009/11/27/opinion/27krugman.html Link to comment Share on other sites More sharing options...
dino22 Posted February 19, 2010 Report Share Posted February 19, 2010 yes u r right twestbrook Link to comment Share on other sites More sharing options...
Mongo Posted February 19, 2010 Report Share Posted February 19, 2010 Here is an interesting read on the topic!http://www.nytimes.com/2009/11/27/opinion/27krugman.htmlFirst of all, I think Krugman is a liberal stooge. The GOV. will only go as far as it's people will let them. And so far we have let the government through the IRS, rape us. But there is a backlash coming, and it will NOT be fought with words. If you are working for the IRS, be very afraid for your life. This is not a threat from me, I'm just watching the mood of the American public with their backs against the wall, ready to snap. Link to comment Share on other sites More sharing options...
visitor Posted February 19, 2010 Report Share Posted February 19, 2010 I am a late comer and new to the dinar. Had no problem buying but have no idea on how to cash them in when the time comes. Do I need a special bank or bank account? Link to comment Share on other sites More sharing options...
jeff12 Posted February 19, 2010 Report Share Posted February 19, 2010 this link explains alot of what the government wants. I am no accountant so take it for what it is worth. By the way this link was posted here about 3 weeks ago, so I do not want to take credit for finding it. http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States Link to comment Share on other sites More sharing options...
toolntims Posted February 19, 2010 Report Share Posted February 19, 2010 Wow ! Ooouuuccccchhhhhh!, that hurtsss, just kill me now!!! Lol Link to comment Share on other sites More sharing options...
jackdavis1364 Posted February 19, 2010 Report Share Posted February 19, 2010 I understand that I will pay short term capital gains since I will not have owned my dinar a year (I hope!). My understanding is that I will pay the tax of the bracket I fall in with my other income (which is minimal). So unless they count the dinar profits in with my ordinary income, I should only be paying 15%. Can anyone confirm or explain otherwise? Thanks.Hey southern girl. I say always consult an educated accountant, cpa or tax lawyer. With that said, this is what I believe (just as you said above). Your capital gains are tied to your "ordinary income." I posted once before that the unemployed that are holding dinars may be the luckest ones, assuming this RV happens before they lose everything. I even called my accountant to ask but unfortunately got the assistant that ventured a guess that was, in my opinion, incorrect.This is what I understand from my reading about capital gains. Ready: This is from "wikipedia". If your "ordinary income" rate is 10% your short term capital gains will be 10%. If your gains are long term (more than one year and one day) your capital gains tax will be 0%. If your ordinary income is taxed at the rate of 15%, your short term capital gains tax will be 15% and long term will still be 0%. When your ordinary income goes to the 25% bracket your short term capital gains go to 25% and the long term goes to 15%. Next bracket: 28%, capital gain tax for short term is 28% and long term 15%. You will have to have ordinary income of over $171,500.00 before you go to the 33% bracket and $372,95.00 before you go to the 35% bracket.I have seen it printed many times as there being just two capital gains tax rates, those being 15% for short term and 35% for long term. That may very well be true, I don't know. There may have been a special law that was passed for this year alone. That will have to be verified.If your capital gains tax rate is tied to your ordinary income tax rate as I believe it to be, be sure to take every LEGAL tax deduction that you can take. If you exceed the maximum dollar amount for a particular tax bracket by even $1.00, you will pay the capital gains based on the higher bracket that you moved into.All I know is the fact that I retired at the end of 2009, could possibly mean literally millions of dollars difference in what I pay in taxes. I want to pay every cent that I legally owe but not one penny more. Pay your taxes due but consult with your tax advisor. DO NOT depend on what some blogger with an ichy finger tells you (ME). But, do your homework. It CAN mean literally thousands, hundreds of thousands or in some cases millions of dollars difference in your pocket instead of the spenders in Washington. Link to comment Share on other sites More sharing options...
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