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My question is:

Once the Dinar hits and I pay the Capital Gains Taxes, and I decide to give some of the money to family members, do they also have to pay taxes on the money I give them again?

Is it better to give them the money and let them pay the taxes or what?

Edited by gymrat76541
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My question is:

Once the Dinar hits and I pay the Capital Gains Taxes, and I decide to give some of the money to family members, do they also have to pay taxes on the money I give them again?

Is it better to give them the money and let them pay the taxes or what?

First of all, your assumption that you will pay Capital gains taxes could prove to be false. You would be better prepared if you thought more on the lines of ordinary income. If you choose to gift, then you would then be responsible for the gift tax as well.

I would gift whatever amount of dinar to your family members now before the RV happens. Let each of them be responsible for their own tax burden. My 2-cents.

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All the gifting I want to do with my family and friends has already been done with one exception. Part of the "fun" of giving in this instance is that I gift them a certain amount of dinar, but none of us knows how much that will be after the RV. We are all gambling at that point. It could turn out they have a moderate gift, which is most likely I think, or they could end up with a magnificent gift, which is what I would like to see happen most of all.

I don't know how the tax situation works here in Canada. I figure I have enough dinar that whatever happens, I can pay what the tax man wants, after my accountant does his job, and still have enough to be comfortable for the rest of my life. My hope is that the money and I run out about the same time. hahahaha'

:)

smee2

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Your taxed when you cash in. There is a form floating around this site for gifting Dinar. Its a rather lengthy form. Not sure I can share it. I believe its from the VIP platinum section and if that is so I am not supposed to share it anywhere but there. Never the less this form would be useful for all dinar gifters. I will find it and get back to you if i can share it. Sorry for my ignorance and for acting like a Newbie. Basically compared to many members I am just that.

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My question is:

Once the Dinar hits and I pay the Capital Gains Taxes, and I decide to give some of the money to family members, do they also have to pay taxes on the money I give them again?

Is it better to give them the money and let them pay the taxes or what?

I read up on this one day and everything i read says if you give the money to your family that you pay the tax any way . :(

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The most effective way to handle that situation is prepare a gifting letter ,get it notarized , and supply a copy of the receipt you got when purching dinar and gift the dinar now at the rate you paid, As long as that's under $13,000.00 you don't have to pay a gift tax. Your kids that receive the dinar will be responsable for taxes after they cash-in. Be sure you get everything complete prior revaluation. Good luck

Edited by captjohnk
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"supply a copy of the receipt you got when purching dinar"

This is a problem as I was physically in Iraq when the Dinar were purchased - no receipt.

I am sure that this will be no problem because they can always check my passport to verify that I was there during that time. :rolleyes:

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My understanding is that you can give your children, parents, brothers, sisters, (immediate family) up to $29,000 per year and NO ONE has to report it. My parents talked to a fincancial advisor at a local bank, (this is NOT a back story, LOL) and that is waht they were told. They were also told the best thing to do, even for themselves, is to set up a trust for each person they want to gift money to. Not sure how that affects taxes. I guess I need to go talk to the advisor, huh? Just something to think about/research on your own.

Good luck everyone and GO RRRRVVVVVV!!!!!

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I would speak to good accountant then a lawyer before doing anything.

Best advice.....

You are absolutely correct. Not knocking anyone's intelligence here, but it would be best for each and every one of us to talk to a tax attorney and/or accountant before doing any that could cost you thousands if not handled properly.

Edited by cbs71
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All the gifting I want to do with my family and friends has already been done with one exception. Part of the "fun" of giving in this instance is that I gift them a certain amount of dinar, but none of us knows how much that will be after the RV. We are all gambling at that point. It could turn out they have a moderate gift, which is most likely I think, or they could end up with a magnificent gift, which is what I would like to see happen most of all.

I don't know how the tax situation works here in Canada. I figure I have enough dinar that whatever happens, I can pay what the tax man wants, after my accountant does his job, and still have enough to be comfortable for the rest of my life. My hope is that the money and I run out about the same time. hahahaha'

:)

smee2

Why do you gift? - just hand them the physical note and they are on their own...Am I missing something here? Thanks in advance for your input...

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Why do you gift? - just hand them the physical note and they are on their own...Am I missing something here? Thanks in advance for your input...

Yes, the part you are missing is that YOU will pay a gift tax. Gifted prior to an RV... gift taxes would be zero (if valued up to $13k). Gifted after an RV, gift taxes would be significantly higher because of the new (hopefully) higher value.

If you gifted up to 13 million dinar (approx. $13k) prior to RV... notarized with a date prior to RV... YOU are safe. After the RV... the recipient will be responsible to taxes on the new value... then yes, they are on their own.

If you gift after the RV... make sure it is under $13k... otherwise you will be gift taxed on anything over that.

I spent a day perusing the TAX FORUM here on DV.... I would recommend all do the same to get up to speed... and, check with an accountant to verify. Best of luck to all! :)

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