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four wheel drift

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Posts posted by four wheel drift

  11. scooter

    in Dinar Rumors

    Posted

    "YOUR THE MAN"......You are the source that balances this crazy ride with "verified information " from the "rumors" and every thing in life needs it's yin and yang. I would also like to thank you for your dedication to this exciting journey we are all taking together.

    Thanks Scooter.

  13. Operation Cupcake

    in Off Topic posts

    Posted

    oooooooooooooooooH.......NOOOOOOO...............cupcakes are meant to healthy.........I don't care how healthy the ingredients you'll never have THAT CUPCAKE that is THE BEST CUPCAKE YOU HAVE EVER EATEN. GO for HEAVEN...that's really what people want when they think CUPCAKE!!!!!!!

    • Upvote 2

  15. RV and Capital Gains Tax

    in Tax Discussion

    Posted

    I was told each denomination is in a numerical sequence, that each are accounted for when brought into this country, and verified. It might be possible when you purchased the dinar (as I did with DinarTrade) the purchase was documented into a data base, and the sequence of numbers were registered under your name. I can not say that for certain, but that might be how they follow the currency up to the point of exchange? Just a thought...

  16. DIVORCE AGREEMENT

    in Off Topic posts

    Posted

    QMAN, the first post I read of yours I thought wow this dude's sick. The post was something about your wife coming out of the shower and you shot her........ I must have missed something because after reading this post I feel quite the opposite. If you were running for a political office, I would vote for you right now!!!!!! Hope your forty acres are next to mine neighbor. AMEN...AMEN...AMEN

  17. Worst case for gains, Best case for losses.

    in Tax Discussion

    Posted

    This is a very good & useful read - take it to your tax advisor...! - RON :rolleyes:

    Worst case for Capital Gains, Best case for Capital Losses

    Article & Post by Spidy - CC - 7 July 2010

    Just remember this. If you only had a million Dinar at 10 cents you made 99000. and the bottom line is you are going to pay exchange rates and taxes so from 1000 dollar investment to clearing approx.60% or more well do the math. Above numbers still would clear 60k, wow, how can that be a negative. I have heard of others speaking of taxes at 60% at 15% tax and the other 40 at the 35% which averages 25%. That is coming from a tax law section 988: I am not a tax guy nor pretend to know all but I have done some homework. Here it goes.. The world round, life seems to come in twos: Heads and Tails. Regular and premium. Standard and deluxe. Coach and first class. Gold and Platinum.

    The same is true when it comes to forex trading and tax rules that pertain to it.

    There are two types of foreign exchange tradesof course) Cash(or currency) forex trades on the unregulated interank market, a network of government central banks, commercial and investment banks,while forex futures and options trade on regulated U.S. commodity markets and foreign exchanges.

    Both types of forex, currency and futures, share the same goal: Listen here. It is to capitalize on the natural fluctuations in foreign currency exchange rates around the world. But the Internal Revenue Service treats currency and futures trading quite differently when it comes time to split your earnings with the Taxman.

    Currency traders fall under the default special rules of IRC SECTION 988(Treatment of certain Foreign Currency Transactions). This section was originally created to tax companies and income they recieve as a result of the fluctuations of foreign currency exchange rates during the normal course of business, such as buying foreign goods.

    Under section 988, gains or losses are reported as "other income" on line 21 of form 1040, where they are treated as interest income or expensed and taxed at the ordinary income rate, currently 35%. Trades included under the 988 rules include spot forex (trades that settle in fewer than two days), forward forex (trades that settle in more than two days) and several others.

    Futures and options trades, by contrast, are considered IRC 1256 contrasts and given the same advantageous capital gains split as commodity trades; 60% taxed at the lower long-term capital gains rate (currently 15%) and 40% taxed at the ordinary short-term capital gains rate of up to 35%. The combined rate of 23% adds up to a 12% savings over the section 988 rules.

    Ok you still with me?

    The Escape Clause:

    If you think the full freight tax rate of section 988 seems discriminatory and onerous to currency traders, you will be pleasantly suprised to find out that the IRS agrees with you. The reason; currency traders consider their currency position part of there capital assets in the normal course of business. As a result, the IRS allows you to opt out of high-tax Section 988 altogether and have all your currency trades taxed at the more attractive 60/40 split.

    There are two important caveats to consider however. First, if you elected the mark -to-market accounting method, you won't be able to opt out of section 988 and take the 60/40 split. That's not always a bad thing, as we'll see shortly. Second, you must opt out of section 988 before making trades. You need only do this "internally" in your books or business records, meaning you are not required to notify the IRS.

    OK, I KNOW'

    Why the internal-memo provision? The IRS doesn't want you 'cherry picking" by opting out in years when you have gains and remaining with section 988 in years when you want to avoid the capital loss limitaion of $3000 under section 1256. However, the IRS has shown little interest to date in punishing traders who wait until years end to exercise their option.

    When it comes to accounting, there is no question that futures traders have it far easier than currency traders. While it can be tempting for currency traders to simply lump their cash trades with threir section 1256 activity,its not advised for several reasons: you would be disregarding the rules set fourth by the IRS (FOR WHICH YOU ONE DAY MAY HAVE TO ANSWER), you could expose yourself to fines and penalties.

    In conclusion; you have little invested beyond your time which I agree has no price limit, however the point is, do not get greedy and pay what you owe to the government now and move on with no worries for later. Do not fall into the scams that say they can save you tax for when they are gone you may still owe and one day have to pay plus some. Do your homework.

    "God Bless our Troops!! ''FREEDOM IS NOT FREE" "

    Thanks Ron, working on the home work!! Looking out for the family fortune. and more sooo..... "God Bless Our Troops"

    "GOD BLESS MY SON" "FREEDOM IS NOT FREE"

    MY SON WILL BE DEPLOYED IN A FEW WEEKS. "PRAY FOR THEM ALL".

    • Upvote 1

  18. capital gains tax rate simplified

    in Tax Discussion

    Posted

    I know this a little late for a lot of you, but maybe I can help some that have not bought any Dinar yet!

    If you have a Roth IRA setup already and have some cash in it. You can only add $6000 per year. But You can buy $6000(approx 6,000,000 Dinar) every year as I have thru the Roth. The Roth holds the Dinar, when it RVs I instruct the Roth to cash in whenever I want, the cash goes back in the Roth. I have to wait until I am 591/2 to take out tax free. I am 57 now. I have been buying real estate now for years, rent money goes back in to the Roth, when I get enough, I buy another rental , all thru the Roth. Check out company called www.theEntrustGroup.com or search selfdirected Roth IRAs.

    Thanks for the info, curious... what state you are in? Hope it's not to late to set this up!!!!!

  19. Iraq dinar not a trade able currency.

    in Tax Discussion

    Posted

    One smart DOC31, thanks for putting it into laymen s terms. No question is a stupid question, some just can't see past the inside of the box. I want every penny, nickle and dime that I can squeeze out of my dinar. Rich men stay rich because they don't like giving it up!!! Hope the question can be answered SOON! Thank You

  20. Iraq dinar not a trade able currency.

    in Tax Discussion

    Posted

    You missed his point mrref ... our young member is asking ... how can he have bought colored toilet paper one day, which isn't recognized as a currency ... he puts it in his sock drawer for a time ... then one morning he wakes up and discovers that his pretty colored toilet paper has been classified as a global currency.

    His question is really ... why does he have to pay tax on his colored toilet paper? After all, if he'd have bought a TV or another consumer item off of the internet (as he probably did his IQD) there would be no tax consequences ... even if it increased in value. So why does he owe anyone anything?

    It's a great point ... splitting hairs maybe ... but something for someone's tax attorney to investigate and see if it flies ... then report back to the DV community.

    Nice job four wheel drift

    Thanks for the post

  21. Iraq dinar not a trade able currency.

    in Tax Discussion

    Posted

    .When I purchased and was in position of the dinar, the US didn't recognize it as a trade able currency and still doesn't. So my question is, how can we be taxed as a "currency exchange trade"? You couldn't purchase it from any bank, nor the stock exchange so where does it fall under the tax code?

    • Upvote 3
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