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grimreaper

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Posts posted by grimreaper

  2. CONTEST TIME! "How a stimulus package works"

    in Off Topic posts

    Posted

    I do not have the time to read 19 pages of responses but the answer is simple...TAXES. By the time the money got to the hooker there might have been $5.00 left to pay the hotel bill.so the hotel/motel owner/manager would not have had the money to return the his/her customer. So the hotel/motel got sued, went out of business along with the rest of the town. The End

  6. Taxes On Cash In

    in Tax Discussion

    Posted

    I'm a CPA. Let me answer this tax question once and for all. You don't need a tax attorney, and you don't need to get a private letter ruling from the IRS. It's simple. Most of us here are "investing" in dinars. Therefore, our dinars are considered as "capital assets." Our profits from their sales and exchanges are capital gains. If you sell dinars that you've held for more than 12 months, the gain will be a long-term capital gain, currently taxable at 10% or 20%, depending upon how much other income you have. If you sell or exchange dinars that you've held for 12 months or less, the the capital gain will be considered "short-term" and net short-term capital gains are taxed like ordinary income, i.e., up to a maximum tax rate of 35%.

    Form 1099-B, "Proceeds from Broker & Barter Exchange Transactions," is where a taxpayer's sales proceeds from stocks, bonds, etc (i.e., capital assets) are reported. In the instructions to that form, payers (whether it be a bank, brokerage firm, Dinar Trade, GID, etc.) are instructed to report the proceeds from the sales of foreign currency. Thus, these proceeds are considered as from the sale of a capital asset.

    However, if you are considered to be in the trade or business of buying/selling foreign currencies (e.g. a bank, brokerage, Dinar Trade, GID, etc.), then your gains from the RV will be considered ordinary income. This determination is based on the particular facts and circumstance regarding the extent of the taxpayer's activities, but as I said before, most of us are pure investors who will realize capital gains (one hopes) from the RV.

    Rabbi, I think you mean well and that you want to help out however ExecConsult (a tax attorney) has posted here many times about his research on this topic. I ask you to read his posts first and then I would like to hear your opinion.

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  7. Taxes On Cash In

    in Tax Discussion

    Posted

    Go to the Tax Discussion Forum and read everything that ExecConsult has posted. He is an attorney that has done the research on this matter.

    I have read everything Mark aka ExecConsult has posted here and also checked with a local tax pro and she agrees with him.

    • Upvote 2
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