Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content

KristiD

Platinum VIP
  • Content Count

    887
  • Joined

  • Last visited

Community Reputation

2,682 Excellent

6 Followers

About KristiD

  • Rank
    Senior Member

Profile Information

  • Gender
    Not Telling

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. First off, I'm not a tax professional, I'm only trying to share what a CPA told me. But I'll give you my own understanding about how this works. I believe you are wrong to assume that since the receipt is dated post RV, that makes you liable for the gain. That's the whole purpose of the Gift Letter; to document that you legally gave ownership of the gift PRE-RV. I do not believe there is a legal requirement that, once you legally gift ownership of something, that you must also transfer physical possession of it at the same time. The Gift Letter only documents that you transferred ownership, not necessarily possession, as of the date on the Letter. A well known example of this is a Trust that is created for a minor child, but that child can only access it once they turn 21. And as Adam says, this is the same way that OSI works, so think of all the Name Reserve people using this concept. They are creating a Gift Letter today for a corporation that is not even in existence yet - so there's no possible way it can receive possession of it. Similarly, with a Charity, you are gifting ownership of the dinar today, but retaining possession of it until post RV. As long as you get the receipt for the higher value post-RV and can document that you legally gifted "ownership" of it pre-RV (regarless of the value it had at that earlier time), with a receipt for the higher amount from the Charity, I believe the IRS allows you deduct it from your income. But I do understand the confusion. Shedagal is also concerned about there being 2 different dates for the gift. She is going to schedule a personal consultation with Bob (a CPA) and speak to him about this and she said she would report back here after she does so. But I know Bob has spent many years studying this and he's been a CPA for 40 years, so I trust and believe him when he says this works and is legal. If you still can't wrap your head around it, you can either 1) wait for Shedagal to get back to us after she personally speaks to Bob, 2) talk to a tax profession that you know and trust yourself now for clarification, 3) attend one of Bob's free webinars and afterwards do a 30 minute free consultation with Bob discuss it with him yourself, 4) dismiss the idea outright, or 5) create the Gift Letters now so you'll at least have them in the future in case you decide later that you're comfortable with how this works. Your point about not knowing the future RV rate now, so how will you know how much to gift today - is a valid one. Some people choose to leave the amount of dinar blank in the Gift Letter, and others choose to make several different Gift Letters. Those are the only 2 options I know about to deal with this problem. I hope this helps....
  2. I asked Bob about this and he said no, it's not necessary. I'm out of the country so it's a big deal and expensive to get anything notarized. Bob did say I could mail it to myself as a way to document the date if I wanted to, though. Personally, I were in the States where it's easy and inexpensive to get things notarized, I would do that. You can never be too careful when you're dealing with large amounts of money, after all.
  3. Yes, I understand your line of thinking here and you should ask Bob about this. I am assuming it doesn't matter to the IRS that you legally gave the dinar (via a Gift Letter) earlier, and then decided to hold on to the dinar for some time before you actually give it to the charity. All that Gift Letter is doing is documenting who owns the dinar at the time of the RV. But I don't know what would happen if, for example, you make a Gift Letter today of, say 1 million dinar to your charity (worth $1,000 today), and the RV does not happen this year. So on your 2020 taxes, you write off that $1,000 charitable gift. I don't know how it would work if, say the RV happens next year in 2021 and it comes in at say $.50 and you get a receipt from the Charity for $500,000. Could you write off $500,000 less the $1,000 you deducted in 2020? I'm not sure how that would work. Maybe the key is to make sure you don't claim a deduction on your taxes for the lower, Pre RV value and instead wait to take any duduction until after the RV. But please ask Bob to clarify this further when you speak to him. And then please share what he says with us. Thanks!
  4. Yes, that's exactly what Bob is saying too. I was just clarify that it's good to do a Gift Letter to your Charity now, but then don't give the actual dinar to the Charity until post RV. The $15,000 limit applies to the PRE-RV value (right now around that would be over 15 million dinar). When you physically give the dinar to your Chairty POST-RV, , get a receipt from the Charity for that future/higher value from the Charity. Then you can use that larger figure as a write off against your income that year (god-willing it will be this year, 2020!). If you DON'T do the Gift Letter pre-RV, and you just give dinar to your Charity post RV, then you will be responsible for the taxes on the gain. That's because you were the legal owner of the dinar on the date of the RV. The purpose of doing the Gift Letter pre-RV, is to make the Charity the legal owner of the dinar on the date of the RV. So technically, the Charity would be responsible for the gain and any taxes on that gain. But because Charities don't have to pay taxes (assuming they're a "qualified Charity" in the eyes of the IRS), then there is zero taxes owed by the Charity. I hope that clarifies this better.
  5. The easiest way to deal with this is to simply not pay attention to your emerald or ruby count. After all, they're from people who don't even know, anyway. I don't look at mine and I'm a lot happier that way. I do try to offer constructive and supportive comment here and I like to think it's appreciated as such. But if it's not, since I know my intentions were good, why make myself feel bad that someone got miffed and decided to neg me? It's just much easier not to even look. jmho
  6. Clarification on the "Tax Tip" that I first posted here. Yesterday I had my free, 30 minute consultation call and now I fully understand the procedure, and it all makes perfect sense now. You do give your dinar to your charity AFTER the RV, but now (or at least prior to the RV) you need to create a Gift Letter in which you gift the dinar, at today's low value, to the charity. Then post RV, since the charity actually is the owner of the dinar when it increased in value (and you only had physical possession of it), the tax liability for that gain is borne by the charity and not you. But since it's a charity and doesn't pay taxes, the charity's tax liability is zero. Then, post RV when you get a receipt from the charity for the higher value, (which is calculatled in USD) you can deduct that from the income you have when you cash in dinar for yourself (along with any other income you may have). Also, Bob did recommend gifting no more that $15,000 worth of dinar to each charity, because of the annual gifting limit set by the IRS.
  7. For anyone interested in attending the free tax planning webinar, they just opened up a new webinar about an hour ago. They will accept 100 people. Listen to Breitling's most recent audio and at the end, they give you the website to go and sign up and reserve your spot. After you attend the webinar, you can also signe up for a free, private, 30 minute consultation with Bob Adams - which is well worth doing.
  8. Unless you're a liberal and don't mind homeless camps, I wouldn't choose Austin right now. Many Californians (and I'm a native California girl myself, so I speak from direct experience) have left California because of high taxes, lax laws and its homelss crisis and filth and gone to Austin - which is by far Texas' most liberal city. Oblivious to what is destroying California, they are bringing their idealogies with them and now Austin is run Democrats and starting to institute some of the same stupid law that destroyed California. https://www.statesman.com/news/20191228/austinrsquos-homeless-debate-was-our-top-story-of-2019 While I also think Texas is the best state to go to, I'd stay away from Austin, at least for now. jmho
  9. I know an Aussie DV member here who is very interested in coummunicating with other Aussie dinar holders. We've communicate directly via email, and now I can't remember his DV member name here, so I just emailed him and told him to reach out to you via IM here. It may take him a few days because he gets busy, but I'm pretty sure he'll want to get in touch with you. I hope it works out great for both of you!!
  10. It's hard to know what this money is. According to the article below, Iraqi officials told the Wall Street Journal that they think Trump is talking about blocking access to their (Iraq's) account at the US Federal Reserve in New York. That account holds is oil sales revenue and would be in USD (since Iraq sells its oil in USD/petro dollar) and is largely what Iraq uses to cover its expenses of running the country. However, according to same the article, the last report shows some $3 Billion in that account. Trump mentioned $53 Billion. So unless Iraq put another $50 Billion into the account recently, it makes me think Iraq made a mistake (maybe deliberately) in saying that Trump was talking about its Federal Reserve account This is why it's so frustrating and hard to make sense of news from Iraq. Tere's just so much deliberate misdirection, corruption and incompetence there, not to mention the poor translation from Mid East news sources. And let's not forget, while Iraq's Parliament did vote to expel the US, it was a non-binding vote. The Iraqi Government (not Parliament) decides whether to do that or not. Barzina (Kurdistan) says he doesn't want the US to leave, and from what I gather, the Protestors don't want that either. It's mostly the pro-Iranian officials who want the US out and those guys lie, cheat, steal and murder, so if we're getting our news from a pro-Irania official, it's not likely accurate. Anyway, for what it's worth, here's another piece of the puzzle. https://www.cnbc.com/2020/01/11/trump-administration-warns-iraq-could-lose-new-york-fed-account-wsj.html Trump administration warns Iraq could lose New York Fed account if US troops forced to leave: WSJ The Trump administration this week warned Iraq that it could lose access to its central bank account at the Federal Reserve Bank of New York if Baghdad expels American troops from the region, Iraqi officials told The Wall Street Journal. The State Department’s warning follows the U.S. airstrike that killed Maj. Gen. Qasem Soleimani, Iran’s top military commander and the face of the Islamic Republic’s interventions across the Middle East. The strike led to Iraq’s parliament voting to force out American troops — a move some officials argued would hurt Iraq — and a counterstrike by Iran on two bases housing U.S. troops in Iraq last week. Shutting down Iraq’s account at the Federal Reserve Bank of New York could be detrimental to its financial system. The country puts its revenue from oil sales there, and takes out that money to pay government salaries and contracts. The Fed held almost $3 billion in overnight deposits at the close of 2018, according to the most recent financial statement from the Central Bank of Iraq...................
  11. You are wrong to think this is about Democrats versus Republicans. It's about entrenched globalists (pushing for socialism) versus an outsider nationalist (putting his country first). People in opressed countries can see that, which is why people in Iran and Hong Kong and so many other countries love Trump and the US. They see Trump trying to take the US back from the globalists and give control back to the people, and they're risking their lives to try and do the same thing in their own countries. But you are right about one thing, some people never learn. Sadly, the average person would rather just follow the crowd rather than research the facts and think for themselves.
  12. Fair enough, but there are many other tax attorneys and CPAs who are just as sure it is Capital Gains. I mentioned above that I also used to think it was Ordinary Income until I researched all that xtaxguy (a member here) had to say on the subject. He was a managing partner at one of the Big 8 accounting firms and did the taxes for a major US corporation who had long term currency gains as a supplementary form of income fromt their regular line of business (and to me, a managing partner of a Big 8 accounting firm who did the taxes for a major corporation who had supplementary income from exchange of currency is probably the best tax authority you could every find on the subject.) He provided quite a bit of information about it - which I studied and rcross referenced with what I found from the IRS. He specifically mentions the exception to the currency gains as Ordinary Income rule (of the IRS) saying that thsoe rules apply to a business that deals in currency as its primary line of work. For those who don't have a business dealing in currency (like probably most everyone here) , it's an investment which is taxed as Cap Gains. I suggest people read what he had to say, and even read some of my posts where I went to great lengths to consolidate everything and simply it all. So in the end, I changed my position and now believe it should be Capital Gains. But even so, there's still the chance that the IRS will one day make a ruling and definitively state that these types of gains are Ordianry Income and then decide to make that ruling retroactive. Which all brings me back to the point of my orginal post which is that, for anyone like me who plans to give significant money to charity, if you gift it in dinar post RV and get a receipt showing the current, post RV value, of it, you can deduct that amount , dollar for dollar (up to 50% of your total income I believe) from the gain you have from the dinar you cash in and keep for yourself. Not one size fits all for sure, but for anyone who is serious about learning how to best protect their new wealth (and is not going the OSI route), I encourage you to go to Breitlings site and sign up so you can be notified when they do more of these tax planning webinars. They are free and afterwards he even gives you a free 1/2 hour phone consultation to see if any of their programs fit you. If they don't, at least you learned a lot - like I did.
  13. Yes, Roth's are great vehicles, but the 5 year seasoning could be a problem for people who want to start that now, especially if the RV really is about to happen. Additionally, IRAs require a custodian physically hold your dinar for you. Personally, I am concerned about all the unrest around the world and my plan is to liquide all (or most) of my dinar and put most of my wealth into land, precious metals and cryptos. NO way do I want most my wealth tied up in currency for years. So an IRA is not something I would do myself. But for others who do like it, I did learn that Bob Adam's works with a group who sets up an LLC for you and that LLC acts as your custodian, so you can keep physcial possession of your dinar yourself (instead of having an institutional custodian hold it for you). If I did want to do an IRA, I would definitely want to go that route and physcially hold my dinar myself.
  14. there's another thread on this and I just posted this there...
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.