pmoneil

Not sure why but I did not receive the VIP email yesterday either?

ExecConsult Thanks for the time you spent on my question concerning TN. I looked at the Hall tax guidelines and also could not find anything. I have also asked my tax man to research also. I am glad it appears now from your research that by increase from cashing in Dinar will not be taxed by TN thus saving 6%. Of course the feds will get their 35%. Again thanks for allthe research you have supplied to this site not only for me but for the other posts also. God Bless

ExecConsult If I set up a LLC in Nevada or Wyoming and gift my dinar to that corp. hopefully pre-RV. Can I have a bank acct in TN set up for that LLC corp using that LLC EIN where I depost the $$ after RV?? I gift lets say $1,000,000 IQD to the LLC and then it RV into $1,000,000 USD. I guess at that point I can write check to me personally from the LLC Corp for some or all of the USD, thus I would owe fed tax on this amount on my personal income taxes but This will save me from TN state income tax (Hall tax). I would pay no state taxes or fed taxes from the LLC.

Execconsult Thanks for the information concerning taxes. I originally was planning on just cashing in in TN (I reside here), but was not aware of the TN tax implications where the gain on the RV would be considered interest income and therefore be subject to state taxes. We have no state tax on income. Would it be in my best interest to set up a NV or WY LLC to gift my dinars to and then work out from this corp??

I agree FloridaChick. BUT SINCE I am the one that is spreading my wealth we should be OK

SO basically if I gave each member a $25,000 note Dinar, which is worth about $25.00 now when I gave it to them I should be OK.

I have not had my Dinar for a long time but I bought some extra Dinar and gave some to each of my family members. They will be responsible to cash it in WHEN it RV. Since I bought the DInar, Is there anything I need to do concerning the DInar I gave away? I would not think I would have to as it is a gift before the value changes. I tried to search the forums for answers. Thanks