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Showing results for tags 'tax liability'.
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Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq... RON ** BobTheTaxMan ** [Q? : What is a taxable event?] Without tax planning these taxable events can completely rob you of your financial security. If you end up losing 40% to 50% of your gain you know you just shot a great big hole in your financial boat..It's not necessary at all...Here's the scenario - ...The announcement has been made. You run to the bank and you exchange [Your IQD] right there. You get it in dollars and you get it immediately (you may also have to wait if it is a significant amount). What that does because it went...from the bank to your hand, that was a taxable event. Therefore you're exposed it to ordinary income taxes - the highest rates possible...So you need to plan ahead and have a strategy. [NOTE: Consult your tax professionals at the appropriate time to determine the correct tax for your unique exchange strategy]
