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Showing results for tags 'tax story'.
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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... So, take everything with a grain of salt ... RON Walkingstick [Follow up to Walkingstick's CBI minutes post Early Afternoon] Do you remember 3 or 4 years ago when Walkingstick's firm was selected by the Central Bank of Iraq as part of a testing with 2 sets of books? One accounting book was to pay the employees of the firm in USDs. The other was to be kept private to pay the Iraqi citizens in IQDs. This was called the RV Phase Recalculate, Recalculate, Recalculate of the exchange rate. The test was successful ...it took all those years for what we told you to finally come out. The books were paying the Iraqi citizens in IQDs instead of American dollars. The other book that was open was paying in American dollars to their employees. The test was to see what exchange rate is capable of sustaining the Iraqi dinar. MarkZ They are telling them in the mosques to be prepared for new paper. They are referring to “new Currency” New paper money…new bills...They will be different, they will look different, and they will feel different. They are bringing the people up to speed. They are not giving them a “when” yet. But, they are telling them it’s in the very near future. And they need to be prepared because its coming at any time...I keep hearing from all my contacts there…including contacts inside the government…That they have indeed already passed the budget and are waiting to announce it…it is done. I agree…they are clearly making provisions for HCL and oil deliveries and things are moving forward... Based on the rhetoric coming out of Iraq I am confident we will see great value in the extreme near future. I would imagine the new paper currency Mark mentioned is the new small currency notes (NSCN) "IF" they are really speaking about them in the mosques. As for the budget being already passed, I believe is total nonsense. They are attending to the affairs of the country, and they wouldn't keep a passed final vote secret...utter nonsense. Just a bit of Mark speaking his opinion as true fact. RON Trader [Tax Story] I met with my C.P.A. firm here in Tucson, Arizona on April 3rd, for a billable 1-hour. He stated to me that this investment in foreign currencies, upon exchange, will be taxed at the Capital Gains rates, which can range from 0% to 20% in tax year 2023, depending on the taxpayer's income, marital & filing status, & the length of the holding period of the investment. Holdings over 1-year are taxed as Long-Term Capital Gains, but if the holding period is under 1-year: [Post 1 of 2] [NOTE: Consult your tax professionals at the appropriate time to determine the correct tax for your unique circumstances and exchange strategy.] Trader "Net short-term capital gains are subject to taxation as ordinary income at graduated tax rates"...directly from the actual official IRS.Gov Tax Topic #409; pages 1-2. My research also shows the following statement of fact in: IRS Publication 525; Taxable and Nontaxable Income - page 34; "Foreign currency transactions. If you have a gain on a personal foreign currency transaction because of changes in exchange rates, you don't have to include that gain in your income unless it's more than $200. If the gain is more than $200, report it as a capital gain." [Post 2 of 2] [NOTE: Consult your tax professionals at the appropriate time to determine the correct tax for your unique circumstances and exchange strategy.] Nader From The Mid East I'm going to try to give you the best I can because I've been busy for a couple of days, not working...working at home, traveling a little bit in Iraq...We're almost there I promise. Just a little patient. A couple more weeks okay, everybody will be happy.
