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Showing results for tags 'taxed.'.
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Here's an article of interests to all Dinarians... Yes, They are coming for our Dinars. If you purchased IQD from an authorized UST approved vendor... UST knows exactly how much IQD & other exotic currencies you own. Treat as a rumor. Not verified. Your opine. Frank26: QUESTION: “Will the dinar be taxed as capital gain or ordinary income?” ARTICLE: I always say to you that our government is not going to let you get away with anything. Our government is not going to say, ‘Oh, forget the taxes? You bet. no problem.‘ This is a major event. Our government knows very well. Probably they know how many American citizens have Iraqi dinars. You don’t think they want to collect it? 87,000 IRS agents? I told you they would come after you long before they announced that. I told you…yes it will be taxed up the wazoo. Luigi's take on all this...IMHO only... I talked to two WF wealth managers & a CPA, already. They don't know until the actual event occurs & the new amendments to the IRS laws kicks in. They all did agree on one thing. We will be taxed at normal income. This is not an inheritance tax at up to 80% tax rate. This is not a windfall profit tax because we invested our own money into it. It will be treated like a taxed profit on shares & bonds. It will be treated as normal income & will be normally taxed. Prepare to set aside at a minimum, 30% to 40% of your profits for city, state & Federal tax purposes.
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Here's an article from Dinarland... Your exchange will be taxed at a normal income rate. Tax expert says we will be taxed. Another Guru says our exchange is a tax-free event. OK who's right? Treat as a rumor. Not verified. Your opine. Bob The Tax Man: ARTICLE: The IQD is considered to be “ORDINARY INCOME”…the taxes due will be calculated by your personal tax bracket & marital status at the time you exchange your IQD for USD. This becomes a taxable event…the maximum taxation of the IQD exchange would range from 37% federal only, up to a possible 13% [additional] depending on your state of residence. (13% is calculated on California). There can be other taxes applied if you exchange more that $1 million in any given year…there’s an additional 3% tax they want to impose…You’re going to want to have a conversation with your tax professional and make sure you prepare for this appropriately. This is important. Bruce the Goose: Your Exchanges Will Be A tax Free Event.
