Could the IRS be planning to PRE-TAX US???

[BMWman]

Just an FYI. The IRS is not the government, or Uncle Sam.

[WTH]

I totally agree with Chase and BOA reporting to the government. I have said this before and I'm telling you all that I have looked into this and there is NO WAY ANY BANK or other entity can withhold gains tax; you MUST deal with it on your federal tax return. Gains tax is based on a couple of things, one being your INCOME BRACKET; how would a bank have that information in order to charge you the correct tax? 2) I was never asked to give my ss number when I purchased my dinar; you will GIVE IT WHEN YOU MAKE THE EXCHANGE, it will be used by the financial institution to REPORT IT TO THE GOVERNMENT....so they have record of it when tax time comes around the next year!!!

this is not a windfall tax people - it's a capital gain tax ......

[Joyce Bygall]

ZoomZoom I totally agree with you! Please don' discount offshore accounts/banks/privately fundedfoundations/corp/bank account. These are all LEGAL tools that the rich/government people have set up for themselves. Since they are LEGAL, you have every right to protect your assets just as they do. I wish to keep as much of my blessing as possible to give as I so choose. I do not choose to give to an out of control wasteful government more than I absolutely have to. It's been proven time & time again that the citizens of this country do a far better job of budgeting/managing money than any government does! Learn how to keeo your assets so as to be able to give and bless. Blessings to all.

[Joe P]

It's doubtful that capital gains taxes apply to the exchange of Dinar. See below

A capital gains tax (abbreviated: CGT) is a tax charged on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. Not all countries implement a capital gains tax and most have different rates of taxation for individuals and corporations.

For equities, an example of a popular and liquid asset, each national or state legislation, have a large array of fiscal obligations that must be respected regarding capital gains. Taxes are charged by the state over the transactions, dividends and capital gains on the stock market. However, these fiscal obligations may vary from jurisdiction to jurisdiction because, among other reasons, it could be assumed that taxation is already incorporated into the stock price through the different taxes companies pay to the state, or that tax free stock market operations are useful to boost economic growth.

United States of America

Main article: Capital gains tax in the United States

In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income, but the tax rate for individuals is lower on "long-term capital gains," which are gains on assets that had been held for over one year before being sold. The tax rate on long-term gains was reduced in 2003 to 15%, or to 5% for individuals in the lowest two income tax brackets (See progressive tax). Short-term capital gains are taxed at a higher rate: the ordinary income tax rate. The reduced 15% tax rate on eligible dividends and capital gains, previously scheduled to expire in 2008, has been extended through 2010 as a result of the Tax Increase Prevention and Reconciliation Act signed into law by President Bush on May 17, 2006 (P.L. 109-222). In 2011 these reduced tax rates will "sunset," or revert to the rates in effect before 2003, which were generally 20%.

The IRS allows for individuals to defer capital gains taxes with tax planning strategies such as the structured sale (ensured installment sale), charitable trust (CRT), installment sale, private annuity trust, and a 1031 exchange. The United States is unlike other countries in that its citizens are subject to U.S. tax on their worldwide income no matter where in the world they reside. U.S. citizens therefore find it difficult to take advantage of personal tax havens. Although there are some offshore bank accounts that advertise as tax havens, U.S. law requires reporting of income from those accounts and failure to do so constitutes tax evasion.

[gregg450]

Can you re-invest in a "like kind" investment after cash in and re-set the long term clock and wait it out?

[Dryden01]

There seems to be some dispute as to whether the individual, non business, purchaser of dinars would be subject to capital gains treatment on the profits of the investment or whether the profits would be covered as general taxable income. My own opinion is that the determination will find individual investors in a capital gains situation and that the capital gains rates will depend on our general taxable income. Those in the 10% and 15% general tax category would pay 0% capital gains tax on longterm capital gains as long as we qualify by purchase date and we trade the dinars in within 2010. The Bush tax cuts will expire at the end of 2010 and then Obama will raise the capital gains on the poor and lower middle class to as much as 28%. Considerable agitation should be directed against the Obama Maoists to get them to extend the 0% capital gains arrangement for those making under $33,000 per year. They DO want the poor to do well do they not and Obama promised not to raise capital gains on the poor and middle class? Allowing the lower financial caste members to walk away with a few million dollars would be the kind of socialism we could all live with.

[jayb1rd]

my accountant is researching the tax laws to make sure that it is a capital gains tax. he believes it is. if so, the most you will pay is 15% this year. if the IRS wants to take it now, oh well. multimillionaires cant be too choosey. id rather pay it now, before they change their mind and try to classify it as something else.

[NotReallyTex]

my accountant is researching the tax laws to make sure that it is a capital gains tax. he believes it is. if so, the most you will pay is 15% this year. if the IRS wants to take it now, oh well. multimillionaires cant be too choosey. id rather pay it now, before they change their mind and try to classify it as something else.

THAT is great thinking. I can just see them trying to come up with some new law to take half or more.

[shenew]

I'd rather pay the taxes at time of exchange and not have to go through the confusion of what rate actually applies. There have been a lot of conflicting ideas as to the tax rate, whether it's 35% or a 60/40 split, etc. This would eliminate my concern of being misled by conflicting tax law interpretations.

[peakj]

the government will screw us all in the end

[Joyce Bygall]

peakj, There are absolutely legal ways to protect your assets so the gov't cannot steal from you[as they do all the time], you just have to be very wise about it. Please do your research. Go to you tube & click on Offshore Legal Part 1 & 2. Also you tube IRS Tax Fraud & How to Hide Your Assets Offshore Part 1 & 2. The rich elite and corporations do this all the time - AND IT IS LEGAL! " Be wise as a serpent and harmless as a dove" Good luck & God bless.

[Jmoney]

Its amazing how quick we are to surrender what belongs to us. No the gov does not have the right, they can only use force to get at our gains. Don't think for one moment that they won't. We have all been so brainwashed into believing that the way things are, is the right way, that its pitiful. Sorry, I'm just angry at how quickly we are subdued.

Just because some people agree with the taxing process does not mean they are brainwashed or pitiful. You don't have to agree with it, and you have the freedom to fight it. Although, complaining about it on a website isn't going to do you much good.

[Jmoney]

peakj, There are absolutely legal ways to protect your assets so the gov't cannot steal from you[as they do all the time], you just have to be very wise about it. Please do your research. Go to you tube & click on Offshore Legal Part 1 & 2. Also you tube IRS Tax Fraud & How to Hide Your Assets Offshore Part 1 & 2. The rich elite and corporations do this all the time - AND IT IS LEGAL! " Be wise as a serpent and harmless as a dove" Good luck & God bless.

I am no expert, but something titled IRS Tax fraud does not sound legal. Also a serpent usualy isn't thought of as wise, but more deceitful. I would rather not be deceitful, but that's just me.

[jmcsh49890]

I don't think they are going to make a special exception just on capital gains on the RV, I think it would have to be accross the board.

[Joyce Bygall]

jmoney. The government is the entity that is deceitful, not we citizens who truly love our country. We citizens are being taxed to death and there is nothing wrong with applying their laws to the protection of our assets so we can use them wisely. Our government is spending us into oblivion, our republic is in grave danger, the more you give them, the more they use it for all the wrong things. This is a FACT that cannot be denied! It' time we stand up and use as much of our resources to stop the madmen in Washington and bring our country back into a real constitutionally based government. This is not to reproach anybody who believes differently. I just truly believe if we don't do something ASAP, we will lose this beautiful country to the progressives who are only interested in money & power, not the welfare of people/world!!

[smitty]

Alot of you have never heard of the saying "Dont count your chickens before they hatch"

[sunnyt]

Ahh A fellow watcher of Glenn Beck!!

[bubba123]

won't the politicians have to pay the same tax??

[Banjolatusak]

Foreign currency transactions.

If you have a gain on a personal foreign currency transaction because of changes in exchange rates, you do not have to include that gain in your income unless it is more than $200. If the gain is more than $200, report it as a capital gain.

IRS Publication 525 (2009) page 33

[Nate]

I just love how some of you talk about the gubbamint like they are going to steal are money with taxes.

People like this really **** me off, who do you think made this whole thing possible ????

So you are already trying to think of ways to cheat on your taxes for when you become a millionare?

Disgusting, some of you people are already acting like A-hole rich people and we aint even rich yet.

[ronny]

thank you for this

[Joyce Bygall]

Whew - where are the mods on "Nate's post? Pretty ugly post.

[Nate]

Joyce, I think (hope) the mods agree with me. And yes it wasn't my prettiest post but sorry that just really gets under my skin.

The Army, Air Force, Marines, and the Navy are the ones who made this all possible, and who pays them? The IRS.

So when I see people already trying to figure out a way to sleaze out of paying them it creeps me out.

[Jeff Marshall]

You need to set-up an Nevada Corporation fast. Then you need to make up letters of assignments for the Iraqi Dinars before th revalue then you will be in the 15% tax bracket.

[Joyce Bygall]

Nate, Gov't is what gets under my skin! I support our wonderful troops 100%, but they are not getting the financial rewards they truly deserve! Please stop & think about how much the "politicians" take from all of us & who they actually give it to. In the days of serfdom, the serfs worked for their "gov't/masters" the first two months of the year. Today, we now work for the gov't/masters" until July! There are two things I would respectfully ask you to do: #1 - Study up on history, and #2 - go to you tube and view the video"The Money Masters". This will give you an honest history of money and its control of governments & people. God bless.