Ordinary income or capital gains

[Rohit]

Hi,

I recently joined this forum and wish everyone well. A quick question.... When we cash out eventually...will the gains in money be offset by any schedule D losses in the past or doesnt Schedule D even come into play because this isnt a security and will be treated strictly as ordinary income and long term gains and short term gains are just moot points?

Best,

R

[chilli24]

My CPA has told me regular income, but consult your own tax professional.

[Heck]

My accountant informed me this would be treated as an investment and for me it would be long term Capital Gain's. 15%

BUT!!!!

When I brought up to her that the IRS may create special new rule's if the Dinar RV's to be 50% taxabble or more to the IRS she confirmed that, yes, they could do that. Create a new rule

So we really wont know till it happens, which is what Adam Montanna has said all a long.

Hope that helps

What the HECK

Hi,

I recently joined this forum and wish everyone well. A quick question.... When we cash out eventually...will the gains in money be offset by any schedule D losses in the past or doesnt Schedule D even come into play because this isnt a security and will be treated strictly as ordinary income and long term gains and short term gains are just moot points?

Best,

R

[okane]

Scroll down to the Tax section or do a member search for ExecConsul . Lots and lots of info. He is a tax atty.