Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content

  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Taxes/Spread

Nakida

By Nakida,
in RV & Dinar Questions

 Share

Recommended Posts

Nakida Newbie

Nakida

Posted
Posted

I was wondering about the taxes and the spread when the RV kicks off. Some are telling me that it will be a 35% tax, and others are saying 28%. So what is it? Also...........can someone explain to me about the "Spread". Not sure I am grasping all that well.

Sorry Blonde moment :)

Link to comment
Share on other sites
Joker017 Newbie

Joker017

Posted
Posted

Good Morning Nakida,

In answer to your question, the jury is still out on what the taxes will be. Long term 15% or Short Term 35% Capital Gains or Regular income 35% still to be determined! Keep in mind whether your state has state taxes, for instance here in Ohio our's is almost 6%

The Spread is how the Banks or the place you cash in makes their money, It could be 0% on up, but keep in mind that it is negotiable so put on your negotiating Boots before you walk into the Bank or Cash in Place Also there is a set Spread that the Government will get regardless if the Bank makes a spread or not the Government will always get their share.

For me and where I live I'm figuring total for me to set aside and cover my A** will be about 40-45% including all Taxes and Spreads to pay! I'd rather set aside more and be safe than less and be sorry come Tax time!

Hope this helps

Joker017

Link to comment
Share on other sites
LR Bobert Newbie

LR Bobert

Posted
Posted

Nakida: The taxes, like date and rate, no one knows pre RV. the spread in how much the the banks will pay you for your iqd and how much they will sell them to you for. the cbi rate right now is they will buy them for 1164 and sell for 1166 a six dinar spread, but since you will be cashing thru a bank or dealer that probably will be different. and you should be able to negotiate the rate. you appear to be new to this site. There is a lot of great info here so read read and read some more. Welcome to DV

Link to comment
Share on other sites
Markinsa Grand Master

Markinsa

Posted
Posted

Many think the gain on the exchange of Dinar for Dollars will be ordinary Income, so the regular tax rate will be 35% for income "$388,351 or more" then take into consideration that you may have to pay the AMT (Alternative Minimum Tax), that rate could be even higher.

For understanding the spread, get the "Cash in Guide", Adam explains it very well. th_smiley_two_thumbs_up.gif

-

Just a thought, but could the spread we pay become a tax deduction? smile.gif

In short, "No". If you didn't have to pay the spread, the spread would be additional profit. You pay tax on the difference of what you paid (Your basis), and what you sell it for.

Sales Price - Basis = Profit (Income) So if I paid $1,000 for 1,000,000 Million Dinar with an RV at 1:1 with a 10% spread, my profit and taxable income would be ($900,000 - $1,000) $899,000.

-

  • Upvote 1
Link to comment
Share on other sites
rulesforrebels Newbie

rulesforrebels

Posted
Posted (edited)

Like others have said the spread is what you will be charged to convert your dinars into dollars. Someone through out could be 0% it absolutely will not be 0%. Everyone wants to make a buck nobody does anything for free.

In my experience traveling currency exchanges will generally charge you 12% to 18% banks generally tend to do a little better maybe 5%-6% however that's even on very common currencies like the Euro. The Iraqi Dinar is more of an exotic currency so the spread will be much higher. I know of one currency exchange in my area buying Dinar that is the only one I know of. Thye are buying in at $620. Obviously that's a terrible spread and dinar isn't a pegged or traded currency so things would probably be better hypothetically if there was an rv but keep in mind this is a hard currency to turn around, expenses of brinks trucks, shipping etc add up to a lot let alone the fact the banks need to make a buck as well. I would be expecting a 15% spread at a minimum IF it were to RV.

I also find it funny how some people have buy back gurantees but make no mention of what the spread will be or what they will buy back in at. I could make a buy back gurantee to everyone on this site as well, if it rV I gurantee I will buy your dinar....at $1 per million lol. See they can throw out any price as they didn't promise anything in particular.

Edited by rulesforrebels
  • Upvote 2
Link to comment
Share on other sites
The Machine Newbie

The Machine

Posted
Posted

So if you made $1,000,000 on the RV, you would end up with less than $600,000 after 35% tax and 10% spread.

Thats not good really. Its a huge lump they are taking away.

And whats that ATM tax? Can anyone explain.... :(

So you think turning $1000 USD worth of dinar into $600,000 USD is a bad deal..... WOW

  • Upvote 3
  • Downvote 1
Link to comment
Share on other sites
Markinsa Grand Master

Markinsa

Posted
Posted

So you think turning $1000 USD worth of dinar into $600,000 USD is a bad deal..... WOW

No the bad deal is when you scrimped and saved and sacrificed all the things that $1,000 could buy you in order to purchase the dinar, the government comes in, without risking anything and takes $390,000 of it to give to someone else. That's criminal.

-

  • Upvote 3
Link to comment
Share on other sites
fastarnie Newbie

fastarnie

Posted
Posted

No the bad deal is when you scrimped and saved and sacrificed all the things that $1,000 could buy you in order to purchase the dinar, the government comes in, without risking anything and takes $390,000 of it to give to someone else. That's criminal.

-

Not to mention time spent researching and what have you. Drives me crazy thinking about taxes and the IRS, and the fact that they're not government at all. They do have the power of the government behind them,and that's why it's criminal. :angry:

  • Upvote 1
Link to comment
Share on other sites
LR Bobert Newbie

LR Bobert

Posted
Posted

Nakida: The taxes, like date and rate, no one knows pre RV. the spread in how much the the banks will pay you for your iqd and how much they will sell them to you for. the cbi rate right now is they will buy them for 1164 and sell for 1166 a two

dinar spread, but since you will be cashing thru a bank or dealer that probably will be different. and you should be able to negotiate the rate. you appear to be new to this site. There is a lot of great info here so read read and read some more. Welcome to DV

Link to comment
Share on other sites
Choppermike Newbie

Choppermike

Posted
Posted

No the bad deal is when you scrimped and saved and sacrificed all the things that $1,000 could buy you in order to purchase the dinar, the government comes in, without risking anything and takes $390,000 of it to give to someone else. That's criminal.

-

Roger that! IRS - Independent Rip-off Service. What they do to OUR money is indeed criminal.

Link to comment
Share on other sites
lomeygoat Newbie

lomeygoat

Posted
Posted

So you think turning $1000 USD worth of dinar into $600,000 USD is a bad deal..... WOW

So you see by the other comments it is a bad deal..IRS just takes from you and dosent do a thing for it as usual.

Turn in $1000 into $1000000 is a good thing, but Mr Big sticking his hand DEEP into our wallets to take a cut of it, is a bad thing.

Of course if you dont see that you must work for the reveue service.... :lol::lol::lol:

HOOTS MON..WHO DO YOU THINK YOU ARRRRRR.

Link to comment
Share on other sites
HopeTas Newbie

HopeTas

Posted
Posted

Do you drive on highways? Do you cross bridges? Have you been protected by the military? Have you gone to school, or have children who go to school? Have you enjoyed our beautiful national parks? The government has done nothing for you? ......etc. Please......We share so that we can care for one another. Greed is the enemy of community. Watch how you vote is right. Be careful it is not just for you.

  • Upvote 3
  • Downvote 2
Link to comment
Share on other sites
Carrello Rising Star

Carrello

Posted
Posted

investing in dinar seems subject to the 15% long term capital gains tax----IMO----16 months ago, i bought mine

unless some investments are treated differently--which i never heard of so far

I think the operative word in your statement is "seems". I would like to see what the IRS definition of "seems" is.

Investing in currency does not put you in a 15% tax category. Long term capital gains is when your asset is held over one year and incurs 15% tax. Short term is under one year and incurs 35% tax.

Plan for 35% tax because no one is sure yet. I would rather get a refund than a new striped suit.

Link to comment
Share on other sites
lomeygoat Newbie

lomeygoat

Posted
Posted

Who said anything about not paying taxes?

All I said its a liberty to take away such a large amount.

Just open your bill fold and pay up what ever the IRS wants, no problems.

But Its also that sort of weak, giving in type attitude the government likes. :P " America needs you", or should I say "your money"

"It dosen't matter how you got it, we want a big cut"

Link to comment
Share on other sites
harleyrider1 Newbie

harleyrider1

Posted
Posted

No the bad deal is when you scrimped and saved and sacrificed all the things that $1,000 could buy you in order to purchase the dinar, the government comes in, without risking anything and takes $390,000 of it to give to someone else. That's criminal.

-

Very well said Markinsa! Thank you for that simple explanation. Too bad more voters don't realize that.

  • Upvote 1
Link to comment
Share on other sites
Guest
This topic is now closed to further replies.
 Share
Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.


  • Testing the Rocker Badge!

    Take This Quiz

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.

  I accept