Investment Tax 15%

[BradyBear]

Greetings, here is good Positive news; we should only have to pay a 15% Tax on our Dinar. That is what is investment Tav seems to be; that is what Romney paid!

[markst]

I hope your correct...

[Luigi1]

Greetings, here is good Positive news; we should only have to pay a 15% Tax on our Dinar. That is what is investment Tav seems to be; that is what Romney paid!

If you LLC, become a corporation with your IQD or set up a trust fund, the same rules would apply as with Romney.

There are write offs corporation have that most of us do not have.

Get legal financial council after RV rather than go on general assumptions.

[War Eagle]

Folks; This is LONG term (1 yr) capital gains tax. If you have held dinar/dong over 1 yr,this is the tax you pay. Otherwise,look out!!!!

[jdprescott]

Folks; This is LONG term (1 yr) capital gains tax. If you have held dinar/dong over 1 yr,this is the tax you pay. Otherwise,look out!!!!

But, up until it becomes a valid currency, it is only considered a collectible document, which cannot be taxed. Even then, PROVE when I came into possession of it.

[rockfl9]

Eagle::: Right now I would treat this as a stock trade. Be sure to have valid purchase and sale documents ..The IRS wont just take your word for it... BUT be aware they could treat it as a COLLECTABLE not a financial investment since the price is not set by an established market.

Luigi:::If you go the LLC route dont count on using it as a personal piggy bank... You will have to operate a real enterprise or IRS say it was tax evasion...

[jdprescott]

Or you can have a dated and notarized letter stating that you have gifted it to your LLC

[rockfl9]

I dont think you can GIFT anything to an LLC. It is called a FUNDING and it shows up on the books of the LLC. You get shares in the LLC in return which may still be a taxable event...

[bobbidoll]

But, up until it becomes a valid currency, it is only considered a collectible document, which cannot be taxed. Even then, PROVE when I came into possession of it.

Gains from collectibles get hit with a 28% tax.

On a side note as well, if you can not prove dates then the IRS assumes the worst - which would be short term, not long term.

[Laid Back]

You don't have to pay any tax with an offshore account....OSI is the answer

[rockfl9]

LAIDBACK:::::I'm not VIP/OSI so I dont knw what Adam advises .But I can say that If you are holding dinar in the US and it RVs you have an instant tax liability, it is too late to move it to another country.

[rockfl9]

Laid Back:::::I forgot to add if your off-shore account is a bank account any gain will be taxable....

[Chartman17]

LAIDBACK:::::I'm not VIP/OSI so I dont knw what Adam advises .But I can say that If you are holding dinar in the US and it RVs you have an instant tax liability, it is too late to move it to another country.

Ah...this is exactly why you need to become a platinum, VIP, OSI, IBC that will enable you to learn more about the advantages of being an VIP, OSI, platinum, IBC person. REALLY good stuff. I have planned out exactly how much my Uncle is going to get this year and every other year in the foreseeable future with regard to the dinar. You know, Uncle Sammy can be a pretty tough cookie, but if you follow the rules, get good advice, put yourself into a good position BEFORE the RV, things will work out according to plan.

Chartman17

RIGHT ON, WAR EAGLE!! Bobbidoll, if you hold a collectible, the gain on it would be 28%. You are right. But then you need the experts to come in and tell you when a collectible is not a collectible. Can a collectible once RV'd, become a capital asset with out the collectible status? I believe (without looking it up) that a collectible can change status when it changes character.

I mean, now the Dinar is a collectible (not traded freely on the open market). After the RV, I believe, the Dinar changes character and becomes a trading capital asset. Another thing...I don't beleive it matters when the RV occurs but how long have you held your Dinar as to determining long term vs. short term.

JMHO...get yourself a pro and ask a lot of questions.

Chartman17

[rockfl9]

Chartman:: Its a choice with me... I can go VIP or buy more dinar , cant do both. If it RVs at 10c ,I'll be better off with more dinar and no "exotic " reinvestment scheemes ...Pay the tax and live unrestricted.. Any tax avoidance scheemes are more stressful than waiting. Good Luck!

[Butifldrm]

Bradybear, something is definitely going on with my computer or the site but, but I would check out OSI because.....

http://apiexchange.c...hp?id=8&idz=236

[dinar_stud]

You don't have to pay any tax with an offshore account....OSI is the answer

And that is the way to lose everything, pay some more and maybe get paid vacations to the closest federal prison in your state. All Offshore accounts pay income tax.

[steveinfla]

But, up until it becomes a valid currency, it is only considered a collectible document, which cannot be taxed. Even then, PROVE when I came into possession of it.

Unless you paid cash and have no reciepts yeah I agree cant prove it... However if you bought dianr via a currency dealer not hard to prove at all if auditied....This is why I kept all my reciepts so I can prove it... Like mentioned above if you cant prove it the IRS will tax as if it wasnt a long term capitol gains... Never try to get one over on the IRS you will loose every time....

Edited September 30, 2012 by steveinfla

[easyrider]

Unless you paid cash and have no reciepts yeah I agree cant prove it... However if you bought dianr via a currency dealer not hard to prove at all if auditied....This is why I kept all my reciepts so I can prove it... Like mentioned above if you cant prove it the IRS will tax as if it wasnt a long term capitol gains... Never try to get one over on the IRS you will loose every time....

yea i saved my receipts saved in my email through Dinar trade, also it wouldnt be too hard for them to pull it up and send you a receipt.

Edited September 30, 2012 by easyrider

[Jmasters]

Folks; This is LONG term (1 yr) capital gains tax. If you have held dinar/dong over 1 yr,this is the tax you pay. Otherwise,look out!!!!

"If you LLC, become a corporation with your IQD or set up a trust fund, the same rules would apply as with Romney.

There are write offs corporation have that most of us do not have.

Get legal financial council after RV rather than go on general assumptions."

Might want to re read this my friend.Its good solid advice.

[Sweetgirl1956]

You need to read the tax code. Publication 525, Page 33.

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 you income unless it is more than $200. If the gain is more than $200 report it as a capital gain.

It amazes me that people are still unclear about how this will be taxed. The tax code is very clear. When I started in this investment it was to be claimed as regular income but in the last.....about......2 to 3 years, the tax code changed to the above mentioned code. If you have had it longer than a year it is long term capital gains and if you have held it less than a year it is short term caputal gains. If someone gave it to you or you inherited it, it is assumed to be long term capital gains. The way capital gains works it you take what you receive when the investment is sold minus what you paid for it and the net is what is taxable.

[steveinfla]

You need to read the tax code. Publication 525, Page 33.

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 you income unless it is more than $200. If the gain is more than $200 report it as a capital gain.

It amazes me that people are still unclear about how this will be taxed. The tax code is very clear. When I started in this investment it was to be claimed as regular income but in the last.....about......2 to 3 years, the tax code changed to the above mentioned code. If you have had it longer than a year it is long term capital gains and if you have held it less than a year it is short term caputal gains. If someone gave it to you or you inherited it, it is assumed to be long term capital gains. The way capital gains works it you take what you receive when the investment is sold minus what you paid for it and the net is what is taxable.

I agree with you, However let me put it in perspective for you... There are people out there that hang on every word Okie and his kin folk blab daily.. So people not getting the tax code or people thinking they are going to get one over on the IRS shouldnt surprise anyone...

[tevye02]

I agree with you, However let me put it in perspective for you... There are people out there that hang on every word Okie and his kin folk blab daily.. So people not getting the tax code or people thinking they are going to get one over on the IRS shouldnt surprise anyone...

Let me add this. Dont take plumbing advice from an electrician. Dont take tax advice from any one but a qualified tax pro. It could be capital gain, could be collectible, could be something else. The tax code is many times larger than the Bible and open to as much interpretation. Please seek help when and if we profit from this. I am a tax pro and i will be seeking advice to confirm my interpretation. No i will not give my opinion on the forum.

[Chartman17]

Let me add this. Dont take plumbing advice from an electrician. Dont take tax advice from any one but a qualified tax pro. It could be capital gain, could be collectible, could be something else. The tax code is many times larger than the Bible and open to as much interpretation. Please seek help when and if we profit from this. I am a tax pro and i will be seeking advice to confirm my interpretation. No i will not give my opinion on the forum.

Truer words have never been spoken. Right On!!

Chartman17

[bobbidoll]

RIGHT ON, WAR EAGLE!! Bobbidoll, if you hold a collectible, the gain on it would be 28%. You are right. But then you need the experts to come in and tell you when a collectible is not a collectible. Can a collectible once RV'd, become a capital asset with out the collectible status? I believe (without looking it up) that a collectible can change status when it changes character.

I mean, now the Dinar is a collectible (not traded freely on the open market). After the RV, I believe, the Dinar changes character and becomes a trading capital asset. Another thing...I don't beleive it matters when the RV occurs but how long have you held your Dinar as to determining long term vs. short term.

JMHO...get yourself a pro and ask a lot of questions.

Chartman17

I am a tax pro. My point being was that collectibles do get taxed. You are right - Dinar will no longer be a collectible after RV.

Sweetgirl1956 is on the right path by quoting Pub 525 - IMHO. However, any pro knows that for every IRS rule or regulation - there is an exception. As those rules and regs are constantly changing, we won't actually know until it happens. Until then, all we have are educated guesses on tax liability. I have mine & have never been afraid to share when asked.

I agree with you on the fact that everyone of us needs to have pros on our side. Never be afraid to ask questions.

Edited October 2, 2012 by bobbidoll

[Captjohn]

Remember, the minute the RV or upward float begins, you instantly become one of the much-maligned 1%, despised by the Marxist Left. They will seek every way to extort as much of your gain as possible, legally or otherwise. You can only hope that the Repubs sweep in Nov., or hang on to your wallet.