Willing to wait/ less taxes??

[puppylove]

I am kinda hoping that the RV doesn't happen for at least a year (sorry long term investors) because an acquaintance of mine said if you have a short term investment (anything under a year) you are taxed 35%, if it a long term investment (anything over a year) it is taxed at a lower rate.

[srb]

I gladly pay the tax to get my money now but I hope they make you wat 10 years

[Jmoney]

My undestanding is that short term is 15%, but I would rather have the money sooner than later.

[Brandon2230]

srb.............. That's awesome. You can't really complain if you just bought in. Kinda obvious.

[parmenio]

The RV is about the Iraqi people..., not us! We will only reap the rewards! They have suffered enough.

[lsvet]

PLEASE DON'T forget our troops that layed their lives on the line for us and them!!!

[carolina.broker]

capitol gains tax is going going up in 2011... so go ahead and wait Einstein

[CoffeeDave]

There is no tax on the dinars My tax accountant said it is no different then our dollar going down we don't get a tax write off for it.

[puzhalsta]

Just remember the 60/40 election rule. :-) that should help a little bit on short term gains.

[puppylove]

capitol gains tax is going going up in 2011... so go ahead and wait Einstein

Wow, thanks for the information, and in such a nice and civilized way! Obviously you are much smarter than I. Enjoy your day in the Carolinas carolina.broker.

[Jigga]

people it doesnt matter how long you have held onto your dinar.....whether you just got it or you have had it for 6 years when you exchange it, it ALL falls under short term gains......thats how ALL currency exchanges work....there is no way for the IRS or our govt to find out for sure how long someone has had their currency....theres no checks and balances for that kind of stuff, so to make it simple our govt considers any currency exchange to be short term gains.....

[bahtman]

There is no tax on the dinars My tax accountant said it is no different then our dollar going down we don't get a tax write off for it.

CoffeeDave,

No disrespect, but you need to get a new accountant asap.

The tax code clearly states for currency exchange that any increase in value over $200 is considered "capital gains".

You are right about not being able to write it off if it was a loss as an individual or a business.