Should I ask questions to my very close friend with the IRS

[Scoobie]

It's great to have a friend at the IRS. May I suggest that you ask him/her what rate of tax is one expected to pay on the profits from the reval. I have heard 15% and from another source 35%, depending on the length of time it is held. Also, if you can find out where in the tax code to look, then we could all go there and try to decipher.

Thanks so very much.

[umtutsut]

I know this sound crazy but if I cash it out in another country do i still have to pay taxes here if it doen't come back in to the country

American citizens are taxed on their world wide income. If you get caught not reporting income from all sources, you could be prosecuted for tax evasion.

[linny0830]

I persoanlly say thank you also for offering to get answers for us!!! Very kind of you. Should be worth a steak dinner (or substitute) when this investment pays off!!!

Well I will cash in that steak dinner lol Can I pick the restraunt lol ?

[ana t nommada]

Na ask the question if he gets shirty poison him next course.

Job done less tax to pay

[bobstick]

Sure, but use hypotheticals.

[tleite43]

I just returned from doing my taxes and my CPA said if you hold the Dinars less than 1 year it falls under short term investment and should be taxed at 35% income tax. Longer than 1 year and it may be classified as a capital gain and taxed differently. He is going to buy Dinars..... " Great investment!!".

[fabell]

Make sure to tell Mr. "Robinhood" I said that I disaprove of the way he makes a living. I would not let a thief into my home (legal or not).

Just kidding, just don't like the IRS.

[Kuper]

Well shoot! I payed a tax when I purchased the dinars lol that sux!

[Den56]

Generally One year. Less than a year, you pay whatever your income tax bracket is (if it hits like we would like, that would be the highest bracket, but who cares). A year or more, the long term capital gains rate.

Dustin . . . . That is what my research has been telling me. However, Adam has made several posts that we are looking at 50+%, so I Pm'd him tonight on this very point.

Unfortunately . . . his response was very disturbing to those of us who have held our Dinars for OVER a year ! Here's our discussion (Hope you don't mind Adam) . . . .

Adam is hinting that "the Obama Bureaucrats" may have a "tax surprise" for us on our investment and it really ticks me off !!!! Especially those that have owned our IQD for more than a year.

Since I am a VIP Member, I can PM (Private Message) Adam. Here is the question that I sent to him . . .

Adam, why not 15% LT Cap Gains 4 me ?

Adam, I keep hearing you saying that I'm going to pay 50+% to the IRS, but look here at what I found at irs.gov myself . . . . . . Just pasted into your latest VIP Update thread.

Dear VIP friends . . . . . I'll paste in here the correct info that I found directly on irs.gov cocerning point #7 . . . . . . .

Drstain, thanks for your post, however . . . . . .Re:" 7) Said most likely foreign currency would be treated as ordinary income and not capital gains."

Please got to IRS.gov, 2009 Publication 525 in PDF format. On page 33, under "Foreign Currency Transactions, it states: . . .

"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 taxes UNLESS it is more than $200. If the GAIN is MORE THAN $200, report it as a CAPITAL GAIN."

Seems pretty straight forward to me. Hope this helps.

Dennis

And for ADAM, besides THANKS AGAIN, Why . . . if I've owned my Dinar for over 12 months and have proof of it, which is a LT Capital Gain, do you keep telling me that I am going to pay 50 % INSTEAD of the 15% LT Gain (I have NO State tax on Cap.Gain) ???

Dennis

Here was his reply . . . .

Re: Adam, why not 15% LT Cap Gains 4 me ?

Dennis you're looking only at old and current code. I don't have time to explain it right now, but your investment will NOT fall under (only) those categories.

All I can say is . . . . very upsetting ! . . . .Welcome to "Socialism" !!!

[Photochic]

Oh yeah, the USA is not the country for opportunities to become wealthy anymore without a lot of scarring to follow. It's becoming the USS of A.

[Youchooch]

Definitely ask questions, looking forward to what you learn

[ronbo62]

Hello!! Any red blooded Americans out there that are willing to go on a march on Washington to let those bloody mother ******** know that we're sick and tired of being taxed to death and sick and tired of raising Illegals and sick and tied of having our money as handouts to people that are on welfare and can work the crops for their food as good as the Mexicans or other illegals and sick and tired of paying their fat wallets for doing NOTHING but spend our hard earned tax dollars. WELL!!!!! Are there any of you here that have the ba**s to go with me on that march?????

WHY????? Because I'm ****** sick and tired of our Government!!

[JMac]

It just seems that everyone has a different answer. Very confusing to me.

LOLOLOL, have you seen the trials done by Fortune(?) in the past? Get 10 CPAs to do one bogus return, get 10 different results. Same is true when calling IRS taxpayer lines: http://www.robertgreenecpa.com/index.php?page=ai5.

Here's another wrinkle: one CPA is researching the possibility of regarding cashed-out dinar as the sale of a collectible. That's taxed @ 28% instead of the standard 35% (b4 HC & new added 3.9%) of short-term capital gains. Don't have an answer, but it's worth a question ; )

[JMac]

Hello!! Any red blooded Americans out there that are willing to go on a march on Washington to let those bloody mother ******** know that we're sick and tired of being taxed to death and sick and tired of raising Illegals and sick and tied of having our money as handouts to people that are on welfare and can work the crops for their food as good as the Mexicans or other illegals and sick and tired of paying their fat wallets for doing NOTHING but spend our hard earned tax dollars. WELL!!!!! Are there any of you here that have the ba**s to go with me on that march?????

WHY????? Because I'm ****** sick and tired of our Government!!

did that 9/12/09. MSNBC & the rest of the "lamestream" reported there were a few thousand of us, but packed shoulder to shoulder we sure did stretch nearly all the way from the Capitol to the Washington Monument... Except for a few frustrated fiscal conservatives who actually spoke to us, "they" ignored us. Most of the slime of congress slithered out of town that day. The next "march" is to the POLLS. Let the slime look for work too, as ppl w/ true integrity serve in congress, and serve the ppl who elect them.

[tampa1000]

For all those who are frustrated with goverment spending, please remember we can change a lot in November, please get out and vote to make a difference while we have the right to! THANKS!

[puppylove]

Most definitely!! We will all be waiting with baited breath for the answers!! thanks!!