How Will Charitable Donations Affect Taxes - Corp or Individual

[FloridaChick]

Hi Dinar Friends,

Maybe you already know or have found answers and can help me...

If I gift physical dinars after they RV... to a 501c3... How much of that do I get to write off on my taxes? A percentage or all of it? Should my new corp gift them or me personally?

Is there a better way to give a large gift like this that will reap a better tax shelter for me than

just giving them re-valued Dinar?

I'm thinking my physical Dinar will be cashed / deposited in a US bank after RV / and wired to my Warka Corporate account for further aggressive investment opportunites.

FYI - I am opening a Nevada Corp - in order to do FOREX, ISX & stocks & other investments. I will also open a Warka Business account - if still possible - to do ISX, etc. Not sure yet if the corp should be S or C.

Any advise is greatly appreciated. Thanks

[pegsue]

I work at my church and am also a tither. I have been there for over 10 years. We have had many people give different things over the years.

If you give the physical dinar to the church you will be credited for the amount of the sale of the dinar. It will be treated just as if it were a stock or a car that is given to a 501C3. When the church sells them, you get a receipt (1098C) for the amount of the sale of the item. Just make sure you don't cash it in, but give the dinar. That way you don't pay taxes, the church doesn't pay taxes but you still get the write off for the total amount of the gift.

As far as whether it should be given by your or your corp., that is a question for you tax attorney and your particular situation.

Hope this helps.

[FloridaChick]

Thank you pegsue!

[tiramisu]

One caveat: If you've held the dinar for less than one year, you only get the cost basis (what you paid) for the dinar donation. Hold over one year and donate after RV and you get the market value of dinar. That's way I read the law.

Pegsue wrote:

If you give the physical dinar to the church you will be credited for the amount of the sale of the dinar. It will be treated just as if it were a stock or a car that is given to a 501C3. When the church sells them, you get a receipt (1098C) for the amount of the sale of the item. Just make sure you don't cash it in, but give the dinar. That way you don't pay taxes, the church doesn't pay taxes but you still get the write off for the total amount of the gift.

As far as whether it should be given by your or your corp., that is a question for you tax attorney and your particular situation.

Hope this helps.

[FloridaChick]

One caveat: If you've held the dinar for less than one year, you only get the cost basis (what you paid) for the dinar donation. Hold over one year and donate after RV and you get the market value of dinar. That's way I read the law.

Pegsue wrote:

If you give the physical dinar to the church you will be credited for the amount of the sale of the dinar. It will be treated just as if it were a stock or a car that is given to a 501C3. When the church sells them' date=' you get a receipt (1098C) for the amount of the sale of the item. Just make sure you don't cash it in, but give the dinar. That way you don't pay taxes, the church doesn't pay taxes but you still get the write off for the total amount of the gift.[/color']

As far as whether it should be given by your or your corp., that is a question for you tax attorney and your particular situation.

Hope this helps.

Thanks tiramisu! I am learning as much as I can so that I can be a good steward

Now, I wonder how I can prove or document my Dinar purchase... I am buying from a friend through a friend...

I certainly want to do this thing properly.

I was also thinking of setting up a CRT. But some have advised me that they feel our Gov't may some day soon be confiscating retirement accounts and charitable assets.

Good luck to all Dinar holders - and may God bless Iraq and America...