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Federal Taxes


Don41
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I had my CPA research the tax law concerning currency.  This is what he told me.  Since my largest purchase was not in 2013, but actually 10 years ago, my taxes would be 20%.  Any Dinar purchased in 2013 would have to pay the larger rate which I believe is 37%.  So if you purchased prior to 2013, you will pay less funds.

 

I have also heard that the Treasury Dept. has stated that there are no takes on currency, but that Congress is concerning a 2 or 3% taxes.

 

Last, I contacted my Congressman and ask them to give me an accurate amount I might owe in Federal Taxes.  As of this date I have not received word yet.  But his staff said they would research it an get back to me.

 

 

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Quote:  How about Canadese Taxes ? Where Can We get Some Info specifically for This eventi. 

I think you have to go talk to a Chartered Public Accountant in Canada.  Either Google them or walk through the Yellow Pages in your local phone book.

 

He or She can give you a ball park answer.

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I wonder how this works for those who cant prove when they bought them, I got mine on deployment is 2004 and 2008.

If you pay U.S. taxes, you will be paying 20% (long term capital gains rate).  Long Term is defined as holding the asset for one year.  I like to put a safety buffer on the time frame and hold it one year + one day.  You can't get into trouble doing that.

I had my CPA research the tax law concerning currency.  This is what he told me.  Since my largest purchase was not in 2013, but actually 10 years ago, my taxes would be 20%.  Any Dinar purchased in 2013 would have to pay the larger rate which I believe is 37%.  So if you purchased prior to 2013, you will pay less funds.

 

I have also heard that the Treasury Dept. has stated that there are no takes on currency, but that Congress is concerning a 2 or 3% taxes.

 

Last, I contacted my Congressman and ask them to give me an accurate amount I might owe in Federal Taxes.  As of this date I have not received word yet.  But his staff said they would research it an get back to me.

Not to be picky but you have to hold your assets longer than one year.  One year and a day works.  So if you bought your asset on August 13, 2012, the sale on Monday is STILL Short Term and not subject to the preferential tax rate of 20% (Long Term).  However, if you cling on to your asset until August 14, 2013, you are subject to the preferred tax rate of 20%.

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The U.S. government has laws coming into effect in 2014 that gives it unpressedented reach as far as the dollar goes.they will be able to get to your bank account no matter what country you have your account.this is why thousands of people are leaving here and turning in thier u.s. passport renouncing citizenship.

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I had my CPA research the tax law concerning currency.  This is what he told me.  Since my largest purchase was not in 2013, but actually 10 years ago, my taxes would be 20%.  Any Dinar purchased in 2013 would have to pay the larger rate which I believe is 37%.  So if you purchased prior to 2013, you will pay less funds.

 

I have also heard that the Treasury Dept. has stated that there are no takes on currency, but that Congress is concerning a 2 or 3% taxes.

 

Last, I contacted my Congressman and ask them to give me an accurate amount I might owe in Federal Taxes.  As of this date I have not received word yet.  But his staff said they would research it an get back to me.

Don31,

 

Thank you for verifying it with your accountant as my accountant said the same thing.. capital gain 20% plus obama care 3.4% and state tax.. if you don't pay state tax, you are the lucky duck :)

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How about Canadese Taxes ? Where Can We get Some Info specifically for This eventi.

You would think at your Canadian Tax office...IF it's NOT already CORRUPTED by obama the fraud muslim!!!!

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ExecConsult - a member here at DV who is an estate planning attorney - has some great information here

 

http://whatisiraqidi...me-tax-analysis

 

In a nutshell, he writes - "Be safe with the IRS – it is ordinary income under Section 988. Dinar investors should expect to pay 35% maximum federal tax rate as ordinary income following any income event with their dinar."

 

I will add the disclaimer - he is an attorney and not a tax consultant. He has done some great research, but it is just his opinion.


Myself personally - I'm planning on it being treated as ordinary income and will pay such taxes as are appropriate - and if I find out otherwise, will then do an appeal to get the rest back.  The IRS is one of those "federal watchdog" groups that can play rough.  Look at Al Capone....*lol*

 

Remember the IRS motto - "We have what it takes to take what you have."

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Another thought for whom bought dinar during the service in Iraq : if the bank or whoever doing the exchange, requires proof that you bought it longer than a year.. I think you could probably use your deployment date. I am not an expert on this one but my brain is thinking lol

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  • 5 weeks later...

ExecConsult - a member here at DV who is an estate planning attorney - has some great information here

 

http://whatisiraqidi...me-tax-analysis

 

In a nutshell, he writes - "Be safe with the IRS – it is ordinary income under Section 988. Dinar investors should expect to pay 35% maximum federal tax rate as ordinary income following any income event with their dinar."

 

I will add the disclaimer - he is an attorney and not a tax consultant. He has done some great research, but it is just his opinion.

Myself personally - I'm planning on it being treated as ordinary income and will pay such taxes as are appropriate - and if I find out otherwise, will then do an appeal to get the rest back.  The IRS is one of those "federal watchdog" groups that can play rough.  Look at Al Capone....*lol*

 

Remember the IRS motto - "We have what it takes to take what you have."

 

In other words tankdude, when our ship comes in the guberment will dock it for us!   :shrug: 

 

WoodChopper

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