Question on taxes and gold

[Hamer1951]

Can any one point me in the right direction? I Know you have to pay taxes on Gains but can you transfer like dinar to gold with out a tax i pay into my 401 x percent and dont worry about taxes till i start drawing from it. sorry I am not real good at putting thoughts to paper

[The Machine]

I'm not sure of the situation in the US but gold is tax free here in the UK

[rulesforrebels]

I'm a bit confused by your question but I'm assuming what your asking about or ideally would like to do is take profits from your DInar and roll them into another investment vehicle ie gold and not pay any taxes on your dinar because your putting it into another investment.

 

I'm no acocuntant or tax expert but uncle sam always wants his cut, I would be quite surprised if you could make profits from an investment and not pay taxes by reinvesting it. The guidelines seem to be pretty clear that any currency gain over $200 will be taxed.

 

The one way I could see this being possible is if you have a Roth IRA and you purchased the DInar with your IRA, you potentially could then reinvest that money into gold and pay the taxwes when you take the money down the road. I'm not sure this is even possible but this is the one scenario under which I can see it MAYBE being a possibility.

 

That said one thing that will always be true is taxes will never go down they will always go up. With that in mind you'd probably be better off paying taxes at todays tax rates than tax rates 10 or 20 years down the road which will without a doubt be higher.

[Nadita]

I have question like that myself.  I know DT is offering this service that you can buy gold with your dinar, that could be possiblity.  You might want to call them and check with them.  As far as IRA concerns, I think it's a bit complicated to buy dinar with your IRA account, because your holding is not on paper but physical currency, unless you can prove that you buy dinar with IRA money which can be done with your brokerage firm if they agree to hold your dinar  I have not done either scenario.  If I could exchange my dinar to gold like a swap.. it will be sweet  

[Hamer1951]

Thank you for your thoughts and yes after it RV (hopefuly) just was thinking if i bought a million dinar worth of gold their is no gain it simply diffrent form of money and cash out only what i need when i need it pay taxes on that smaller amount and let my gold appreciate i got my dinar boots on the ground late 04 out side scania so i have no record of purches thanks again was juct currious if any one had thought of something similar

[Nadita]

Hammer

 

If you are swapping your dinar to gold.. possibly you don't pay taxes because it's one investment to the next investment.. but what you will be paying is the spot price for gold will be higher than gold dealers plus the dinar rate can be lower than market rate. Which still be a good exchange, if you don't need to pay taxes on it.  You can always sell it little by little when you need money and a win win situation  

 

Do not quote me on this one, I am no financial expert but this is my guessing don't believe everything I say, I am a story teller lol  always check with your accountant or tax attorney.  In real estate, you can do 1031 exchange when you sell your home and roll the profit to the next house without paying any tax consequences and if you stay in your home for a couple years and you are married there is an exclusion of how much you can make without paying the taxes.  Again, check with your accountant..

[chess]

Hammer

 

If you are swapping your dinar to gold.. possibly you don't pay taxes because it's one investment to the next investment.. but what you will be paying is the spot price for gold will be higher than gold dealers plus the dinar rate can be lower than market rate. Which still be a good exchange, if you don't need to pay taxes on it.  You can always sell it little by little when you need money and a win win situation

 

Do not quote me on this one, I am no financial expert but this is my guessing don't believe everything I say, I am a story teller lol  always check with your accountant or tax attorney.  In real estate, you can do 1031 exchange when you sell your home and roll the profit to the next house without paying any tax consequences and if you stay in your home for a couple years and you are married there is an exclusion of how much you can make without paying the taxes.  Again, check with your accountant..

1031 tax deferred exchanges are for like-kind income producing property. Even a multi-family into a Dairy Queen.

[Nadita]

1031 tax deferred exchanges are for like-kind income producing property. Even a multi-family into a Dairy Queen.

Yes I know, chess.. I am just trying to give an example prolly not a good one  I have done a few of those lol

[rulesforrebels]

Hammer

 

If you are swapping your dinar to gold.. possibly you don't pay taxes because it's one investment to the next investment.. but what you will be paying is the spot price for gold will be higher than gold dealers plus the dinar rate can be lower than market rate. Which still be a good exchange, if you don't need to pay taxes on it.  You can always sell it little by little when you need money and a win win situation

 

Do not quote me on this one, I am no financial expert but this is my guessing don't believe everything I say, I am a story teller lol  always check with your accountant or tax attorney.  In real estate, you can do 1031 exchange when you sell your home and roll the profit to the next house without paying any tax consequences and if you stay in your home for a couple years and you are married there is an exclusion of how much you can make without paying the taxes.  Again, check with your accountant..

I would have to disagree with you on this. How were you able to purchase a million worth of gold with what was origionally $1000 worht of Dinar? Somehow that $1,000 worth of Dinar became worth a million dollars and for that to happen you had to see a gain. Anytime you see a gain the government is gonna want their cut.

 

I'm not saying I'm 100% right on this but we all know our government and our IRS and I personally can't invisision a scenario where were able to mak a million dollars and not pay a penny of tax.

 

I'm trying to think of similar situations like you sell one house and buy another. Its not like you get to skip out on taxes purchasing a house by saying I paid taxes on my old house I'm buying a new one so don't see why we would be able to with dinar to gold.

 

As far as buying DInar with IRA, I have a 401k not an ira so don't fully understand them but I think I recall Ali at DinarTrade used to offer a service where you could buy DInar with your IRA or 401k.

[Nadita]

I would have to disagree with you on this. How were you able to purchase a million worth of gold with what was origionally $1000 worht of Dinar? Somehow that $1,000 worth of Dinar became worth a million dollars and for that to happen you had to see a gain. Anytime you see a gain the government is gonna want their cut.

 

I'm not saying I'm 100% right on this but we all know our government and our IRS and I personally can't invisision a scenario where were able to mak a million dollars and not pay a penny of tax.

 

I'm trying to think of similar situations like you sell one house and buy another. Its not like you get to skip out on taxes purchasing a house by saying I paid taxes on my old house I'm buying a new one so don't see why we would be able to with dinar to gold.

 

As far as buying DInar with IRA, I have a 401k not an ira so don't fully understand them but I think I recall Ali at DinarTrade used to offer a service where you could buy DInar with your IRA or 401k.

 

I don't know... that's something we are going to find out if the rv comes otherwise, it's a wishful thinking but again.. if you look at DT site.. they lhave it scrolling on top of the page that you can buy gold with dinar as it is listed how many dinar for 1 oz gold.. so I guess you can do that with them too.. and as always ask the expert for taxes and also at DT   I just bought dinar straight with my money so I don't know how it works with IRA,... I will worry with all of these when it actually happens then it's a headache that I like to have

[luvalife]

Hi,

I will put in my 2 cents for whatever that's worth.  I have a 401K that holds gold, Silver, Dinar, yen and dong.  It is a self directed IRA.  I personally/physically hold the contents..  Taxes are not paid on gains or earnings until you spend/withdraw.  However, with this particular product I am able to invest using the funds but all earnings from any investment have to remain within the IRA.  I actually will use the RV to invest and keep the money in the IRA.   At age 59 1/2 I can withdraw and not pay penalty. (as in a typical IRA)  Message me and I will share the info you need to do your research.  It is all legal and with a company that will set up a corporation for you that "holds the funds".  

It's out there you just have to find it.  I will help point you in the right direction.

[DinarThug]

I Know you have to pay taxes on Gains but can you transfer like dinar to gold with out a tax

I Don't Closely Follow Precious Metals (More Like Lint And Cardboard)

But Lately Gold Has Been Drastically Plummeting In Lock Step With The Price Of Oil !

[The Machine]

I Don't Closely Follow Precious Metals (More Like Lint And Cardboard)

But Lately Gold Has Been Drastically Plummeting In Lock Step With The Price Of Oil !

Actually, gold has been on the rise lately not by much but it's not heading south

[pjh]

Yes, but (no comprende') could you plz speak ENGLISH??