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NEW IRS Foreign Currency Guidance

fnbplanet

By fnbplanet,
in Iraq & Dinar Related News

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SgtFuryUSCZ Apprentice

SgtFuryUSCZ

Posted
Posted
8 hours ago, DWitte said:

Aren't you the Ladies of Ol Sarge?  I always thought you were proud of that.

We are indeed ! :wub::wub:

 Like we said in the above post, we are NOT the target... guru MyLadies was!

FourTwoNiner referred to guru MyLadies as 'Gals".... we didn't want there to be any mistake about

who's/which 'Gals' he was referring to ! :tiphat:

 

 

 

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MyLadiesDaddy
MyLadiesDaddy

More than that, notice how Obummers is signing Executive Orders like there's no tomorrow. He's doing that because he's   just stupid enough to think that he's backing Trump in some kind of corner. Wha

Rabbi
Rabbi

OK, everybody, take a deep breath.  I am a tax professional.  In order for Section 987 to be applicable, a taxpayer must, first and foremost, be engaged in what is termed a "Section 987 transaction,"

fnbplanet
fnbplanet

I'm trying to track all of this down, as I just received this IRS bulletin minutes ago.  It sound as if they're tweaking/clarifying their previous rules on profit/loss from foreign currency transactio

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Rabbi Newbie

Rabbi

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OK, everybody, take a deep breath.  I am a tax professional.  In order for Section 987 to be applicable, a taxpayer must, first and foremost, be engaged in what is termed a "Section 987 transaction," which in simple terms involves the buying and selling of financial instruments the are stated in terms of a foreign currency.  This particular Code Section applies to individuals and entities who are in "the trade or business" of regularly engaging in foreign currency transaction, e.g., futures contracts, long-term loans,accounts receivable or payable stated in a foreign currency.   The straight-up purchase of a foreign currency is NOT a Section 987 transaction!!!!!!!  If you, like me, have purchased IQD in isolated transactions, and you are NOT involved in the trade or business of buying and selling foreign currencies, then your exchanges will be considered capital gains. 

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SgtFuryUSCZ Apprentice

SgtFuryUSCZ

Posted
Posted
52 minutes ago, psdon said:

HAY my DOCTOR sid no body is looking at me on TV but they are :wacko: 

***/// A small piece of metallic duct tape over the 'eye' on the front of yer tv oughtta take care of that...

as well as on your laptop.... as we can see you still aren't wearing pants this morning ! :eek::lol:

 

But you can't stop there, no.... your 'Smart Meter' on yer house is watchin' ya...

and all your kitchen appliances also now monitor your every move! :unsure:

 

Your car can be shut down on ya when yer speedin' down the highway, too....

 

RAGE AGAINST THE MACHINE !....:angry:...!     move off grid and go natural...

and you won't have to wear pants in the woods, either ! :P

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DWitte Newbie

DWitte

Posted
Posted
2 hours ago, SgtFuryUSCZ said:

We are indeed ! :wub::wub:

 Like we said in the above post, we are NOT the target... guru MyLadies was!

FourTwoNiner referred to guru MyLadies as 'Gals".... we didn't want there to be any mistake about

who's/which 'Gals' he was referring to ! :tiphat:

 

 

 

Good morning Gals and Merry Christmas.  No worries, your friends here will make no mistake about who you are.  Either or both of you.

 

Enjoy

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Officiallytook Experienced

Officiallytook

Posted
Posted
3 minutes ago, SgtFuryUSCZ said:

***///  Hmmnnn... sounds like you're thinkin' ya may be 'officially took'...!  :(

Naw...Live in Hope Lest ya Die in Despair OT...!  Hang in there ! :twothumbs:

No lol, I was just thinking someone posted capital gains tax bracket percents I thought...and if I remember if the reveal is right I should be getting taken for 30% lol... I have high hopes for the dinar, I'll take 30% I was thinking 39% when preparing for possible outcomes... 😁 :praying:

 

 

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MyLadiesDaddy Grand Master

MyLadiesDaddy

Posted
Posted
3 hours ago, Rabbi said:

OK, everybody, take a deep breath.  I am a tax professional.  In order for Section 987 to be applicable, a taxpayer must, first and foremost, be engaged in what is termed a "Section 987 transaction," which in simple terms involves the buying and selling of financial instruments the are stated in terms of a foreign currency.  This particular Code Section applies to individuals and entities who are in "the trade or business" of regularly engaging in foreign currency transaction, e.g., futures contracts, long-term loans,accounts receivable or payable stated in a foreign currency.   The straight-up purchase of a foreign currency is NOT a Section 987 transaction!!!!!!!  If you, like me, have purchased IQD in isolated transactions, and you are NOT involved in the trade or business of buying and selling foreign currencies, then your exchanges will be considered capital gains. 

:wub::lmao:So being a tax person I've one question, Do you need some special loven this Christmas:lmao::wub: 

On a more serious note, Bless you for your insite. 

38 minutes ago, Officiallytook said:

So basically I'm going to be taxed 30% and also what the bank charges...correct?

Not if you join VIP. Most of these issues will be someone else's problem.

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MyLadiesDaddy Grand Master

MyLadiesDaddy

Posted
Posted (edited)
7 minutes ago, Officiallytook said:

Can some one PM the understanding of VIP, like the whole run down from a-z , I have been tempted, but always think, this is a simple transaction of exchange like any of the other Recognized currencies. 

I'll be in touch, friend. But following rules there is only so much we can talk about. 

Ok, so I see that it is not allowed to PM  someone that is not VIP so I'll give you an email that you can contact me through.

Summitdemonslayer@gmail.com

Edited by ladyGrace'sDaddy
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SnowGlobe7 Newbie

SnowGlobe7

Posted
Posted
On 12/23/2016 at 10:01 AM, SgtFuryUSCZ said:

***///

Whoa, whoa, whoa... ! :o Let's be clear.... the target of ire here is against guru myladies,

NOT 'OlSarge'sGals !  Us 'Gals' are NOT gurus or the 'ladies' of some guru ! :shrug::(

 

Man, oh, man... that was close !......gotta keep yer 'Gals' separate or all hell breaks loose ! :lol::P

this is true....the gals are NOT ladies!!!!

oops I man those ladies...oops I mean oh never mind.....

 

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DoD Proficient

DoD

Posted
Posted
On ‎12‎/‎24‎/‎2016 at 5:42 AM, Rabbi said:

OK, everybody, take a deep breath.  I am a tax professional.The straight-up purchase of a foreign currency is NOT a Section 987 transaction!!!!!!!  If you, like me, have purchased IQD in isolated transactions, and you are NOT involved in the trade or business of buying and selling foreign currencies, then your exchanges will be considered capital gains. 

Rabbi, that is exactly what my CPA told me...10 years ago about this Dinar....thingy, so simple

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