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1 hour ago, coorslite21 said:

Are you suggesting a "transfer of ownership"...(gifting)....of your IQD....to some off shore entity?

or.......

Giving it to AOC and Bernie so Uncle Sam can take care of you???¬† ūüėĀ

 

Woah! What a great idea! :lol:

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1 hour ago, coorslite21 said:

Are you suggesting a "transfer of ownership"...(gifting)....of your IQD....to some off shore entity?

or.......

Giving it to AOC and Bernie so Uncle Sam can take care of you???¬† ūüėĀ

 

Or give it to Uncle Sam, so all those incredible tax breaks can keep American industry afloat. We all know they shouldn't have to pay taxes like they did in the past when America was great and we actually had a middle class.

 

B/A

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22 hours ago, coorslite21 said:

My personal belief........based on a whole bunch of info gained over time........is any RI or RV will not be taxed........ÔĽŅ

 

First, thanks for your all of your input Coors and I'm glad you didn't mind me dropping your name.  You are the best! 

 

But will you clarify your above statement?  Did you actually mean to say that, in the US, the RV gains will not be taxed at all?   While I totally agree with your assessment of Trump and that he wants us to have money so we can spend and invest it, that only led me to conclude that Trump will probaby not institute a windfall/extra tax on the RV gains.  But Trump does believe in income tax, so are your saying that you think Trump will make some kind of exception for us dinar holders so that we don't even pay normal capital gains or ordinary income taxes at all?  If this is what you're saying, can you share some of the things that led you to that conclusion?  And if that's not what you're saying, will you explain in more detail what you are saying?

 

Also, my two cents on diversifying.....  I totally agree with you in moving some of your assets to different countries.  I live outside the US so I'm comfortable doing that.  But for many (inclding me before I did move to another country) who are not that comfortable dealing internationally, they can still diversify within the US.  Precious metals and real estate are, and always have been, great choices.  And by investing in real estate in different state(s), you can spread your risk even more.  Also, like you, I really like the cryptos.  So those are 3 pretty solid investments that Americans can use to diversify their assets and lessen their risk of losing it.    jmho

 

Thanks Coors, you da man!

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42 minutes ago, KristiD said:

 

First, thanks for your all of your input Coors and I'm glad you didn't mind me dropping your name.  You are the best! 

 

But will you clarify your above statement?  Did you actually mean to say that, in the US, the RV gains will not be taxed at all?   While I totally agree with your assessment of Trump and that he wants us to have money so we can spend and invest it, that only led me to conclude that Trump will probaby not institute a windfall/extra tax on the RV gains.  But Trump does believe in income tax, so are your saying that you think Trump will make some kind of exception for us dinar holders so that we don't even pay normal capital gains or ordinary income taxes at all?  If this is what you're saying, can you share some of the things that led you to that conclusion?  And if that's not what you're saying, will you explain in more detail what you are saying?

 

Also, my two cents on diversifying.....  I totally agree with you in moving some of your assets to different countries.  I live outside the US so I'm comfortable doing that.  But for many (inclding me before I did move to another country) who are not that comfortable dealing internationally, they can still diversify within the US.  Precious metals and real estate are, and always have been, great choices.  And by investing in real estate in different state(s), you can spread your risk even more.  Also, like you, I really like the cryptos.  So those are 3 pretty solid investments that Americans can use to diversify their assets and lessen their risk of losing it.    jmho

 

Thanks Coors, you da man!

 

Kristi........yep......not taxed at all......might be right......could be wrong........just what the people I talk with have concluded.........and my own conclusion as well from what I research.....

 

Here's a tease..........Take Kuwait.......many talk about that RV.........they are wrong.......just like with the IQD''......

 

in both countries the currency lost value due to circumstances we are all aware of.......Kuwait had the value restored....people who may have bought some at the reduced value probably made some money........Same thing will happen for Iraq.....and Viet Nam.....look how the US has suppressed that nation for so long by using sanctions.....better yet they have become the 6th largest manufacturing nation by using the Chinese blue print......

 

 

I doubt the USG wants to have a few million citizens bitching about all the taxes they just paid on their IQD investment........rather.......keep it all quiet.......same way Kuwait went.....

 

And yes.......The US did hold a bundle of the Kuwaiti currency........and without fanfare did use it for help Clinton and the US finances look better........just how it works.......

 

In 100% agreement on you thoughts on diversification........

 

Ha................"you da Woman".........Cheers

 

CL

 

 

 

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19 hours ago, coorslite21 said:
20 hours ago, KristiD said:

 

First, thanks for your all of your input Coors and I'm glad you didn't mind me dropping your name.  You are the best! 

 

But will you clarify your above statement?  Did you actually mean to say that, in the US, the RV gains will not be taxed at all?   While I totally agree with your assessment of Trump and that he wants us to have money so we can spend and invest it, that only led me to conclude that Trump will probaby not institute a windfall/extra tax on the RV gains.  But Trump does believe in income tax, so are your saying that you think Trump will make some kind of exception for us dinar holders so that we don't even pay normal capital gains or ordinary income taxes at all?  If this is what you're saying, can you share some of the things that led you to that conclusion?  And if that's not what you're saying, will you explain in more detail what you are saying?

 

Also, my two cents on diversifying.....  I totally agree with you in moving some of your assets to different countries.  I live outside the US so I'm comfortable doing that.  But for many (inclding me before I did move to another country) who are not that comfortable dealing internationally, they can still diversify within the US.  Precious metals and real estate are, and always have been, great choices.  And by investing in real estate in different state(s), you can spread your risk even more.  Also, like you, I really like the cryptos.  So those are 3 pretty solid investments that Americans can use to diversify their assets and lessen their risk of losing it.    jmho

 

Thanks Coors, you da man!

Read more  

 

Kristi........yep......not taxed at all......might be right......could be wrong........just what the people I talk with have concluded.........and my own conclusion as well from what I research.....

 

Here's a tease..........Take Kuwait.......many talk about that RV.........they are wrong.......just like with the IQD''......

 

in both countries the currency lost value due to circumstances we are all aware of.......Kuwait had the value restored....people who may have bought some at the reduced value probably made some money........Same thing will happen for Iraq.....and Viet Nam.....look how the US has suppressed that nation for so long by using sanctions.....better yet they have become the 6th largest manufacturing nation by using the Chinese blue print......

 

 

I doubt the USG wants to have a few million citizens bitching about all the taxes they just paid on their IQD investment........rather.......keep it all quiet.......same way Kuwait went.....

 

 

Really?!  So the people who profited from Kuwait's currency really did NOT pay taxes on their gain?  Wow, wouldn't that be awesome?!  I soooo hope you're right!!!  Thanks for boldly sharing that opinion - which has some weight to it since you have a very good reputation with regards to finance.  Hopefully this will get some people here praying hard that you are right.... and I am a firm believer that prayer works.  

 

GOOOOOOOOOOO RV!!!

Edited by KristiD
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On 2/9/2019 at 11:31 AM, coorslite21 said:

 

Kristi and @ChuckFinley

 

With my screen name added here.......thought I would post......

 

First.......I don't have a great deal of IQD.........but what I do have is already offshore.......that just makes the most sense.....then nothing can go wrong.....( unless of course you forget which desert island you buried it on)

 

Kristi seems to be a very independent woman..........she travels her own path and I admire and respect that......

 

We all usually stay pretty true to our own core beliefs.........she has expressed hers here...........and I respect that as well.........

 

I share some of those beliefs........I'm pretty independent myself.........

 

The IBC/OSI concept is sound........there may be hundreds.......even thousands on this site that have learned a little bit about the process because of the postings here on DV........

 

As I understand it..... post any RV of the IQD.......everyone not involved in the DV aspect of VIP/OSI .......... will be on their own......

 

Many are not involved........and that's a choice..........and that's OK.....

 

If indeed there is a change of value in the IQD........or if you win the lottery..........or inherit a bundle........I encourage any/all of you to look at getting some funds secured off shore........

 

Or at least diversify so all funds aren't in USD....

 

As to taxes......I defer to Kristi.........and Montana............they are smarter than I.........by a whole lot......

 

My personal belief........based on a whole bunch of info gained over time........is any RI or RV will not be taxed........

 

This is mostly because of the current Administration...........they would let the money flow to where ever it flows.........and that would improve the country.......

 

The left would Tax the cap out of it.......take the money because they are smarter than all of us........they would take care of us......because we're all to stupid to take care of ourselves.......you get the point...........(hello AOC and Socialism)

 

The Gov't will be fine...........They hold Trillions in IQD.....as do many Govt's around the World..........

 

And no.......this is not by accident..........since 71 when the FIAT system was put in place........there has been a plan for what's next..........

 

So for those not involved in VIP/OSI......no worries.......I would guess most are not........

 

I will add that Chuck.......along with many in VIP profited greatly in the 2017 cryptocurrency run........I know a few who probably profited on a much greater level......than they ever hope to with the IQD they hold.......

 

So.....I've rambled again........

 

I'll probably reread this later and clean it up some.........in the mean time......enjoy your Saturday...........CL

 

 

 

Just want to finish up the thought process on potential taxes.......

 

If you gain any windfall........IQD......lottery.....inheritance........there may be some IRS guidance on how it will be taxed........

 

In the case of the IQD........none may exist yet..........and one would logically think that upon an increase of value of the IQD that the IRS would issue some tax guidance.......but hey.......it's the USG.???

 

There are some other options ....one would be a PLR.....(Private Letter Ruling)..........This is a request from you, to the IRS to make a declaration on what your tax liabilities would be on a given transaction......it would take time.....and have a cost.........but they would be bound by the ruling......below is a link to some basic info......a bit dated........but should get you started if you want to pay more tax than you legally have too.

 

Let's take the IQD out of this conversation.......is there anyone here who wouldn't want to legally reduce their tax liability.....just in every day life if they could?

 

There are a couple of publications you might google that offer some basic options for the average John/Susie Q Public.........Nomad Capitalist........and Sovereign Man with Simon Black.

 

As always.......do your own research........CL

 

 

https://www.irsmedic.com/blog/2015/02/irs-private-letter-ruling.html

 

Pros & Cons: IRS Private Letter Ruling

by: Anthony Parent   2015-02-12

An IRS Private Letter Ruling, or PLR, is a written decisions by the IRS in response to taxpayer requests for guidance. This way, you know exactly how the IRS will rule on any given matter.

 

Why bother with a Private Letter Ruling?

Why not roll the dice and see if the IRS has a problem later? Any experienced tax practitioner can tell you at least two things about working the IRS. First, the IRS moves like a sloth (no offense, hardworking IRS employees). Second, the IRS has the power of a gorilla. Combining these two characteristics results in a problem. You may go down a tax planning path that you think is right, but by the time the IRS finds out and disagrees, you will have years of non-compliance that have compounded. This can leave you with a tax bill or controversy you were not prepared for.

 

Not so fast: Why you may not want to request an IRS Private Letter Ruling

Knowing how the IRS is going to rule on something with a Private Letter Ruling before you have any liability is typically a good thing. Sometimes, a Private Letter Ruling may not be the best idea. Consider the following downsides to an IRS Private Letter Ruling:

 

Cost: Here is a link to the schedule of IRS fees to Private Letter Rulings. The range is from $250 - $50,000. That's right, there is a $49,750 variance in Private Letter Ruling fees depending on what type of Private Letter Ruling you are seeking. Likewise, drafting a Private Letter Ruling request and actually securing a ruling involves a great amount of time and skill. Because a tax attorney or some other type of specialist usually prepares a taxpayer's ruling request, costly professional fees are the rule rather than the exception. 

 

Time:  Be prepared to wait for a requested ruling. Usually, the response will take between two and three months when one branch of the IRS is involved and three months or longer when the issues being ruled on are novel or complex, necessitating the involvement of multiple branches.

 

Facts present you wish weren't:  Requesting a Private Letter Ruling may also be undesirable if the taxpayer cannot alter the proposed transaction so as to meet a condition imposed by the IRS. The basic structure of many transactions may have already taken place before the Private Letter Ruling request was made, and now, much of the plan cannot be adjusted. One may prefer to avoid the official attention that a ruling request (and denial) may attract. When a ruling request is withdrawn, the Associate office will notify the appropriate IRS official in whose office the taxpayer's return has been or will be filed.

 

Not enough facts known: A taxpayer may decide against requesting a ruling if the facts of the transaction may differ materially from the facts described in the ruling request. A ruling is not binding with respect to a transaction if the transaction is not materially similar to the facts set forth in the ruling.

 

Privacy: All Private Letters Rulings are not "Private." Nope, they are all available for research. Many tax specialists spend a great deal of their time reviewing Private Letter Rulings for guidance. Requesting a Private Letter Ruling may expose information that you wish to remain confidential.

 

You can't: For certain issues, the IRS will not make any rulings. Here is a link to the current no-ruling list.

 

Should you request an IRS Private Letter Ruling? The Advantages

After determining that the IRS has not refused to issue ruling in your area of inquiry, you may want to consider whether to make a ruling request. Here are the main advantages to doing so:

 

First: As mentioned above, a Private Letter Ruling protects your expectation interests. A taxpayer who receives a favorable ruling on a prospective transaction is generally protected as to the transaction for which the ruling is issued even if the ruling is in error, the IRS subsequently changes its position, or agent attempts to contradict the ruling. That's pretty nice.

 

Second: Initiating a ruling request, if you have some flexibility, allows you to somewhat reverse the tables on the IRS. Instead of being attacked from any angle, you can pin the IRS' objections down and then see if you can overcome those objections. If you overcome all of the IRS' objections, how can they rule against you? A Private Letter Ruling allows you to go on offense, fish around a little to see what's bugging them, and then react positively by potentially restructuring the transaction to satisfy the IRS and get the ruling you seek which you may reasonably build expectations upon.

 

 

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8 hours ago, coorslite21 said:

If you gain any windfall........IQD......lottery.....inheritance........there may be some IRS guidance on how it will be taxed........

 

In the case of the IQD........none may exist yet..........and one would logically think that upon an increase of value of the IQD that the IRS would issue some tax guidance.......but hey.......it's the USG.???ÔĽŅ

 

You may be correct that since the IRS does not have a specific guidline for the Iraqi dinar, they may issue one.  But I'm thinking the IRS already has all their bases covered.  The following information from the IRS seems like it would take care of it..... "Almost everything you own and use for personal or investment purposes is a capital asset." (and is subject to capital gains tax rates).  So I'm thinking the IRS is gonna at least get capital gains taxes from us.  The one thing I do NOT know, is if there's any reason the IRS can say our IQD investment CANNOT be considered a capital asset so it should be taxed as ordinary income.  It sure looks to me like our IQD is an investment according to this, but I am not a tax professional and I cannot understand why so many accountants still claim it's ordinary income.  Unless - xtaxguy is right when he says those accountants are wrong and are misapplying the tax code because there is an exception to it for investments (see my earlier post where I quoted exactly what he said).  But good lord!  I guess there are no tax professionals here who are willing to help us out and give their opinion on what I've presented here.  Arghhh!   

https://www.irs.gov/taxtopics/tc409 dated March, 2018

Topic Number 409 - Capital Gains and Losses

Almost everything you own and use for personal or investment purposes is a capital asset. Examples include a home, personal-use items like household furnishings, and stocks or bonds held as investments. When you sell a capital asset, the difference between the adjusted basis in the asset and the amount you realized from the sale is a capital gain or a capital loss. Generally, an asset's basis is its cost to the owner, but if you received the asset as a gift or inheritance, refer to Topic No. 703 for information about your basis. For information on calculating adjusted basis, refer to Publication 551, Basis of Assets. You have a capital gain if you sell the asset for more than your adjusted basis. You have a capital loss if you sell the asset for less than your adjusted basis. Losses from the sale of personal-use property, such as your home or car, aren't tax deductible. 

 

 

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i doubt if anybody in the I.R.S. has even thought about the IQD ;

nobody in my town ever heard of it and bought any--except me

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2 hours ago, KristiD said:

 

You may be correct that since the IRS does not have a specific guidline for the Iraqi dinar, they may issue one.  But I'm thinking the IRS already has all their bases covered.  The following information from the IRS seems like it would take care of it..... "Almost everything you own and use for personal or investment purposes is a capital asset." (and is subject to capital gains tax rates).  So I'm thinking the IRS is gonna at least get capital gains taxes from us.  The one thing I do NOT know, is if there's any reason the IRS can say our IQD investment CANNOT be considered a capital asset so it should be taxed as ordinary income.  It sure looks to me like our IQD is an investment according to this, but I am not a tax professional and I cannot understand why so many accountants still claim it's ordinary income.  Unless - xtaxguy is right when he says those accountants are wrong and are misapplying the tax code because there is an exception to it for investments (see my earlier post where I quoted exactly what he said).  But good lord!  I guess there are no tax professionals here who are willing to help us out and give their opinion on what I've presented here.  Arghhh!   

https://www.irs.gov/taxtopics/tc409 dated March, 2018

Topic Number 409 - Capital Gains and Losses

Almost everything you own and use for personal or investment purposes is a capital asset. Examples include a home, personal-use items like household furnishings, and stocks or bonds held as investments. When you sell a capital asset, the difference between the adjusted basis in the asset and the amount you realized from the sale is a capital gain or a capital loss. Generally, an asset's basis is its cost to the owner, but if you received the asset as a gift or inheritance, refer to Topic No. 703 for information about your basis. For information on calculating adjusted basis, refer to Publication 551, Basis of Assets. You have a capital gain if you sell the asset for more than your adjusted basis. You have a capital loss if you sell the asset for less than your adjusted basis. Losses from the sale of personal-use property, such as your home or car, aren't tax deductible. 

 

 

You are probably one of the lucky ones with currency offshore....along with an active IBC .....perhaps you're over thinking your personal situation....what am I missing?

CL

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right now i don't care about taxes or the spread--just cash in and get what i can--adios

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8 hours ago, coorslite21 said:

You are probably one of the lucky ones with currency offshore....along with an active IBC .....perhaps you're over thinking your personal situation....what am I missing?

CL

While I have some dinar outside the US, most is still in the US.  As I said initially, once the RV happens, I don't want to risk either mailing or hand carrying it out of the country, or using an attorney to exchange my IBC's dinar in the US.  Plus, if we can reasonably determine this is capital gains, that would be HUGE news for most people here at DV.  If we can find legitimate info - from the IRS  - to validate the RV windfall is capital gains, then others here can give that to their account who may currently be trying to say it's ordinary income.  It was a valiant quest on my part, I think.  Sadly, I couldn't get any tax professionals here to help me with it.  Still, what I found along with xtaxguy's opinion on this, MAY be enough.  So perhaps people who are going to cash in at least some of their dinar in the US, may want to bookmark the IRS webite I provided along xtaxguy's explanation of why it is NOT ordinary inome (which I quoted earlier with a link to where you can find the whole discussion), and give that information to their accountant and see what he/she says.  In my humble opinion, it wouldn't  hurt to try and it could mean people get to keep thousands and thousands of $$$$ more - as much as $.17 out of every $1 they make from the RV.  So to me, the pay off you'd get from just giving your accountant a couple of links to look at - makes it well worth my effort to do that.  So that's what I plan to do.  Obviously, everyone else can decide for themselves whether it's worth their time to do that or not.

 

7 hours ago, one2one said:

right now i don't care about taxes or the spread--just cash in and get what i can--adios

 

I hear you and I totally get it.  But if you can keep thousands of dollars more by paying less taxes, you may want to consider making a small effort to find out.    jmho  

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35 minutes ago, KristiD said:

While I have some dinar outside the US, most is still in the US.  As I said initially, once the RV happens, I don't want to risk either mailing or hand carrying it out of the country, or using an attorney to exchange my IBC's dinar in the US.  Plus, if we can reasonably determine this is capital gains, that would be HUGE news for most people here at DV.  If we can find legitimate info - from the IRS  - to validate the RV windfall is capital gains, then others here can give that to their account who may currently be trying to say it's ordinary income.  It was a valiant quest on my part, I think.  Sadly, I couldn't get any tax professionals here to help me with it.  Still, what I found along with xtaxguy's opinion on this, MAY be enough.  So perhaps people who are going to cash in at least some of their dinar in the US, may want to bookmark the IRS webite I provided along xtaxguy's explanation of why it is NOT ordinary inome (which I quoted earlier with a link to where you can find the whole discussion), and give that information to their accountant and see what he/she says.  In my humble opinion, it wouldn't  hurt to try and it could mean people get to keep thousands and thousands of $$$$ more - as much as $.17 out of every $1 they make from the RV.  So to me, the pay off you'd get from just giving your accountant a couple of links to look at - makes it well worth my effort to do that.  So that's what I plan to do.  Obviously, everyone else can decide for themselves whether it's worth their time to do that or not.

 

 

I hear you and I totally get it.  But if you can keep thousands of dollars more by paying less taxes, you may want to consider making a small effort to find out.    jmho  

Right again!...

Thanks....CL

 

 

 

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Posted this a couple times but here is a refresher for Canadians. If our laws are similar to the USA then this kind of sort of maybe ?? Answers KrisiD's concern, or at least gives her an idea where to start to find out.

 

  pp

 

 

This is not mine, but came from my friend Bee. Copy and save as we are there I believe my fellow maple Leafs.

pp

I'm hoping we will need this Information real soon. This is Information that I myself collected. The reg's mentioned can be verified by an accountant.

Most accountants have little to no experience with currency traders, so you will need this Information which I received from Revenue Canada, and not a web site or another persons Interpretation. This is REVENUE CANADA talking, a real person.

Under Canadian tax laws we are subject to taxes under Regulation P4037, Section 17, paragraph 12-15. This directly relates to currency traders and tax Implications.

In basic English, its as follows: (Example only) You take your 1 million from selling your Dinars, divide by two. No tax on first $500,000 or 50%. From the second $500,000 Minus your Investment money, say $1000.00. then minus $200.00. The remainder you pay tax on based on your yearly tax rate.

The $200.00 is the exemption allowed for say, you were on holidays and came back with leftover cash. Value jumps and you make a tidy some of say $300.00 over the cost of what you paid for it.

By law, that extra $100.00 must be claimed. Would most claim this small amount? Doubtful, but it is still the law.

As well you have 364 days, before claiming your windfall. This will give you the time to top up RRSP's, and any other legal financial hiding spot.

Remember, pay your taxes and move on, let the other guy/gal look over there shoulder the rest of their lives.

I am not an accountant, nor a financial advisor, just someone who spent way to many hours talking with Revenue Canada.

Now hit the print button, in a couple days were all rich, or at least I'm hoping we are.

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18 hours ago, pokerplayer said:

This directly relates to currency traders and tax Implications.

 

pokerplayer, I hope you don't mind me butting in as I am only a US citizen and I know nothing about Canadian law.  But for US citizens, this is exacly the key point that xtaxguy (who is apparently a pretty good tax authority in this area) was making that means the difference between Capital Gains rates and Ordinary Income rates for us.  Based on what you just said, I wonder if it might make a similar difference for you Canadians.  

 

You appear to be quoting the tax code that applies to "Currency Traders", but perhaps you individuals (who own dinar) are not "currency traders" (as defined by Revenue Canada) at all, so those codes (and those rates), don't apply to you!  If you have other, discounted rates for "investments" (like the US has Capital Gains), maybe those rates are the ones that apply to the RV situation.  After all, you probably really did buy your dinar as an investment, hoping it would increase in value and give a nice return to you.

 

If there is a possibility that you can pay lower taxes, you may want to research this a little further from this new perspective, like I did.  If so, you may first want to determine:.

1) Exactly how does Revenue Canada define a "Currency Trader? 

2) Are you viewed as a "Currency Trader" by Revenue Canada?  If you are, then you've confirmed your original position above.

2) But if you are not, what tax rates DO apply if you're not a Currency Trader?  In the US, we only have 2 tax rates - Ordinary Income or Capital Gains.  Hopefully Canada has something similar for investments, and you guys who bought dinar simply as an investment, are allowed to apply those rates to your profit from the RV.  

3) Whatever you find, you can discuss with your tax professional.  

 

Probably Revenue Canada codes are massive, just like our IRS codes.  Maybe they do that deliberately to make it so confusing that people get scared and just pay the higher amount because they don't want to get into trouble.  Here in the US, some tax professionals think the RV will be taxed higher, and some say lower - we have not definitively answered this question ourselves as far as I can find.   That's what I've been trying to do here since December when I first started reading xtaxguy's posts.  But maybe I was naive to try because no tax professional wants to stick their neck out and possibly be proven wrong later.  But xtaxguy clearly explained his position and, assuming he has the expertise in this area that he says he does, I think he's right.  So I copied some of his most pertinent comments substantiating his position of why it's NOT Ordinary Income, along with the IRS' definition of what an "Investment" is, and I'll give it to my accountant post RV and discuss it.  I'm open to being told I'm wrong, but for me to believe that I am, someone needs to show me where in the tax code it says this is not an investment.  And after all, I abosolutely, totally did buy my dinar as an investment so it seems only reasonable that it should be treated as such for tax purposes.  (btw, just want to mention that I believe US Capital Gains rates are only 20% if you've owned your dinar for more than a year - otherwise the short term Capital Gains rate is the same as Ordinary Income.) 

 

I hope that you Canadians may also be in a similar position.   

 

And I too believe we are very close..... c'mon RV!!

Dinar Income taxed as Capital Gains.doc

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23 minutes ago, KristiD said:

some tax professionals think the RV will be taxed higher, and some say lower - we have not definitively answered this question

 

#truth

 

:twothumbs: 

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2 hours ago, Adam Montana said:

 

#truth

 

:twothumbs: 

Best thing to do is to form an 1120S corporation and put it all in there and then go from there ie: putting it into CD's, Gold, Land, etc. With an "S" corp you can invest in the corporation and get a tax write off along with lots of other goodies. Your CPA's should be able to guide you with it. But, the corp acts as a separate entity and you can have the corp pay you either dividends or a salary. In the States, the cheapest place to form a corp online in Delaware. No State Tax, no annual fees, unless it's changed. Stay away from the non-profit 501c mess. Better to be a for profit 1120S. Yup, I'm a CPA's kid. ;)

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49 minutes ago, DFlat7 said:

Best thing to do is to form an 1120S corporation and put it all in there and then go from there ie: putting it into CD's, Gold, Land, etc. With an "S" corp you can invest in the corporation and get a tax write off along with lots of other goodies. Your CPA's should be able to guide you with it. But, the corp acts as a separate entity and you can have the corp pay you either dividends or a salary. In the States, the cheapest place to form a corp online in Delaware. No State Tax, no annual fees, unless it's changed. Stay away from the non-profit 501c mess. Better to be a for profit 1120S. Yup, I'm a CPA's kid. ;)

 

I disagree with the idea that is the "best thing" to do. It's better than nothing, but it's far from the best option.

 

An 1120S  is a flow-through entity, which means your gains (regardless of how they are taxed) all flow through to you and get reported / taxed / pillaged at the end of the year, albeit with the slight advantages you mentioned.

 

Hopefully.

 

No offense meant. That may be the "best" you can do inside of that box, but that's a small window to look through. There are other options that allow you to do much, much better. 

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4 minutes ago, Adam Montana said:

 

I disagree with the idea that is the "best thing" to do. It's better than nothing, but it's far from the best option.

 

An 1120S  is a flow-through entity, which means your gains (regardless of how they are taxed) all flow through to you and get reported / taxed / pillaged at the end of the year, albeit with the slight advantages you mentioned.

 

Hopefully.

 

No offense meant. That may be the "best" you can do inside of that box, but that's a small window to look through. There are other options that allow you to do much, much better. 

 

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Just now, DFlat7 said:

 

Not offended at all. My Dad was a very conservative CPA and guided us wisely with our business which happens to be an 1120S. So, that's why I shared in case someone is looking in that direction. It's been the best for us. Always willing to hear what other options you have. ;)

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5 hours ago, DFlat7 said:

Not offended at all. My Dad was a very conservative CPA and guided us wisely with our business which happens to be an 1120S. So, that's why I shared in case someone is looking in that direction. It's been the best for us. Always willing to hear what other options you have. ;)

 

All good here :) I use an 1120S on a few of my domestic companies. But my dinar will never come close to them.

 

As a CPAs kid, I'm sure you know the value of paying professionals for their advice. I've spent 10s of thousands of dollars on the professional advice and information in the VIP section. The VIPs here can vouch for the value in there, and maybe we'll see you in there as well one day.

 

:tiphat: 

 

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nobody has mentioned cashing in small amounts--like at the airport--any taxes ? i doubt it :

or walking across the mexico border at Laredo and exchange for Pesos--come back and deposit them here ? 

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3 hours ago, Adam Montana said:

 

All good here :) I use an 1120S on a few of my domestic companies. But my dinar will never come close to them.

 

As a CPAs kid, I'm sure you know the value of paying professionals for their advice. I've spent 10s of thousands of dollars on the professional advice and information in the VIP section. The VIPs here can vouch for the value in there, and maybe we'll see you in there as well one day.

 

:tiphat: 

 

Actually have joined in the VIP several times, but due to medical bills and other set backs, haven't been able to continue. Hence the need for the RV in our lives too. We are so appreciative of your emails and info and know you're spot on with it Adam. We agree with Keylime that you are the only truly honest and honorable one in sharing the real Truth in what's actually happening. We thank the Lord for you and pray He blesses all you're doing abundantly! 

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2 hours ago, one2one said:

nobody has mentioned cashing in small amounts--like at the airport--any taxes ? i doubt it :

or walking across the mexico border at Laredo and exchange for Pesos--come back and deposit them here ? 

 

There is nothing wrong with cashing in small amounts stateside to finance immediate needs.  The tax effect would be negligible in comparison to cashing it all in at once.

 

.

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4 hours ago, DFlat7 said:

Actually have joined in the VIP several times, but due to medical bills and other set backs, haven't been able to continue. Hence the need for the RV in our lives too. We are so appreciative of your emails and info and know you're spot on with it Adam. We agree with Keylime that you are the only truly honest and honorable one in sharing the real Truth in what's actually happening. We thank the Lord for you and pray He blesses all you're doing abundantly! 

 

Ok I thought I'd seen your name in there before! 

 

Best of health and wishes to you, friend. 

 

:hug:

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