jb4388 Posted February 15, 2020 Report Share Posted February 15, 2020 (edited) On 2/14/2020 at 1:31 PM, Shedagal said: So I had my 30 minute call with Bob yesterday - what a great guy. Really sincerely reviewed my plans and assured me I was all set. As for the charitable donation, he said the gifting letter would confirm 'intent to donate' at the purchase price. I am still not convinced that will work, but what have we got to lose. I would highly recommend for anyone who is thinking about doing the seminar and having a call with Bob to do so. He answered every question I had. I went ahead and did two letter last week. Like you said what have we got to lose. His video is called Navigating the IQD investment 2 Edited February 15, 2020 by jb4388 Quote Link to comment Share on other sites More sharing options...
KristiD Posted February 17, 2020 Author Report Share Posted February 17, 2020 On 2/14/2020 at 3:31 PM, Shedagal said: So I had my 30 minute call with Bob yesterday - what a great guy. Really sincerely reviewed my plans and assured me I was all set. As for the charitable donation, he said the gifting letter would confirm 'intent to donate' at the purchase price. I am still not convinced that will work, but what have we got to lose. That's what I say. But I'll point out that this is the same premise that Adam uses with OSI. If you can gift your dinar to your corporation now at today's rate, then you can also do that with a charity or other legal entity. Since I'm pretty sure Adam verified that six ways from Sunday, personally, I feel very confident we can also do that with a charity. jmo 9 Quote Link to comment Share on other sites More sharing options...
Adam Montana Posted February 17, 2020 Report Share Posted February 17, 2020 8 hours ago, KristiD said: That's what I say. But I'll point out that this is the same premise that Adam uses with OSI. If you can gift your dinar to your corporation now at today's rate, then you can also do that with a charity or other legal entity. Since I'm pretty sure Adam verified that six ways from Sunday, personally, I feel very confident we can also do that with a charity. jmo 7 1 Quote Link to comment Share on other sites More sharing options...
olivesman Posted February 17, 2020 Report Share Posted February 17, 2020 On 1/16/2020 at 1:15 PM, Adam Montana said: Lots of opinions lean that way - ordinary income. OSI is much better than a Roth, but to each their own. ANY time Uncle Sam says when, how, etc. that I can get my income leaves me uneasy. 4 3 Quote Link to comment Share on other sites More sharing options...
Adam Montana Posted February 18, 2020 Report Share Posted February 18, 2020 15 hours ago, olivesman said: ANY time Uncle Sam says when, how, etc. that I can get my income leaves me uneasy. YES, because when is the last time our dear Uncle truly said "I'm thinking about you this time" 4 2 2 1 Quote Link to comment Share on other sites More sharing options...
Pitcher Posted February 18, 2020 Report Share Posted February 18, 2020 22 minutes ago, Adam Montana said: YES, because when is the last time our dear Uncle truly said "I'm thinking about you this time" In my experience that would be a big fat NEVER!!! I always complain, gripe, and *****, but I always PAY. 1 2 6 Quote Link to comment Share on other sites More sharing options...
md11fr8dawg Posted February 18, 2020 Report Share Posted February 18, 2020 Hey Pitcher, where did you get that pic of Lois Lerner?? I thought she resigned in disgrace from the IRS!! 1 8 Quote Link to comment Share on other sites More sharing options...
Pitcher Posted February 18, 2020 Report Share Posted February 18, 2020 53 minutes ago, md11fr8dawg said: Hey Pitcher, where did you get that pic of Lois Lerner?? I thought she resigned in disgrace from the At the zoo. 😝 😝 😝 3 Quote Link to comment Share on other sites More sharing options...
KristiD Posted April 11, 2020 Author Report Share Posted April 11, 2020 WOW WOW WOW!!!! For anyone who's cashing in (exchanging) in the US who plans to pay taxes........ Breitling's and his CPA partner Bob Adams are doing a follow up webinar for people who've already attended an earlier webinar. They have changed some of the programs, most noteably you now set up your Charitable Remainder Trust now, pre RV. Also important is that you no longer need to prepare a gift letter to your Charity pre RV. But the really HUUUUUGE news (and Bob just announced this yesterday) is that Trump's new CARES Act has increased the percentage of charitable deductions for 2020 (and probably only for the year 2020 since this is a way to help out charities who are sorely hurt by the coronavirus) to 100%!!! What this means is that by donating a lot to charity after the RV, you can potential lower your tax liability to 0, zero, zilch, nada! Here's an example: you have 10 million dinar and it RVs at $1 (picking a number to make the calculations easy). You give 5 million dinar, worth USD$5 million (5 million US dollars) to a charity (and CARES specifies it has to be a public charity and certain foundations, and also that it has to be cash - which dinar is), and get a receipt from them for the USD$5 million value. Then you keep the remaining 5 million dinar (also worth USD$5 million) for yourself and cash it in. You then use your charitable donation reciept for US$5 million as a write off against your USD$5 million gain on the RV, so your tax liability is $0!!! That way you NET the full amount of your half, USD$5 million because you OWE NO TAXES! Buy giving away half your dinar, you reduce your federal tax liability to zero on the other half you keep and cash in!! However, I doubt any state is going to change their tax laws for the coronavirus like the federal governmen did. So if you live in a state that charges income tax (unlike the income tax free states of Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming and people like me who live outside the US), you will still have to pay your state income tax on the gain. Also, and this is HUGE, there happened to be a person on my webinar last night who worked all her life in charities. It's not possible to just create a new charity and gift your dinar to it because the CARES ACT mandates it must be a public charity or certain foundations, and it takes the IRS 2-3 years to approve a new charity. However this person on the webinar had a strong background in the world of charities, and she said you can go to your local "Community Foundation" and they will help you set up your own charity under their umbrella so that your new charity will quality for the CARES Act program under their foundation umbrella. They take a small percentage of your contributions, but you control the charity. Now, absolutely we all need to discuss this strategy with a tax attorney, and both this person and Bob said that. But if this can be worked outed, this is AWESOME! I have lots of things I want to do and I'd love to be the one in control of making sure they get done well. I had planned to establish my own charity anyway, but now this looks to be a way to do that from the get go. I am super excited about this strategy and hopefully some others of you here will be too. If you want to participate in a live webinar, you can listen to the end of Breitling's audios and he gives you the website to go and sign up. If you are someone who attended one of the earlier webinars, before the programs changed, I believe Bob will be emailing you with an invite to attend a new follow up webinar (Webinar 2). They allow 400 people on these second webinars, which is 4 times as many as they allowed in the first ones, so I would think you'll be getting an invite pretty soon. 1 4 1 Quote Link to comment Share on other sites More sharing options...
Shedagal Posted April 11, 2020 Report Share Posted April 11, 2020 33 minutes ago, KristiD said: WOW WOW WOW!!!! For anyone who's cashing in (exchanging) in the US who plans to pay taxes........ Breitling's and his CPA partner Bob Adams are doing a follow up webinar for people who've already attended an earlier webinar. They have changed some of the programs, most noteably you now set up your Charitable Remainder Trust now, pre RV. Also important is that you no longer need to prepare a gift letter to your Charity pre RV. But the really HUUUUUGE news (and Bob just announced this yesterday) is that Trump's new CARES Act has increased the percentage of charitable deductions for 2020 (and probably only for the year 2020 since this is a way to help out charities who are sorely hurt by the coronavirus) to 100%!!! What this means is that by donating a lot to charity after the RV, you can potential lower your tax liability to 0, zero, zilch, nada! Here's an example: you have 10 million dinar and it RVs at $1 (picking a number to make the calculations easy). You give 5 million dinar, worth USD$5 million (5 million US dollars) to a charity (and CARES specifies it has to be a public charity and certain foundations, and also that it has to be cash - which dinar is), and get a receipt from them for the USD$5 million value. Then you keep the remaining 5 million dinar (also worth USD$5 million) for yourself and cash it in. You then use your charitable donation reciept for US$5 million as a write off against your USD$5 million gain on the RV, so your tax liability is $0!!! That way you NET the full amount of your half, USD$5 million because you OWE NO TAXES! Buy giving away half your dinar, you reduce your federal tax liability to zero on the other half you keep and cash in!! However, I doubt any state is going to change their tax laws for the coronavirus like the federal governmen did. So if you live in a state that charges income tax (unlike the income tax free states of Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming and people like me who live outside the US), you will still have to pay your state income tax on the gain. Also, and this is HUGE, there happened to be a person on my webinar last night who worked all her life in charities. It's not possible to just create a new charity and gift your dinar to it because the CARES ACT mandates it must be a public charity or certain foundations, and it takes the IRS 2-3 years to approve a new charity. However this person on the webinar had a strong background in the world of charities, and she said you can go to your local "Community Foundation" and they will help you set up your own charity under their umbrella so that your new charity will quality for the CARES Act program under their foundation umbrella. They take a small percentage of your contributions, but you control the charity. Now, absolutely we all need to discuss this strategy with a tax attorney, and both this person and Bob said that. But if this can be worked outed, this is AWESOME! I have lots of things I want to do and I'd love to be the one in control of making sure they get done well. I had planned to establish my own charity anyway, but now this looks to be a way to do that from the get go. I am super excited about this strategy and hopefully some others of you here will be too. If you want to participate in a live webinar, you can listen to the end of Breitling's audios and he gives you the website to go and sign up. If you are someone who attended one of the earlier webinars, before the programs changed, I believe Bob will be emailing you with an invite to attend a new follow up webinar (Webinar 2). They allow 400 people on these second webinars, which is 4 times as many as they allowed in the first ones, so I would think you'll be getting an invite pretty soon. I was on the call but had to check out during the open question segment. So I didn't hear the discussion on establishing a charity. Can you give more clarification of what a local "Community Foundation" is? 1 Quote Link to comment Share on other sites More sharing options...
Shedagal Posted April 11, 2020 Report Share Posted April 11, 2020 Hey, I just googled it, and my state has a community foundation. I bet that's what she meant. Thanks, Kristi. 1 Quote Link to comment Share on other sites More sharing options...
md11fr8dawg Posted April 11, 2020 Report Share Posted April 11, 2020 Our daughter works for the community foundation where she lives. It is a great organization. 4 Quote Link to comment Share on other sites More sharing options...
KristiD Posted April 11, 2020 Author Report Share Posted April 11, 2020 3 hours ago, Shedagal said: Hey, I just googled it, and my state has a community foundation. She actually didn't give much info on them other than to say that all cities have one so we should be contacting ours. So I searched a couple of cities in Texas to where I plan to move back, and sure enough, they both had one and one of the cities was quite small. And now we learn from you that apparently each state has one as well. We will have to check with our tax attorneys as to which one will be best for us. But isn't this just terrific news?! How great that we can not only create our charity right out the gate, but use it to offset up to 100% of our federal income tax liabiliy to boot!! I am so excited about to learn all this. And hopefully the RV will pop this month. I'm looking at next weekend now since the ISX postponed their reopening date for the 4th time to April 18th. 1 4 1 Quote Link to comment Share on other sites More sharing options...
Shedagal Posted April 11, 2020 Report Share Posted April 11, 2020 7 minutes ago, KristiD said: She actually didn't give much info on them other than to say that all cities have one so we should be contacting ours. So I searched a couple of cities in Texas to where I plan to move back, and sure enough, they both had one and one of the cities was quite small. And now we learn from you that apparently each state has one as well. We will have to check with our tax attorneys as to which one will be best for us. But isn't this just terrific news?! How great that we can not only create our charity right out the gate, but use it to offset up to 100% of our federal income tax liabiliy to boot!! I am so excited about to learn all this. And hopefully the RV will pop this month. I'm looking at next weekend now since the ISX postponed their reopening date for the 4th time to April 18th. Yes, it's amazing news. A surreal new life awaits us. 1 1 1 Quote Link to comment Share on other sites More sharing options...
renomac Posted June 18, 2020 Report Share Posted June 18, 2020 The CARES Act for 2020 Says you can deduct 100% of your Charitable Contribution ! ! If you donate to a 502c3 organization, (for example) $10,000, CARES Says you can Deduct 100% off Taxes, which is $10,000 ! God Bless GO RV renomac 4 1 Quote Link to comment Share on other sites More sharing options...
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