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Tuesday Afternoon Opinions @ 4:22 PM CST - 3/02/2021


ronscarpa
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Remember, no one really  knows what will happen, or when. They're simply stating their opinions based on what  they perceive to be happening in Iraq. :twothumbs:RON

 

 

*** Pimpy *** This  [Recently discussed tweet from the Iraqi Government]  is old.  These were the words of the Finance Minister before the rate change happened {When they devalued in December}.  There's no date on this tweet...I'm pretty sure this is something that was said sometime in December or at least it was said in an article before the rate change happened when they first were talking about the White Paper reforms.  I don't want you to get down.  It's not bad news.  This is just  'look at everybody jumping on this like they're going to change the rate again' ...slow down sparky.  I got you.  I remember these words specifically.  These were said before they devalued the currency...

 

*** Jeff *** They've pretty much almost stopped the currency auctions.  Not quite to 100% but there's down to probably about 95% reduction in country.  That's tremendous.  Remember I told you about the time they devalued the currency clear back on December 20th - this is one of those patterns we were looking for...they have done so.  That's just more confirmation they're in the progress of changing that exchange rate.

 

*** Petra ***...if they were going to have a budget at 1450 or even 1190 they'd have done it.  That's what's key to understand.  They are waiting for the rate because they know that's what they need to make all the changes.

 

*** Frank26 *** The Iraqi dinar is pegged to the American Dollar.  You may say no it's not.  Trust me it is electronically.  It's already 1 to 1.  I know that's a bold statement to make...the Iraqi dinar is about to play fair with the American dollar.  It's pegged to it.  It has no choice.

 

*** Jeff ***  [Question: "Is the gain from this exchange rate considered taxable income?"]  I know a lot of people think this isn't going to be taxable.  It's going to be a taxable event guys.  We live in the greediest country in the world - the United States.  I promise you this will not go untaxed.  Plan on paying your taxes and getting on with your life.  Keep it legal.  Keep it real.  [Note:  Always consult a tax professional at the appropriate time.]

 

*** Mnt Goat *** Article: "AL-KHALIDI IS SURPRISED THAT THE CABINET HAS FORMED A COMMITTEE TO STUDY THE CONSEQUENCES OF CHANGING THE CURRENCY EXCHANGE RATE"   So, is this proposal to change the exchange rate just to change it back to 1250 before the devaluation to 1450 or is it to 1:1 with the US dollar and give the Iraqi dinar the strength it really deserves? I believe, based on other articles... that it is a study to go to 1:1 and then to eventually raise it back to 3:1 and even higher... there is much pressure to finally get this done.

 

 

:salute:

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9 hours ago, ronscarpa said:

*** Frank26 ***  It's already 1 to 1.  

hey everybody, frank said it is already 1:1. yee haaa come on guy let's run to the bank. and the teller in the bank ask who told you that it is already 1:1? frank26 said that? frank who? frank sinatra? opss did i say that out loud?

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15 hours ago, ronscarpa said:

Question: "Is the gain from this exchange rate considered taxable income?"]

I’m married to a tax attorney who has been practicing for 40 years. Trust me, this is not “taxable income” as defined by the IRS.  I’m not saying there won’t be tax consequences, but it is definitely not considered “income”.  

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38 minutes ago, Half Crazy Runner said:

I’m married to a tax attorney who has been practicing for 40 years. Trust me, this is not “taxable income” as defined by the IRS.  I’m not saying there won’t be tax consequences, but it is definitely not considered “income”.  

Especially considering the IRS and income tax is going to be nonexistent soon👍

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1 hour ago, Half Crazy Runner said:

I’m married to a tax attorney who has been practicing for 40 years. Trust me, this is not “taxable income” as defined by the IRS.  I’m not saying there won’t be tax consequences, but it is definitely not considered “income”.  

I liked you before, but now I really like you! Thanks for your input. It holds weight. :) I’m sure there will be consequences, and as much as I would love to believe the IRS is going away and will become nonexistent, I’m not holding my breath. I’ll believe it when I see it. 

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So am I correct... that is why it is suggested we have an OSA and an LLC?   So our taxes are less and only withdraw/transfer what we need each yr?    With the amount we are holding, we were thinking of just taking the tax hit once and be done.   I think it is 35%???

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3 hours ago, Half Crazy Runner said:

I’m married to a tax attorney


Smart Choice ! ;) 

 

 

And At Least U’ll Never Have To Tell Him About The Penalty For Early Withdrawal ! :o 

 

:D  :D  :D 

 

 

Sorry HCR, It Was There - I Had To Do It ! :rolleyes: 

 

:lmao:  :lmao: 

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4 hours ago, shootn4cash said:

So our taxes are less and only withdraw/transfer what we need each yr?    With the amount we are holding, we were thinking of just taking the tax hit once and be done.   I think it is 35%???

I understand return on investment to be capital gains, not income. I sure hope capital gains is not 35%!

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