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Thursday Afternoon Opinions @ 5:46 PM CDT - 9/23/2021


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 



** BobTheTaxMan  [Exchange tax scenario] You've got the IQD in your hot little hand...you run to the bank or an exchange location of some kind.  You hand them the IQD, they hand you dollars... Yay hallelujah!  You're automatically exposed to ordinary income taxes...if it's under $400,000 it's going to be treated exactly the way it has been under the Trump Administration but when you get over that $400K mark it's a new ballgame...(Post 1 of 2)... 

 

**  BobTheTaxMan  You lose more on schedule A.  You have a higher tax bracket.  If you hit that million mark and particularly the 5 million mark in your exchange they whack the heck out of you.  And now plant your butt in California and see what it does.  I did a calculation today - 60 some odd percent between the fed and the state.  60%[Note:  At the appropriate time consult your tax professionals to create a tax strategy that's right for your unique circumstances]..(Post 2 of 2)..

 

:salute:Happy Thursday...Be Blessed...RON 

Edited by ronscarpa
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18 minutes ago, markb57 said:

I know this is an ongoing argument. But, if held over a year, it is capitol gains, not income tax. This is according to my tax person. 

 

15 minutes ago, shixjr said:

I can't wait to find out...

 

 

This has been an ongoing dispute for some time; HOWEVER, there are statutes in the tax code that indicate profits made from currency sales are not considered long term capital gains but ordinary income for several specific reasons. I don't recall what the codes are. 

 

WHEN the IQD increases in value we will find out exactly what the tax liability will be because: (1) the IRS will make an initial determination - obviously in favor of the government, and (2) it will be challenged in tax court as soon as someone claims long term capital gains. Until then we will all be in limbo.

 

HOWEVER, if you're smart you'll find a way to get your IQD into a ROTH IRA - where it can grow tax free, and no penalty when you withdraw it after 59 1/2. If you withdraw from a ROTH early there is onlt a 10% penalty...which beats even capital gains.  I hope this helps...! :twothumbs:

:salute:RON 

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2 hours ago, ronscarpa said:

 

 

 

This has been an ongoing dispute for some time; HOWEVER, there are statutes in the tax code that indicate profits made from currency sales are not considered long term capital gains but ordinary income for several specific reasons. I don't recall what the codes are. 

 

WHEN the IQD increases in value we will find out exactly what the tax liability will be because: (1) the IRS will make an initial determination - obviously in favor of the government, and (2) it will be challenged in tax court as soon as someone claims long term capital gains. Until then we will all be in limbo.

 

HOWEVER, if you're smart you'll find a way to get your IQD into a ROTH IRA - where it can grow tax free, and no penalty when you withdraw it after 59 1/2. If you withdraw from a ROTH early there is onlt a 10% penalty...which beats even capital gains.  I hope this helps...! :twothumbs:

:salute:RON 

Most of what is stated above is a Mute point er... sorry but the IRS is for the most part no longer or soon to be obsolete.  I'm not sure what the outcome will be but it will not look like anything listed here.  So, we wait to see what shakes out once QFS is implemented... among other things.  

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6 minutes ago, luvalife said:

Most of what is stated above is a Mute point er... sorry but the IRS is for the most part no longer or soon to be obsolete.  I'm not sure what the outcome will be but it will not look like anything listed here.  So, we wait to see what shakes out once QFS is implemented... among other things.  

 

Sorry luvalife, but we won't see the QFS anytime soon. Besides, governments will still need to tax it's citizens to operate, and the IRS won't be going away very soon. 

 

For those of you unfamiliar with QFS, I posted a transcription of a video attempting to explain it. It can be found at: Quantum Financial System Explained - 9/23/2021

 

So, everyone should plan on paying taxes. The exact percentage is yet to be determined. :salute:RON 

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HOWEVER, if you're smart you'll find a way to get your IQD into a ROTH IRA - where it can grow tax free, and no penalty when you withdraw it after 59 1/2. If you withdraw from a ROTH early there is onlt a 10% penalty...which beats even capital gains.  I hope this helps...! :twothumbs:

 

do you just go to a bank and open a roth and move the iqd there????? or is there a special kind of roth???

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Until there is an actual RV/RI, these worries are wasted energy.  We don't know anything at this point of a very L-O-O-O-N-N-N-G roller coaster ride. 

 

We don't know what the window of cash-in we will have or even if there will be a cash-in window at all or even the rate !  We are just guessing on how it will be taxed. It is a problem that I will relish if and whenever it DOES arrive.  If it RV's at $0.50 and there is no window, I just might take a monthly trip to the bank with a 25K Dinar and take that $12,500 minus the bank fee "allowance" and be a very happy  camper (and put the tax collector's portion aside each trip). Just GIT 'ER DONE !

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     I think it might be a very good idea for those of you who have at least one million Dinar to consider getting yourself an IBC.  There are plenty of people within Dinar Vets who have already taken this action. If you check out the topics covered in the Platinum section of this website you can get very well informed.  Most of us who have been around here very long clearly understand why none of us personally want to own any assets.  Please take the time to check out what you need to do to get at least a Name Reserve.  A little money spent now can and will allow you a lot greater flexibility than what you might even realize.  Why not take a little time and find out how you can legally minimize your tax bill?  

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Thank y'all for the info.  I don't like roth IRA's, or any other IRA for that matter.  This is a personal thing.  If it's attached to the gubment, I don't want my money in it.  They make the rules and they change the rules.  They tell you how much you can put in and when and how much you can draw it out.  I would rather pay my taxes now, not after this administration puts all their new taxes in place.  I have an IBC and a good tax accountant and I think that will do well for what I am trying to do.  Everyone is different so please do your own research.

I have two question for folks who like tax deferred "investments".  Do you think taxes will be higher or lower than they are now when you start drawing your money out of your IRA?  Would you like to pay taxes at a lower tax rate or a higher tax rate?

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5 hours ago, dwells92250 said:

     I think it might be a very good idea for those of you who have at least one million Dinar to consider getting yourself an IBC.  There are plenty of people within Dinar Vets who have already taken this action. If you check out the topics covered in the Platinum section of this website you can get very well informed.  Most of us who have been around here very long clearly understand why none of us personally want to own any assets.  Please take the time to check out what you need to do to get at least a Name Reserve info" rel="">Name Reserve.  A little money spent now can and will allow you a lot greater flexibility than what you might even realize.  Why not take a little time and find out how you can legally minimize your tax bill?  

Bump!  :twothumbs:

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21 minutes ago, HowieC said:

My CPA of over 40 years says it's capital gains ..."But we'll see what else this administration is able to throw on there"...  😳

 

The 4 CPA/2 tax attorney office I worked at studied the current laws and determined it would be ordinary income.  With Biden currently in office, we will for sure have to wait and see.

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4 hours ago, Shedagal said:

The 4 CPA/2 tax attorney office I worked at studied the current laws and determined it would be ordinary income.  With Biden currently in office, we will for sure have to wait and see.

Well darn....You got me by 1 CPA...😅

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11 hours ago, shixjr said:

Thank y'all for the info.  I don't like roth IRA's, or any other IRA for that matter.  This is a personal thing.  If it's attached to the gubment, I don't want my money in it.  They make the rules and they change the rules.  They tell you how much you can put in and when and how much you can draw it out.  I would rather pay my taxes now, not after this administration puts all their new taxes in place.  I have an IBC and a good tax accountant and I think that will do well for what I am trying to do.  Everyone is different so please do your own research.

I have two question for folks who like tax deferred "investments".  Do you think taxes will be higher or lower than they are now when you start drawing your money out of your IRA?  Would you like to pay taxes at a lower tax rate or a higher tax rate?

I'm with you on that shixjr ! Taxes ARE going up down the road. Probably more than even Herr Biden is talking right now. Prepare yourselves folks. The tax ogre is in "Feed me, Seymour" mode !

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22 hours ago, ronscarpa said:

 

Sorry luvalife, but we won't see the QFS anytime soon. Besides, governments will still need to tax it's citizens to operate, and the IRS won't be going away very soon. 

 

For those of you unfamiliar with QFS, I posted a transcription of a video attempting to explain it. It can be found at: Quantum Financial System Explained - 9/23/2021

 

So, everyone should plan on paying taxes. The exact percentage is yet to be determined. :salute:RON 

The IRS hasn't been replacing employees and has been shutting offices for years now. They are so backed up it's insane..

 

We will be switching to an increased sales tax. Approximately 14-17% on new items only. We will also be reducing the size of government by more than half.

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          I hope I can clarify what I had said earlier this week.  I had brought up the topic of an IBC, International Business Corporation, as being one way to help anyone legally minimize any type of tax burden which may be forthcoming as a result of a number of various factors.  Those of us who have seen the value of being Platinum members on this site have gotten great value in the knowledge we have access to in the VIP section.  Adam, and his great team, have done a great deal of research over the years to allow everyone who has gotten the Platinum membership the ability to learn how to stretch and strengthen our financial resources.  Due to confidentiality issues, I don’t have the freedom to say much more here.  My greatest concern is, with the wealth of information that we have access to within the VIP section alone, I know that I would unintentionally leave out information which is necessary for people to make the best decision for themselves.  The cost of the Platinum membership, in my opinion, is worth every penny just based on the information you can find in this section.  I have spent a lot more money than this to take just one college course.  I believe that if you have not already done so, make the investment and become a Platinum member on this site. When you see how much great information is there, don’t thank me, thank Adam and his staff for the great job they have done and continue to do. 

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