Sunday Night Opinions @ 9:05 PM CST - 1/02/2021

[ronscarpa]

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... RON 

*** Breitling  The question is how much do you get to keep...because we'll be taxed.  People who don't pay their taxes and wait, they're going to have their asses handed to them.  I kid you not it's going to be a bloodbath.   [Check with your tax professional at the appropriate time.]

 

 

*** Walkingstick  A fixed exchange rate controls the nominal exchange rate that is set by the CBI.  Whereas a float is determined by the foreign exchange markets by supply and demand of the Real Effective Exchange Rate that will fluctuate during its float...A float is basically a more accurate reflection of a currency's value and that's why the CBI will soon de-peg and float for its Real Effective Exchange Rate.

 

*** Frank26  You [Iraqi citizens] have to realize your currency is about to float.  That's what they're trying to teach you.  It's part of your education process right now.  When it does float and they reinstate the value this education is going to get louder for you...float means you are officially free from Kuwait...the fact that your currency is about to float is incredible...this is basically the announcement of your purchasing power...

 

 

[kgreen]

Breitling, other than a CPA is there a specific "accountant" we are looking for that would know FOREX or are we advised to ask our CPA of the consequences of a large windfall profit from foreign currency? The other option is to wait for "advice" from Adam Montana if we are VIP's. Any input would be appreciated.

[NWGUY]

I understood that this will be considered ordinary income, as long as you have owned it for over a year.  Hoping we won't get hit for Capital Gain's, but with the current administration, who knows!  

[cutter73]

50 minutes ago, NWGUY said:

I understood that this will be considered ordinary income, as long as you have owned it for over a year.  Hoping we won't get hit for Capital Gain's, but with the current administration, who knows!  

Hasn't this dumba$$ been trying to pass the Capital Gain's???  I sure hope not for our sake.