Taxes

[dumbnar]

???Under the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) passed by Congress in May 2006, U.S. taxpayers in the two lowest tax brackets will pay no capital gains taxes on long-term investments sold in 2008, 2009 and 2010. This tax-free bonanza applies to investors within the 10% and 15% tax brackets, which account for the vast majority of American taxpayers.

So will we be hit with Capital Gains Tax at 15%. IF bought before 2008, also it is not registered with the IRS nor do most people have any docs showing when they bought it?

Thanks

Edited August 26, 2010 by dumbnar

[dinariac]

???Under the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) passed by Congress in May 2006, U.S. taxpayers in the two lowest tax brackets will pay no capital gains taxes on long-term investments sold in 2008, 2009 and 2010. This tax-free bonanza applies to investors within the 10% and 15% tax brackets, which account for the vast majority of American taxpayers.

So will we be hit with Capital Gains Tax at 15%. IF bought before 2008, also it is not registered with the IRS nor do most people have any docs showing when they bought it?

Thanks

Who's to say when you purchased your IQD?

[cris]

Looks to me that it applys to time of sale, not time of purchase....at any rate, im gonna use this info if the bad guys ever come lookin for taxes.....i'll just say dumbnar told me....lol...just kiddin around.....get a good tax guy to help you.....go RV already!!!

[Incountry]

Also let us not forget the IMF have been just recently been pushing for a additional 5% tax world wide (in IMF-P countries) on all transactions that are done internationally to include currency

...E

E...E

[IraqiVet05-07]

It was not a 5% tax is was a .5% tax so on every $1,000 the tax would be $5. if the tax was 5% then on every $1000 the tax would be $ 50 which would be riduclous....

[keepmwlknfny]

???Under the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) passed by Congress in May 2006, U.S. taxpayers in the two lowest tax brackets will pay no capital gains taxes on long-term investments sold in 2008, 2009 and 2010. This tax-free bonanza applies to investors within the 10% and 15% tax brackets, which account for the vast majority of American taxpayers.

So will we be hit with Capital Gains Tax at 15%. IF bought before 2008, also it is not registered with the IRS nor do most people have any docs showing when they bought it?

Thanks

None of us will be in the 10 to 15% bracket when it revalues so that does not apply to any of us.......and it doesnt matter when you bought your dinar because you wont be reported about your earnings till you cash in.....anything over 10k and the banks or dealer your exchanging with is required to report you to the IRS and you must fill out a form claiming your profits......even if you do small exchanges at a time into your account, that will also throw up red flags and get the attention of someone....so when this kicks off, hire a good CPA or something and make sure you do this right.....from what I have heard from multiple individuals with tax experience is that we will probly see an average of 35% total for federal and state taxes but it will vary slightly depending on what state you live in.....

[jimanita]

None of us will be in the 10 to 15% bracket when it revalues so that does not apply to any of us.......and it doesnt matter when you bought your dinar because you wont be reported about your earnings till you cash in.....anything over 10k and the banks or dealer your exchanging with is required to report you to the IRS and you must fill out a form claiming your profits......even if you do small exchanges at a time into your account, that will also throw up red flags and get the attention of someone....so when this kicks off, hire a good CPA or something and make sure you do this right.....from what I have heard from multiple individuals with tax experience is that we will probly see an average of 35% total for federal and state taxes but it will vary slightly depending on what state you live in.....

There are many ways to cash in ... here and abroad

[minichaser]

My openion; If my $1,000 investment comes in and values at $1,000,000, Ill pay the $350,000 tax and run with the $749,000 profit. This country is ran on taxes people pay whether they are used for the right thing or not only we can controll at the voting pols. I have no problem paying my share of taxes but I do have problems with how some of the tax money is used. But that being said I am only one person and cant controll it all. I dont understand why so many investers are trying everyway to get out of paying taxes on the new found wealth, think what it can do for our ecomny and besides you wont have to look over your sholder all the time for the IRS.

[PNixon]

My openion; If my $1,000 investment comes in and values at $1,000,000, Ill pay the $350,000 tax and run with the $749,000 profit. This country is ran on taxes people pay whether they are used for the right thing or not only we can controll at the voting pols. I have no problem paying my share of taxes but I do have problems with how some of the tax money is used. But that being said I am only one person and cant controll it all. I dont understand why so many investers are trying everyway to get out of paying taxes on the new found wealth, think what it can do for our ecomny and besides you wont have to look over your sholder all the time for the IRS.

I am for this, I think it is hard for any of us to know definitively exactly how much we are looking at being taken. You wrote you would have $750,000 profit but I think that is too much, I definitely wouldn't mind a maximum of paying 250k per million max but more than that is absolutely and utterly ridiculous.

[minichaser]

I am for this, I think it is hard for any of us to know definitively exactly how much we are looking at being taken. You wrote you would have $750,000 profit but I think that is too much, I definitely wouldn't mind a maximum of paying 250k per million max but more than that is absolutely and utterly ridiculous.

Ya I missed figured but still Ill take the $649,000 profit and run LOL

[dinariac]

None of us will be in the 10 to 15% bracket when it revalues so that does not apply to any of us.......and it doesnt matter when you bought your dinar because you wont be reported about your earnings till you cash in.....anything over 10k and the banks or dealer your exchanging with is required to report you to the IRS and you must fill out a form claiming your profits......even if you do small exchanges at a time into your account, that will also throw up red flags and get the attention of someone....so when this kicks off, hire a good CPA or something and make sure you do this right.....from what I have heard from multiple individuals with tax experience is that we will probly see an average of 35% total for federal and state taxes but it will vary slightly depending on what state you live in.....

It's my understanding and interpretation of the TIRPA that the 10 to15% applies to the last tax year that you filed. So, with RV imminent, they would refer to the 2009 income tax return to determine if you're in the 10 to 15% tax bracket (which some, if not many, are in!).

GGGOOOOOO RRRRVVVVVVVVV

[elian-gonzales]

Even if we walked with 50% its still worth it...

[bowling4dinars]

go rv