Taxes and gold?

[stronglilly]

Is it true.... I was told if I exchange from Iqd straight into gold, silver or another currency I would not pay taxes until I exchange into dollars.

Is this true?

[pourit]

Don't know but I have heard the same. POURITFORWARD

[carlablum]

Is it true.... I was told if I exchange from Iqd straight into gold, silver or another currency I would not pay taxes until I exchange into dollars.

Is this true?

I heard that also! I was thinking how I would transport all that Gold home and then I would only cash in what ever I needed every so often. I was also wondering, if it is true, if Ali at Dinar Trade will have enough supply of gold for us to exchange.

Carla

[MrRich]

Tax collectors are professionals. Tax evaders are amateurs. Guess who wins? Pay your taxes.

[carlablum]

Tax collectors are professionals. Tax evaders are amateurs. Guess who wins? Pay your taxes.

I am surely not trying to evade taxes but I was thinking that I wouldn't need all the money at once so would it be better to pay my taxes each year on what I need as opposed to cashing in and paying all at once? Just thinking out loud.

Thanks Scooby Doo

[dinarmebaby]

of course your not carla

I was told that if you exchange for gold or silver you still have to fill out a form (i forget which one, but am researching it) that gets reported to the big guys

[stronglilly]

Look I am not trying to get out of paying taxes.... but I was told it is taxed as income... if I am not using it as income at the moment then why pay taxes on it until I use it as income.

So I invest it in gold, silver and other currencies and exchange as I need or use the income and then pay the income tax on it.

NO TAX EVASION HERE!!! But why pay for income I am not using and that will be reinvested?

No dishonesty here, just trying to use wisdom and prudence!!!

So does anyone have the answer to the question please???? Thank you

[dinarette]

I am not a tax professional and I'm not giving advice - but it is my understanding based on conversations with tax professionals that if a person converts dinar to gold, the transfer is considered "like kind" and there isn't a taxable event until the gold is converted to dollars. Waiting 12 months plus one day allows tax to be paid as a long-term capital gain, which is a lower tax percentage than a short-term capital gain.

There are multiple companies that sell the gold and store it for you, and Ali has the ability to facilitate the sale if you want to go that direction. But get advice from a professional and pay the appropriate tax!

[carlablum]

I am not a tax professional and I'm not giving advice - but it is my understanding based on conversations with tax professionals that if a person converts dinar to gold, the transfer is considered "like kind" and there isn't a taxable event until the gold is converted to dollars. Waiting 12 months plus one day allows tax to be paid as a long-term capital gain, which is a lower tax percentage than a short-term capital gain.

There are multiple companies that sell the gold and store it for you, and Ali has the ability to facilitate the sale if you want to go that direction. But get advice from a professional and pay the appropriate tax!

Thank you!

Carla

[PAPATOM]

I am surely not trying to evade taxes but I was thinking that I wouldn't need all the money at once so would it be better to pay my taxes each year on what I need as opposed to cashing in and paying all at once? Just thinking out loud.

Thanks Scooby Doo

the exchange you are talking about carla is called a 1031 and it is when you trade in one investment for one of like kind....you defer the taxes until you eventually "cash it in"......

buying gold with dinar would qualify for that.

remember this.....it looks like taxes are going UP not down in the U.S. so if you defer taxes, you could end up paying more proportionately than you would if you pay it all now.....just a thought...I claim no special knowledge.

Edited September 13, 2010 by PAPATOM

[stronglilly]

Thank you for all the feed back .... it does help

[Doc31]