Speculating on a Possible RV

[J.C.]

J.C. How will you avoid double taxing? I want to give $100,000 to each of my children for school loans, down payment on a house, or whatever else they want to do with the money, however, if I pay an initial tax on the money, how can I spare them paying taxes? I will be getting financial help when the dinar RV's, but I am curious. Hope everyone has a great Thanksgiving...we all have so much to be thankful for.

You avoid double taxing, because you are gifting post tax money. You have already paid your 35% Federal tax, plus any state and city tax you may have. By IRS law, you are allowed to:

1. Gift $13,000 per year to a child. Your spouse can do the same. This amount incurs no paperwork, and does not count against your lifetime amount of $1,000,000.

2. Gifts over $13,000, you simply fill out a form that alerts the IRS to the gift. This amount is deducted from your lifetime allotment, but is tax free to the recipient.

3. Once you reach the million dollar limit, and keeping in mind your spouse also has the same limit, your estate is then taxed a rate based upon the amount you go over.

The strongest bit of advise I can give you is set up trust accounts and seek good financial tax and planning help. God bless, and Happy Thanksgiving to all!

[cranster]

I listened to the conference call where the guy said Iraq can't go too low to stop the speculators from buying up the country. He said that He believes the dinar is worth 2.80. I think since it can't come in too low that it will probably come in around KWD. So I'm guessing 3.44 with in this next week especially since I'll have a bunch of dinar on reserve expire after the 15th of next month.

[wbuse984]

My opinion: by this Sunday @ $7.77 (just for luck) ...

[cabinetman]

2.11 before Dec 25th. Then it goes upward from there Happy Thanksgiving everyone!!!

[glennkim]

If you do this, be prepared for BIG "gift tax".

I understand the gift tax. What if I give them actual Dinar and they cash it in? Then they would be responsible to pay the tax, right?

[Cowboys]

I am guessing between .89 to 1.15 and will occur today Thanksgiving Day!

God Bless

[Duder]

Happy Thanksgiving everyone!

My guess is December, 24th.

RV at $2.10.

Semper Fi

[LDR]

Well as long as we're hanging it out there; I'll say it will get here when it's ready! Just like kids waiting for Santa to bring the toys in. Christmas Eve is the longest night of the year. Unless your in a firefight; this time is the longest! Dreaming is free!!!!!!

[Grandpa Dave]

Happy Thanksgiving everyone. My guess is $3.44 on December 22. If it happens sooner that would be just great.

[hrdbawl]

I understand the gift tax. What if I give them actual Dinar and they cash it in? Then they would be responsible to pay the tax, right?

Glennkim...you are correct. However, the smarter play is to do what one of the prior posts stated and file the required form 706 My link where you can cash this in for them and the in turn would have it tax free, but the cash in to you would be taxable. No gifting taxes involved when filling out the form 706. However, the exclusion of this gift comes from your "unified credit" of $1,000,000 per individual (you) per lifetime (we only get one of those ) so should your estate upon death be worth more than $1,000,000 minus this gift of say $100,000 or a unified credit balance of $900,000 then they would pay estate taxes on the amount over the $900,000.

Easy way to say this...give them the Dinar to cash in and with likely lower tax brackets, let them cash in this windfall.

Hope this helps.

[dravmorris2]

URBAN FARMER -

I'M WITH YOU ON THE RATE. AND I'M THINKING BETWEEN NOW AND THE 1ST OF DECEMBER

HAPPY THANKSGIVING EVERYONE.

BLESSING TO ALL AND YOUR FAMILIES, TO THE MEN AND WOMAN OF THE ARMED FORCES, MAY THEIR ANGELS GUIDE THEM AND

PROTECT THEM. AND THEIR FAMILIES.

IN JESUS NAME, I PRAY...........................

AND YOU ALL KNOW HOW BLESS WE ARE TO BE HERE IN THIS MOMENT. IMAGINE ALL THE POSITIVE CHANGE THAT WE CAN

DO, IF WE CHOOSE TO. WE HAVE TO SET AN EXAMPLE SO THAT "OTHERS" WILL HOPEFULLY SEE, UNDERSTAND AND CARE ENOUGH

TO TRY TO DO THE SAME.

AMEN AND AMEN

DRAVMORRIS2

[GunnerWitt]

If the rate comes in at $.10- $.33 I plan on liquidating just enough to pay off bills and taxes to achieve debt neutrality and sit on the rest.

If the rate comes in at $.86 - $1.00 I plan on working the previous step but also working some small investments.

If the rate comes in at $2.00 -$3.00+ I plan on making the the rest breathe hard and sweat in serious business investments. No large funds sleeping in banks collecting 1-2% interest. And something for philanthropy. The Creator of All Things would expect this.

I believe the Iraqi's pride would require them to RV within striking distance of the Kuwaiti Dinar.

After all my time in Iraq I wish great things for the Iraqi people. I want their long nightmare to end.

R/s and Semper Fidelis,

Gunner

[BtrFuture4All]

I'll go with $3.48 on 10 Dec fer fun, no intel nothing backing this, just a number and a date. of course I'd prefer it this week so I don't have to take my anatomy physiology final next Wednesday or my Musculoskeletal anatomy final on. Monday.. lol!!! I'll be happy with .86 as well!

If you are close to finishing up... take the finals anyhow. Never know when your training will be needed, even if you voluteer it or charge only a modest fee since after the RV you will be in a position to choose who you help and at what cost, if any. But licenses are important.

[BtrFuture4All]

Thanks GoRV (Fresh) for the enlightening post that started a good thread that managed to stay positive through 5 pages... everyone deserves

Even though Kuwait is now around $3;.55 it seems that I read somewhere they were really valued higher. Before I heard that, my guess in an earlier poll was $3.56, but I think I'm going to go with $3.86 on the low side to $6.18 on the high side with a date range of Friday Nov 26 up to Dec 1. The budget is due before EOM and the rate is supposed to be included in the budget. So if they are on time with the budget, then it would seem logical that the RV would be announced on or before that date.

But then we are talking about Iraq that is famous for delays or postponing whatever they can get away with, so logic may not be a part of the equation. However, with the overall world currency situation as it is, I feel that the RV of the Iraqi Dinar is a BIG key, so the sooner that can happen, the better. But... if the IMF is having to weigh how the IQD rate will affect all the countries, then I can see why it may be delayed until the last possible minute.

So... we wait... patiently, or impatiently... our choice.

Here's hoping everyone had a great Thanksgiving. I've had computer challenges but someone told me that the Iraqi celebration of Nov 26 had something to do with a 'feast' ?? So maybe that will be their 'Thanksgiving' -- blessed with an RV that will be the start of many changes for their country. .

[duke2b]

$3.22 December 1

[Rossermed]

im just gonna keep it simple lol

That's what I'm talkin about!!

[firefighter_218546]

I will take .85 so that way I can quit my job in Iraq and go home and start up my own fishing guide business in Northern Minnesota...

Hopefully by Dec 15 so that way I can be home for Christmas and enjoy the holiday with my son

So .85 per dinar on Dec 15, 2010

[maeunc]

If the rate comes in at $.10- $.33 I plan on liquidating just enough to pay off bills and taxes to achieve debt neutrality and sit on the rest.

If the rate comes in at $.86 - $1.00 I plan on working the previous step but also working some small investments.

If the rate comes in at $2.00 -$3.00+ I plan on making the the rest breathe hard and sweat in serious business investments. No large funds sleeping in banks collecting 1-2% interest. And something for philanthropy. The Creator of All Things would expect this.

I believe the Iraqi's pride would require them to RV within striking distance of the Kuwaiti Dinar.

After all my time in Iraq I wish great things for the Iraqi people. I want their long nightmare to end.

R/s and Semper Fidelis,

Gunner

Wow...... our plans are pretty much identical.

[ironmaster]

Great piece of down to earth common sense. I understand the excitement and " what if's " and it's pure fun to speculate. The name of the game though is it happens when it happens. Just wait...be happy when it does...and enjoy it.

And absolutely, do the tithe. I never did until a few years ago. But I can't wait and the more I end up with, the more I'll be able to give. My list continues to grow and I've got the time now to pick and choose which ones in hopefully the order and need they present.

Until then my fellow investors.............Happy Holidays and keep close the reason for the season!!

Edited November 26, 2010 by ironmaster

[mikivi]

Before Dec 1st.

$3.22-- $3.86

[dklll]

Dec 1 at 1.33

[wouldchip]

.36 cents 23 March 2011.

[Floridian]

There is NO GIFT tax until you pass the MILLION DOLLAR per person, lifetime threshold. It's written right into the IRS tax code.

When this happens, I'm giving $75,00 to my sister to pay off home loan, $50 to my dad and $250,000 to my church, ALL WITH NO GIFT TAX.

Sorry, I don't like this either...............but there is a Million Dollar LIFETIME gift exemption. You can't give out more than $13,000 to each person, per year. You may give $13,000 to your sister to help pay off her home and if you have a wife...........then, she may also give your sister $13,000. That makes $26,000 for this year. You may do the same for the next 3 years so that your sister can pay off her home, but you cannot give her $75,000 all at once without paying the gift tax. It's unfortunate because I, too, would like to give out big chunks of cash to family.

[okane]

I understand it is 13K per year tax free for child not you, and 26K per year tax free from your wife does it also! Then you can also give to their spouse the same mount for a total of 52K tax free. You will pay tax when you RV. You can give 52K on Dec 31 if RV and then 52K on Jan1 total of 104K tax free to them not you! You can give your mother or father but not both 60K 1 time gift. I gifted the dinars to my children with a notrized hand written letter of the amount of Dinars and the Date. Hope this helps. Was not saying that you were not right just saying that the the amount is higher. Thanks

No problem on the correction. I had heard it had been raised but hadn't read it in print yet. You made a good point about gifting to the spouse also. What good problems to have!!!!!!!! Hope all had a good Thanksgiving

[Floridian]

I understand the gift tax. What if I give them actual Dinar and they cash it in? Then they would be responsible to pay the tax, right?

Someone posted, a while back, a statement that you could have notarized saying something like.........."i give (amount of dinars) to (name of person). These dinars are currently worth (current valuation)". There was specific wording. Maybe you can find the original post. Anyway, write up such a statement and have it notarized before the dinar RVs.

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