What specific steps have you taken to prepare for the RV?

[DyingtoDream]

I'm all for paying taxes (Since I HAVE to) and doing things legally and by the books. But a total NOOB question here. Post RV (which is soon I hope), can we "Gift" money to family members that isn't taxed by me or them? I think I've read somewhere that one time tax exempt gifts are allowed up to xx amount of dollars, something something.

Honestly, when numbers alot of numbers are thrown at me , my brain goes on autopilot. Math has never been my friend. Thankfully Hubby is math minded and pretty frugal. But my thinking was for our families, Parents, siblings, to present them with a nice cashiers check with a Merry Christmas, have fun, written in the memo. I just don't want them to be burdened with having to report it and then pay taxes on it. If I have to...well then I have to, I don't want my family to have to worry about the taxes on my gift now or come April.

Also when donating to organizations like DAV - One charity that I have donated to for years when I can afford to, I guess my check would be the receipt of the donation... sorry it's early and I'm only on my first coffee.

Also, when cashing in, will we have the time after receiving funds to find a tax attorney/lawyer? (CPA?) And then plan on the safest places to hold said funds? College savings, monthly expenses, paying off home and all debt, new vehicles...or will it be , cash in turn over about 1/2 of your money to taxes, then minus whatever cost for cashing in and walk away with whatever is left over?

Sorry if this has been addressed before. I am admittedly a noob to posting, though I have been lurking for a few months now. While I've seen flames flying high... it seemed the safest place (forum/site) to ask such a question and get an honest as possible, intelligent answer . Yes I have read the Cashing in Guide and obviously will have to again..(and once more for good measure). I was just curious and this has been sitting on my mind for a few days.

Thanks for any info/help

GO RV!!!!

[krmayo]

What specific steps have you taken to prepare for the RV?

I'm sure I should do more, but the steps I've taken so far are;

1. Saved the Dinar Trade phone number in my quick-dial list (schedule appt)

2. Planned a quick road trip to Brentwood TN (Still need the address, will get that when scheduling appt.)

3. Cash out a certain amount.

4. Determine if I will have remaining exchanged to Gold/Silver, and if I will fly to Calif to get it or have it shipped.

That's as far as I've gotten. Going to hate paying such high taxes, but I have immediate bills to pay and do not ever want to have to worry about looking over my shoulder for Mr Tax Man.

Oh, and;

5. Started taking sleeping pills regularly to get some sleep!

[Halo9678]

IMHO,

I could be out on a limb BUT I'm pretty sure that this would constitute a long term capital gain for those of us who've been invested for over a year from the time that we cash in. It's a short term if less than 365 days. With that being said, the capital gains tax is applied to your ordinary tax bracket and whether or not this is a short or long term investment. Long term tax will most likely be 15% and short term is 25%. I happen to find this a lot more comforting than the possible 35% that we might get nailed with. But then again, I could be out on a limb here...

In any event, please pay your taxes. It would really be a shame if you scrapped, scuffled and saved all this time in preparation of the RV only to loose so much more than just paying the required amount and moving on to brighter futures. I do suspect, however, that there will be some of us who just gotta get ahead of Uncle Sam and not pay anything without playing by the rules and being made an example of. I do believe that the rich stay rich because they do their homework and plan accordingly. I also happen to think that the dedicate enough resources to the issue to effectively, LEGALLY, deal with the problem. Best wishes, Happy Holidays, Happy Hunting and Go RV!!!

[krmayo]

IMHO,

I could be out on a limb BUT I'm pretty sure that this would constitute a long term capital gain for those of us who've been invested for over a year from the time that we cash in. It's a short term if less than 365 days. With that being said, the capital gains tax is applied to your ordinary tax bracket and whether or not this is a short or long term investment. Long term tax will most likely be 15% and short term is 25%. I happen to find this a lot more comforting than the possible 35% that we might get nailed with. But then again, I could be out on a limb here...

In any event, please pay your taxes. It would really be a shame if you scrapped, scuffled and saved all this time in preparation of the RV only to loose so much more than just paying the required amount and moving on to brighter futures. I do suspect, however, that there will be some of us who just gotta get ahead of Uncle Sam and not pay anything without playing by the rules and being made an example of. I do believe that the rich stay rich because they do their homework and plan accordingly. I also happen to think that the dedicate enough resources to the issue to effectively, LEGALLY, deal with the problem. Best wishes, Happy Holidays, Happy Hunting and Go RV!!!

Don't forget to tack on state tax, except for you luck dogs who are in tax free states.

[Triple xXx]

I'm all for paying taxes (Since I HAVE to) and doing things legally and by the books. But a total NOOB question here. Post RV (which is soon I hope), can we "Gift" money to family members that isn't taxed by me or them? I think I've read somewhere that one time tax exempt gifts are allowed up to xx amount of dollars, something something.

Honestly, when numbers alot of numbers are thrown at me , my brain goes on autopilot. Math has never been my friend. Thankfully Hubby is math minded and pretty frugal. But my thinking was for our families, Parents, siblings

Thanks for any info/help

GO RV!!!!

You can legally gift up to $13,000 in one calendar year without any tax liability. My cousin has a Series 7 and they use the $13,000 "gifting" law to help reduce the taxes on trusts etc.

At 10K, the bank employees are to ask you to sign a financial document alerting the IRS that you have infact deposited cash into your account. Some think that by skirting under the required reporting amount, they can avoid the report thus avoid capital gains taxes. In this case, I feel confident that dinar transactions of any amount will be closely observed and any degree of frequent deposit activity ( and dinar activity) outside of normal, historical transactions to your account will trigger questions. This administration is so money starved (hiring 16K new IRS agents) that I'll not try and skirt the 10K requirement...... really not worth it in the long run. Who really wants to be looking back when there is so much in front to look forward to at such a small upfront investment amount?

What if you cash in $9,999.99? The thought it was anything "over" $10,000?

I did not mean to continuosly cash in $10,000 forever. Just once or twice for some play money and until I get my trusts, off shore accounts, tax reductions in place.

[Don Paul]

Great Question! I look forward to learning the answer!

FIRST OF ALL

1. I have good information that this TURN IN, will not be days, it will be allowed months (why not- Iraq isnt going anywhere) and possibly up to a year.

MEANING, you have TIME to shop around for fees, advisors, etc. This is what you should find out FIRST if youre a total financial dummy. Thats what I plan to ask... how much to I have at the END, period.. and do a spread sheet.

You dont have to be a rocket scientist to figure out the NET cost of fees or spreads. Just ASK what you will have left after such per dinar.

($150 dollars per million is a ridiculously low amount compared to the INTEREST a million dollars earns per HOUR, in my opinion, though I found another established trader who charges that no matter how many millions you cash in) BOTTOM LINE. It wont be the 150 to consider.. you need to calculate the NET TOTAL AFTER EVERYTHING

2. S of CBI has implied this will be a MANAGED FLOAT. Meaning, unlike the KU RV, where it wildly went from 3-9-3 within months, this will be more controlled by the CBI. WHY? because S is smart and learned from KU, and because this is also about establishing CREDIBILITY with the IRAQ people, to where a loaf of bread doesnt go from 2 dinars to 7 in one week. IF this is the csse, no reason to RUSH to cash in.. again

IF you bought from Ali, you can lock in some/all your cash in if you want a safety net. But again, you may be waiting days for an appt.

3. Fees/costs of trading dinars for dollars.

You dont have to be a rocket scientist to figure out the NET cost of fees or spreads. Just ASK what you will have left after such per dinar. PLEASE CONSIDER THE TIME VALUE OF MONEY. Having an IMMEDIATE deposit in an interest-bearing account versus taking a week to 'confirm' the deposit can make a difference of THOUSANDS of dollars in interest alone in that time.

4. Where/who?

Im curious how Ali will handle his admitted 300,000 clients at one time if there is a stampede. Divide that number by locations and there is the possibility of it taking MONTHS before you're up to the plate. No bashing, Ali seems a GREAT guy and a christian, im just doing some basic math.

I think if you become a millionaire, you might want to take a harder look at the Weiss(?) report on banks. You might be surprised at which banks arent all that stable. You might want to take a hard look at BOA. No bashing... just the facts, mam...

MY own opinion is to SPREAD the risk/load. The local Capital One bank I bought SOME of my dinars already has records that I bought from them, so how difficult would it be to cash in some there without having to jump any silly hoops? I'll just see if they arent too greedy on the exchange, though it would have to be really ridiculous to not do at least a little for immediate cash flow.

5. SAFETY/DANGER

I have seen people on various boards talk about a post-RV party. Also about travelling with all your dinars.

Heres MY opinion.

Having dealt with violent hold ups and other situations while travelling and in my present consulting 'world', I would not advise to attend a PUBLICLY announced & open get together. If it were a few of my own personal friends is maybe one thing. But the fact you let anyone reading these forums know where a few dozen nuveau-rich are getting together could spell trouble if the wrong element gets that information. Particularly if it is done outside US.

Again, if there is NO RUSH - (cash in timeline) I wouldnt travel with ALL your money, just enough to 'prime the pump'. Personally.

I think if you get stopped by the notably confiscate-first-then-make-them-prove-origin new 'guard' you could be put in an awkward situation.

So MY recomendation is to first find out HOW MUCH TIME YOU HAVE, (since it shouldnt swing wildly due to managed float) THEN figure out who/where in that order.

which kinda reminds me of an old texas tale...

two bulls, one young and one old were sitting atop a hill looking down on all the cows on the plain, and the young bull says "why dont we run down there and lets jump on one of them there cows right now!?" ... the old bull answers "why dont we just slowly walk down there and take care of them ALL"...

Great Question! I look forward to learning the answer!

[Don Paul]

You can legally gift up to $13,000 in one calendar year without any tax liability. My cousin has a Series 7 and they use the $13,000 "gifting" law to help reduce the taxes on trusts etc.

I THINK that is 13k per PERSON, per year ... no?

You can no longer GIFT say a house to your siblings, since a lot of people tried that to circumvent state long term care 'inheritors', and if you do, they are responsible to pay taxes on the value of that house minus say the 13k gift allowance.

IF you want to do your kids a favor and are SOMEWHAT healthy, a life insurance policy might be a good idea since proceeds are usually tax-free, but maybe not completely depending on the new estate taxes the gov is possibly re-instating next year....

What if you cash in $9,999.99? The thought it was anything "over" $10,000?

I did not mean to continuosly cash in $10,000 forever. Just once or twice for some play money and until I get my trusts, off shore accounts, tax reductions in place.

That is a ridiculous idea. I think the RV will be at 3 dol, which means even cashing in ONE 5000 dinar note will bump you over that limit...