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popper4

Taxes will remain the same

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According to msnbc.com there will be no change in the basic tax you pay on earned income for the next two years: those rates will top out at 35 percent. The Obama administration had wanted to let the rate rise for wealthy taxpayers, but under the deal struck with Republicans, everyone gets to keep the current rate for two years. Obama had also pushed for a gradual increase in the tax on capital gains, but that will also remain at the current 15 percent rate.

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Hopefully this is good news for us in the very near future. I was thinking about our (those who invested in IDQ) position regarding the tax increase the other day while watching Glenn Beck. :rolleyes:

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I am not a Big Fan of GW Bush- the whole Saddam WMD lie, was

a huge turnoff.

But the Tax Break is great- Thank You GW!

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According to msnbc.com there will be no change in the basic tax you pay on earned income for the next two years: those rates will top out at 35 percent. The Obama administration had wanted to let the rate rise for wealthy taxpayers, but under the deal struck with Republicans, everyone gets to keep the current rate for two years. Obama had also pushed for a gradual increase in the tax on capital gains, but that will also remain at the current 15 percent rate.

That "agreement" has yet to pass Congress. There are many unhappy leftist congressional types that would like to throw a monkey wrench in this agreement, so it ain't over until it's over (passed by congress and signed).

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Only two problems are a) its 13 month not 2 years (or even better indefinitely!), and B) since its only 13 month we will have to pass it year after year because who can tell people during the Christmas season that you are cut off?

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Only two problems are a) its 13 month not 2 years (or even better indefinitely!), and B) since its only 13 month we will have to pass it year after year because who can tell people during the Christmas season that you are cut off?

Sortarius,

My reading of it is "2" years, not 13 months. The tax breaks would be extended through 2012.

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Bahtman- awesome picture, where is that?

I may have to change my the location of my Post R/V Party.

Thanks!

Hawaii,

Tried to send you a PM but could not.

My avatar is the Sheraton Hotel in Southern Thailand, Pattaya to be exact.

Absolutely beautiful place in a magnificent country.

It is not a painting. That is a regular picture from the lobby over the pool

out to the ocean below.

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It's dependant on how long we own the foreign currency. One year or less is short term, over one year is long term capital gain at 15%. Is this correct? Tori

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That's what I've read. 35 percent for short term, 15 for long term. Why in the world it makes any difference to Uncle Sam is beyond me. Well, with stocks I can understand. I guess someone's just gonna have to break down and talk to a tax attorney.

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Sortarius,

My reading of it is "2" years, not 13 months. The tax breaks would be extended through 2012.

Yep, I was a typing faster than I could think! The 13 month is the unemployment stuff, 2 years on the taxes. Sorry.

That's what I've read. 35 percent for short term, 15 for long term. Why in the world it makes any difference to Uncle Sam is beyond me. Well, with stocks I can understand. I guess someone's just gonna have to break down and talk to a tax attorney.

To me, this sounds like a stupid question, but since I dont know the answer I will ask anyway.

How does the government know when you bought them? Most of mine would be short term, but if you bought them years ago, would you have to prove that?

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Yep, I was a typing faster than I could think! The 13 month is the unemployment stuff, 2 years on the taxes. Sorry.

To me, this sounds like a stupid question, but since I dont know the answer I will ask anyway.

How does the government know when you bought them? Most of mine would be short term, but if you bought them years ago, would you have to prove that?

Good question! I'm wondering the same

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My question is:

If I give my uncashed dinars to family members- will I be liable for any taxes?

AND does it make a difference before / after the RV?

Thanks!

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Concerning..."how would they know..." about long term or short term.

My NEW way of thinking is....WE would know. Let's do the right thing....I'd rather be a millionaire with a clear conscience...but then again, I have a huge "guilty conscience" anyway. You decide for you and me for me. God bless us all.

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I am not a Big Fan of GW Bush- the whole Saddam WMD lie, was

a huge turnoff.

But the Tax Break is great- Thank You GW!

If you read Joel Rosenbergs EPICENTER -- it was stated that WMD were moved to Syria -- prior to 2003 invasion -- Sadaam got intel of the coming invasion -- so he re-located WMD to Syria -- hence -- NO WMD FIND IN IRAQ.

Edited by EBJNYC

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The question about "How would the IRS know how long you've had it"...I believe the Burden of proof would be with you....So if you kept receipts your in good condition, if you haven't then you may be taxed higher...I don't know this for sure just saying...

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What does it mean exactly? Are we to still pay 35% short term capital gains or 15% long term? OR...is it ordinary income????

It is ordinary income -

Look at post #4 on the following link:

Best of Blessings,

Mark

The question about "How would the IRS know how long you've had it"...I believe the Burden of proof would be with you....So if you kept receipts your in good condition, if you haven't then you may be taxed higher...I don't know this for sure just saying...

Unfortunately, is ordinary income treatment generally so doesn't matter how long you have held it except "maybe" if you are trying to get a large deduction for gifting to a charity.

Mark

My question is:

If I give my uncashed dinars to family members- will I be liable for any taxes?

AND does it make a difference before / after the RV?

Thanks!

If you give uncashed dinar to family members pre-RV, they are worth very little and there are no tax consequences to you. However, if you give them post RV and the value exceeds $13,000 to any individual, you need to worry about gift tax consequences.

Best of Blessings,

Mark

To me, this sounds like a stupid question, but since I dont know the answer I will ask anyway.

How does the government know when you bought them? Most of mine would be short term, but if you bought them years ago, would you have to prove that?

Doesn't matter how long you have held them. Look at link posted above for a thorough analysis. Will be ordinary income (35% federal plus state plus local)

Best of Blessings,

Mark

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Yep, I was a typing faster than I could think! The 13 month is the unemployment stuff, 2 years on the taxes. Sorry.

To me, this sounds like a stupid question, but since I dont know the answer I will ask anyway.

How does the government know when you bought them? Most of mine would be short term, but if you bought them years ago, would you have to prove that?

i would not like the stress of an audit without documentation. had enough dinar related concerns already

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My suggestion is with respect to any here who are tax experts, CPA or Tax Attorney.

Get yourself a top notch accountant or tax attorney and do your due diligence and find out what you will be paying.

Give back to your community as well, just make sure you keep the receipts and get a deduction as much as you can.

Pay your taxes at the end of the quarter to avoid fines and also to collect some interest while it sits in your account. True not much good if we RV at the end of February and March is the end of the first quarter.

I am planning on the Capital Gains short term hold percentage and will be mighty happy to see a lower amount of taxes if it is just income. Either way I only paid about $2500 for my dinar so I am more than happy to pay that $2500 to get my millions. :o)

My suggestion is with respect to any here who are tax experts, CPA or Tax Attorney.

Get yourself a top notch accountant or tax attorney and do your due diligence and find out what you will be paying.

Give back to your community as well, just make sure you keep the receipts and get a deduction as much as you can.

Pay your taxes at the end of the quarter to avoid fines and also to collect some interest while it sits in your account. True not much good if we RV at the end of February and March is the end of the first quarter.

I am planning on the Capital Gains short term hold percentage and will be mighty happy to see a lower amount of taxes if it is just income. Either way I only paid about $2500 for my dinar so I am more than happy to pay that $2500 to get my millions. :o)

My suggestion is with respect to any here who are tax experts, CPA or Tax Attorney.

Get yourself a top notch accountant or tax attorney and do your due diligence and find out what you will be paying.

Give back to your community as well, just make sure you keep the receipts and get a deduction as much as you can.

Pay your taxes at the end of the quarter to avoid fines and also to collect some interest while it sits in your account. True not much good if we RV at the end of February and March is the end of the first quarter.

I am planning on the Capital Gains short term hold percentage and will be mighty happy to see a lower amount of taxes if it is just income. Either way I only paid about $2500 for my dinar so I am more than happy to pay that $2500 to get my millions. :o)

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