Tax Rumor

[earjockey]

I believe I know the answer to this however I do not want to ass-u-me I'm correct, so I place it on the board to either help affirm or debunk.

There is a rumor going around that it is possible that the IRS will immediately deem all of an individual's "dinar value" taxable if even a single bill is cashed-in, could this possible be true?

The rumor accompanies the suggestion that all legal business entities, associated bank accounts and trusts be established and capitalized prior to cashing in any of our dinar.

While the basic suggestion is one I generally agree with regard to the need to wait for significant cash-in after formation of these entities, the idea of having to do this before the first 5K dinar note is cashed will present an immediate problem created even at the paying off of dinar reserves with dinar.

Any information even remotely associated with these rumors is welcomed. I would like to get as solid an understanding of this possibility as is possible.

By the way the rumor is enhanced with the idea that this has come from a law group that specializes in "something" (not made clear). Probably specializing in keeping prospective clients in-tow.

Thank you for any information you can share.

[Hrkal]

How would they know what "all of the value" is?

[truthful1]

I believe we would pay capital gains tax on all dinar. Wouldnt it look might suspicious to set up all described to avoid paying taxes. My opinion, consult a tax attorney and be as transparent as possible.

[earjockey]

How would they know what "all of the value" is?

It is really not ever an issue of what they know, that is too high a bar for the IRS, it is what they suspect and believe they could prove. It would be easy to uncover our purchases bought through Treasury certified dealers like DT and others.

[markst]

Reading one of Medics chats earlier, there was a small snippet of info concerning exactly what you mentioned. He said that rumor was debunked. Take it with a grain of salt...

[earjockey]

I believe we would pay capital gains tax on all dinar. Wouldnt it look might suspicious to set up all described to avoid paying taxes. My opinion, consult a tax attorney and be as transparent as possible.

To begin with the best legal-tax advice I have heard and paid for says this is an "ordinary income" tax event.

Of course I will be as transparent as the law requires.

I have consulted several attorneys: However this is especially curious to me because we are not talking about stocks, bonds or currency futures contracts. These transactions are tried and true regarding their status. This dinar investment is a horse of a different color.

This is a special event that may have unknown treatment found in some corner of tax, currency, treasury, homeland security or Obamacare law.

Reading one of Medics chats earlier, there was a small snippet of info concerning exactly what you mentioned. He said that rumor was debunked. Take it with a grain of salt...

Thank you, do you have a link to that discussion?

[TimS]

NOPE....you do not get taxed on "value'....you get taxed on gains or losses. No profit or loss....no taxes. Also, until you sell your dinar, how does anyone know how much you have?

[earjockey]

NOPE....you do not get taxed on "value'....you get taxed on gains or losses. No profit or loss....no taxes. Also, until you sell your dinar, how does anyone know how much you have?

Good points thanks for the contribution.