Cashing in - Can we keep it simple?

[twinmom]

Good Morning All,

I am overwhelmed with all of the advice given about how to cash in! I have read soooo much, maybe to much at this point. We are supposed to go talk to an accountant, start a corporation, open a new bank account at this specific bank or that, don't cash in all at once, do cash in all at once.... I have been reading all sorts of advice, opinions, what to do and what not to do, argggh!

Our story is, we bought a few dinar some months ago where we were just going to cash in and run but recently we bought a few more to where our cash in will hopefully be a bit more substantial. We have not bought more than we could stand to lose....we did take that advice, but anyway, our plan was to:

Call Dinar Trade once it RV's;

Make our appointment with whatever the RV rate is at that moment (lock it in, so no gambling with the rate);

Take our VIP certificate and our non interest bearing bank account wire transfer information, and go cash in.

Can it be that easy? Are we being naive? Are we going to regret not doing more? I know the Tax Man is going to take, rounding up hopefully, 45%, we're prepared for that. But....

We have not had the time and can't really afford to set up a corporation, we called a few accountants (can't afford them either) and got the "don't invest, too risky" advice.

We are not "super traders" and not especially savvy to all of the ins and outs, laws, etc. of big money. At the risk of being bashed for a stupid question... I guess my question would be, really, can it be that easy or am I missing something? Is there something painfully obvious we have missed with the intention of keeping the process simple? Can it work this way?

[BanG]

The answer is yes, you can do exactly as you intended to do. All the other mumbo jumbo is to avert getting whacked hard on taxes, if your prepared to PAY THE IRS as I'am then all should be fine. You can do whatever you like, I too will be cashing in at Dinar Trade unless the Banks are fairly close to the CBI rate.

[Tiffany23]

Yup, you can Keep it Simple Smarty (KISS). Why not spend another $100 or so and buy more dinar and set that aside to pay for the taxes. If you do that instead of talking to accounts/lawyers (charging your $85 an hour) or travel some where to set up some off shore bank account ($550) for airline tickets. Then you are good to go.

[Silence Dogood]

Easy is always the best. I'll be buying some annuities with mine so I can be an even bigger millionaire in the not so distant future! Do with it what you like!

[HF4237]

Of course you can do it that way (the simple way). It really depends on how you want to handle this investment.

However, if you want maximum protection and maximum tax savings, do the IBC. Good luck to us all!

[Tom 777]

Twinmom follow what your heart says to do and usually everything works out. Please be careful when requesting information from others for they may have you purchase more so to help pay for the taxes, suggest you to not pay advisors or lawyers, or travel somewhere to cash in and set up an office shore account. I have to remember that the more I buy the higher the taxes, not getting an advisor means trying to figure all this out on my own and thinking that going off shore will keep the government away is setting myself up where I will probably have to give more of my money to the government due to fines, penalites and possible jail time. My deal is to pay the government even though I sometimes don't like to but at least I will be able to live without looking over my shoulder everytime I decide to take a walk.

[Upgradable]

I agree with Tom on making sure you respond to this opportunity in a way that is comfortable for you.

I however, respectfully point out that it is important to have accurate information on which to make your decision. Those offshore opportunities that Adam has explored and allowed us to participate in ARE IN NO WAY ILLEGAL!!!! It is important to know that are legal ways of minimizing the taxation on the outcome. Seek answers and make sure you act and react responsibly!

[Tom 777]

I remember one time back in the 70's when everyone was told that it was illegal for the government to take federal income taxes so some of them decided they would file exempt. The government allowed them to do this for a while and then dropped the ball on all of them at once. Guess what happened - Government won. People will tell you that there are places you can go and there may be but it won't be long before these places will be under the law that requests other countries to inform when an American deposits large sums of money.

[Silence Dogood]

Start your own religion, become a minister, churches dont pay income tax. (sarcasm)

[Tom 777]

Amen.

[bsndhn]

Beg to differ on ministers not paying taxes! I am considered self-employed as a minister and have the privalege of paying income tax and double social insecurity.

bsndhn

[twinmom]

Thanks for all of the responses!

My mind is much more at ease and I really like the KISS theory, leaves less room for me to really make a mess of things. It's easier to just follow the rules, pay your dues, and leave with a clear conscience.

You know though...I've often thought of starting my own religion but I have enough trouble just having my own family follow my crazy ideas! God bless them though usually they still do.

Thanks all for the peace of mind.

[graml]

We have been discussing this very topic in our office here in Iraq. What to do, should we just pay half to Uncle Sam and be happy with what we have or should we follow Adam's advice and set up an IBC? We are split on it in our shop. It really seems to boil down to what your needs are and how you feel about Adam's options. I have followed Adam's advice and set up the IBC account. I want to pay what taxes I owe but I also want to be smart about how much I am paying. This site is awesome and VERY informative. I encourage everyone to keep reading and keep posting. Knowledge is the key!

[okane]

Start your own religion, become a minister, churches dont pay income tax. (sarcasm)

And the saddest part is that it happens everyday

[shwngo]

I am going to cash some so i have some money asap. after that i will get with advisers and investment pro's as well as an attorney and my tax lady to see how i want to do the rest. It all depends on how much it comes in at. If it is low i will not cash in, if it is in the dollar range i will cash in some, higher than two dollars and i'm all in.. Either way i will pay my taxes that are due, i do not want uncle sam chasing me down for money ever again. . I will continue to work no matter how high it comes in although i may work less than the 80 hours a week i am doing now, i enjoy my work and would be bored if i did'nt have a job plus it would be nice knowing that whatever i make is fun money.

[Corwin]

Thanks for all of the responses!

It's easier to just follow the rules, pay your dues, and leave with a clear conscience.

I agree - I just think of it a little differently... Follow the Rule, Pay your *FEES* and leave with a clear conscience.

:-D

I don't see it is "Dues", but well codified "Fees" for playing the money game.

Corwin

I agree - I just think of it a little differently... Follow the Rule, Pay your *FEES* and leave with a clear conscience.

:-D

I don't see it is "Dues", but well codified "Fees" for playing the money game.

Corwin

NEWBIE??? I'm a NEWBIE??? LOL

That's what you get when you don't post for a Long time. :-D

Corwin

*not* a newbie. :-p

[Corwin]

Good Morning All,

Can it be that easy? Are we being naive? Are we going to regret not doing more? I know the Tax Man is going to take, rounding up hopefully, 45%, we're prepared for that. But....

IIRC your tax rate may vary depending on several factors... Length of time OWNING the dinar changes the status from short to long term capital gain.

YOU MUST GET SOUND FINANCIAL ADVICE!!!!

But your tax rate might be lower than 45%.

Corwin