After the RV

[Heavyduty053]

I sat down with the 5/3 investment banker this morning, since i have bought all my Dinar there and i do my banking there, he was willing the share his advise on this cashin as they will be cashing in for account holders and are expecting their account holders to make tons of money on this. This man has been in the investment field for 19 years and knows his business. This is what he said.

1. When the cashin does happen and windfall profit money is abtained the IRS wants the money owed to them in the quarter of the year in which the profit occurs. You can wait until the end of year tax time to settle up but they will charge 8 percent interest on the total profit gained and time waited.

2. Capital gains tax is 15% on the total profit above 300,000.00 gained. Capital gains taxes and all other income profit has different rates acessed on the amounts. Find a good tax attorney which will help you with question.

3. Whether you decide you want to try your luck at paying taxes on the total profit as ordinary income, capital gains, investing in whatever is up to you and how well you can plan.

4.Accordding to him the IRS only wants their share of taxes and after that you are thru with the tax man unless you invest in something that will turn a profit on your money, and then you will only be liable for income propfit taxes.

5. AS far as his knowledge goes this cashin event will not effect people on social security because this is a one time event and taxes will be paid.

6. The govt knows that after the taxes has been paid and investments done, they know that more taxes will flow because people will be buying large ticket items, therefore more taxes will flow.

7. After you have paid your taxes, you can leave your money in the bank, make investments, but a house, take a long vacation or just spend your money leisurely the IRS will not have no interest in you unless you make a profit off further investments......Everyone should still ask questions and get answers pertaining to their own situations. Bring it on.

[Danielf22]

IF the Dinars qualify under capital gains, there are still Long term and short term classifications, so if you haven't held the dinar for over a year you are going to pay normal tax rates anyway. I had also head about the quarterly tax payments, so it means we need to basically pay the tax man first then worry about the rest later. Long time watcher 1st time poster.

God Bless

[joanwilder]

We did the same thing about 3 weeks ago and 5Th 3rd Bank is the way to go for us.

They are so positive and agreeable about this entire adventure.

I wish I would have bought all of ours from them $1,058.00 per a million Dinar

that's the lowest rate around these days and then only $10. for each million

to cash in at RV and no other mark ups. No one else has been this reasonable

and I've checked with a lot of places to be ready for the RV to cash in. They do require

an account with them and that's not at all a problem. God bless this RV.

[DOUBLE B 65]

I sat down with the 5/3 investment banker this morning, since i have bought all my Dinar there and i do my banking there, he was willing the share his advise on this cashin as they will be cashing in for account holders and are expecting their account holders to make tons of money on this. This man has been in the investment field for 19 years and knows his business. This is what he said.

1. When the cashin does happen and windfall profit money is abtained the IRS wants the money owed to them in the quarter of the year in which the profit occurs. You can wait until the end of year tax time to settle up but they will charge 8 percent interest on the total profit gained and time waited.

2. Capital gains tax is 15% on the total profit above 300,000.00 gained. Capital gains taxes and all other income profit has different rates acessed on the amounts. Find a good tax attorney which will help you with question.

3. Whether you decide you want to try your luck at paying taxes on the total profit as ordinary income, capital gains, investing in whatever is up to you and how well you can plan.

4.Accordding to him the IRS only wants their share of taxes and after that you are thru with the tax man unless you invest in something that will turn a profit on your money, and then you will only be liable for income propfit taxes.

5. AS far as his knowledge goes this cashin event will not effect people on social security because this is a one time event and taxes will be paid.

6. The govt knows that after the taxes has been paid and investments done, they know that more taxes will flow because people will be buying large ticket items, therefore more taxes will flow.

7. After you have paid your taxes, you can leave your money in the bank, make investments, but a house, take a long vacation or just spend your money leisurely the IRS will not have no interest in you unless you make a profit off further investments......Everyone should still ask questions and get answers pertaining to their own situations. Bring it on.

[/quote

Oh, you mean the 5th 3rd Bank that quit selling Dinar ?

And, did you mean, obatined ???

Edited February 14, 2011 by DOUBLE B 65

[wingsofhope]

Thanks brother....

[army03]

Glad I have an account with 5th of the 3rd bank

[shwngo]

Glad I have an account with 5th of the 3rd bank

Me too, i just wonder what the spread will be through them. The $10 fee is nothing to worry about but they can't tell you the spread(or amount they will pay) until the RV happens.

[Crow]

Lol.... Can we just have the RV first!!!! Then worry about this!!

Good post. Ty

[adlon]

This is the first time, and probably the last time I would say this. I would love to pay the IRS. Please let it RV!

[bluejay]

Nice clean advice...Thanks

[moonbeam1]

I have also bought several million dinar at the 5/3rd bank here in Atlanta. I recently had to open an account there because they stopped selling dinars to non-account holders. The lady who opened the account was extremely nice and very positive about the iraqi dinar. She offered to let me speak to (Ryan) their investment specialist. She said I could talk to him about the dinar and what to do once it revalues. I didn't take her up on it. I just wanted you to know I have had the same experience.

[apilot]

Lol.... Can we just have the RV first!!!! Then worry about this!!

Good post. Ty

Yes, you can. However you may wish that on the day of the RV you had done some prior planning. Please feel free to pay extra tax to the IRS that may not be required because neither you or your tax adviser had done their homework. Heck, you can send a voluntary payment of extra money to the IRS at anytime just because you like giving away money, they will cash your check.

Even if you do not go to the expense of setting one up you may want to do research on the different types of Trusts and other things that may help you with estate planning. Proper planning may affect the amount your heirs pay on your estate if you suddenly die.

There is also the possibility that we may have a "window" to cash in after the RV and those without prior planning may be forced into decisions that could have serious economic consequences. I could go into a list of items to consider, but most who are "worring about this" and already know the items they need to consider pre-RV and have begun making their plans. As a side thought, I am willing to bet that those who have done their prior planning will have more of their post-RV money working for and available to them two years after the RV. Sadly, some will be in little better shape than they are in today. We cannot control the rate/date, we can control our financial future with whatever rate our investment brings us. For me that means "worry about this."

[Spoolin]

We did the same thing about 3 weeks ago and 5Th 3rd Bank is the way to go for us.

They are so positive and agreeable about this entire adventure.

I wish I would have bought all of ours from them $1,058.00 per a million Dinar

that's the lowest rate around these days and then only $10. for each million

to cash in at RV and no other mark ups. No one else has been this reasonable

and I've checked with a lot of places to be ready for the RV to cash in. They do require

an account with them and that's not at all a problem. God bless this RV.

You have to remember though.....With a cash in at 5/3rd or any bank for that matter, they have a spread and thats how they make their money, not off any fee's. What I mean is, if the revaluation comes in at $1, you will only get $.80 through the banks or whatever their spread ends up being. If you cash in through DT or another currency trading place, you only pay $150 per million dinar and you get to get paid on that $1 revaluation without any spred like the bank takes.

[hardmoney1]

This is the first time, and probably the last time I would say this. I would love to pay the IRS. Please let it RV!

I would LOVE to pay the IRS...AS LITTLE AS I LEGALLY CAN!!!!!!!!!!!!!!!!!!!!!!!!!!

It is most Patriotic to do this - "Who is John Gault?"

Look out for your own INFORMED BEST INTEREST. By doing this, you will serve your family, AND your children's, children!

[LettheRVbegin]

Good post. I guess it's time for me to open an account with 5th 3rd....

[Heavyduty053]

[

Edited February 15, 2011 by Heavyduty053

[RANDY TEXAS]

are there any 5/3 banks in Texas?-if so where

[learning all i can]

You have to remember though.....With a cash in at 5/3rd or any bank for that matter, they have a spread and thats how they make their money, not off any fee's. What I mean is, if the revaluation comes in at $1, you will only get $.80 through the banks or whatever their spread ends up being. If you cash in through DT or another currency trading place, you only pay $150 per million dinar and you get to get paid on that $1 revaluation without any spred like the bank takes.

Spoolin, I don't pretend to know all about spreads and all that, but I have done a little reseach with DT, DB and the banks and DT will charge you a spread in addition to the $150.00 fee...

Please go to their website or call them to clarify.....Sure don't want you to get to dt to cash in and they hit you with their spread unexpectantly so please check again

thank you and have a great day

[dinardarius]

Cool Information, more and more interesting intel -- we will be able to but houses lol

[Soeharto]

Move tho third country, more cheaper in cost and live like a King cuz I can buy a police officer

[Thor363]

I would LOVE to pay the IRS...AS LITTLE AS I LEGALLY CAN!!!!!!!!!!!!!!!!!!!!!!!!!!

It is most Patriotic to do this - "Who is John Gault?"

Look out for your own INFORMED BEST INTEREST. By doing this, you will serve your family, AND your children's, children!

I'm John Gault, and I've left the building.

[Spoolin]

Spoolin, I don't pretend to know all about spreads and all that, but I have done a little reseach with DT, DB and the banks and DT will charge you a spread in addition to the $150.00 fee...

Please go to their website or call them to clarify.....Sure don't want you to get to dt to cash in and they hit you with their spread unexpectantly so please check again

thank you and have a great day

Thanks, I'll check into it further.

If I remember correctly though, I could have sworn that Ali stated that his rate will be the same as the CBI and he would only charge $150 per million dinar, but I'll look into it again.

I just got this off DT....

Fees:

Dinar Trade will charge $150 per million dinars as a service fee for exchanging your Dinars.

Our minimum quantity of Dinars that may be cashed in is 100,000. The minimum fee is $150.

Rate of Exchange:

We will offer customers who have purchased from Dinar Trade the option to lock in a rate for the time of their appointment. Our rate will be based on the Central Bank of Iraq's buy rate. We will post the lock in agreement on our website and we will also fax or email a lock in agreement to the customer that must be signed, notarized and faxed back to our office within 24 hours. If the fax is not received within the 24 hours your lock in rate will be forfeited. Once locked in the appointment and rate cannot be changed or canceled. There will be legal recourse for individuals who lock in a rate and do not arrive for their appointment. The lock in rate is guaranteed until the day of the appointment. A lock in rate means that the price is agreed upon whether the rate goes up or down.

Customers who are unsure or do not want to lock in a rate will receive the rate on the day of their appointment. The exchange rate will depend on the rate in Iraq at that time of the appointment for customers not locking in a rate. We will let you know the rate on the phone but it will not be confirmed until you arrive at one of our offices at the time of exchange.

We encourage everyone to check all the banks who will be exchanging Dinars and their rates before calling us. We are confident we can beat their rates.

They state that their rate of exchange will be the same as the CBI buy rate. I would think that this means they have no spread. They also state that they are confident that they will beat any banks.

[umbertino]

I have also bought several million dinar at the 5/3rd bank here in Atlanta. I recently had to open an account there because they stopped selling dinars to non-account holders. The lady who opened the account was extremely nice and very positive about the iraqi dinar. She offered to let me speak to (Ryan) their investment specialist. She said I could talk to him about the dinar and what to do once it revalues. I didn't take her up on it. I just wanted you to know I have had the same experience.

They do sound like decent people to deal with. .Great.

[Action316]

They will be more kind post RV!!! so will all our friends and family Go RV... See ya @t the Beach NiNjA sTyLe ...

[youliveonce]

I will invest my money in a lingerie company for plus size women.Watch me get even richer.