wayoutwest Posted May 12, 2011 Report Share Posted May 12, 2011 I have seen on some of these posts 15% to 35% Federal Income tax depending on how long you have had your IQD. Is there a simple answer? Link to comment Share on other sites More sharing options...
speculatorsRIDE Posted May 12, 2011 Report Share Posted May 12, 2011 (edited) From date of purchase of dinar Less then 1 year is short term capital gains 35% more then 1 year is long term capital gains 15% Edited May 12, 2011 by speculatorsRIDE Link to comment Share on other sites More sharing options...
joynaz Posted May 12, 2011 Report Share Posted May 12, 2011 EXPECT there to be a whole new Tax ruling (code, law or whatever you want to call it) just for US! Trust me.....they are well aware of every dinar every one of us has purchased..... and they can write any tax law they like to get whatever they want. Don't count your chickens befoare they hatch....and don't count your dinar before you know what bHo wants in taxes! Link to comment Share on other sites More sharing options...
MasterofPower Posted May 12, 2011 Report Share Posted May 12, 2011 From date of purchase of dinar Less then 1 year is short term capital gains 35% more then 1 year is long term capital gains 15% IN CAPITOL GAINS OF YOUR TAX RATE WAS 15% OR BELOW LAST YEAR THE CPAITOL GAINS TAX RATE THIS YEARS IS 0% I THINK ITS IN 425 OF IRS CODE Link to comment Share on other sites More sharing options...
hook'em Posted May 12, 2011 Report Share Posted May 12, 2011 real simple no rv and you have no tax problem, period nuff said! 1 8 Link to comment Share on other sites More sharing options...
wayoutwest Posted May 12, 2011 Author Report Share Posted May 12, 2011 So that would be a good reason to keep your receipts. Thanks for the info folks. Link to comment Share on other sites More sharing options...
MasterofPower Posted May 12, 2011 Report Share Posted May 12, 2011 I have seen on some of these posts 15% to 35% Federal Income tax depending on how long you have had your IQD. Is there a simple answer? In 2008–2012, the tax rate on qualified dividends and long term capital gains is 0% for those in the 10% and 15% income tax brackets. history of cap gains/wikipedia In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income. Capital gains are generally taxed at a preferential rate in comparison to ordinary income (26 U.S.C. §1(h)). This is intended to provide incentives for investors to make capital investments, to fund entrepreneurial activity, and to compensate for the effect of inflation and the corporate income tax. The amount an investor is taxed depends on both his or her tax bracket, and the amount of time the investment was held before being sold. Short-term capital gains are taxed at the investor's ordinary income tax rate, and are defined as investments held for a year or less before being sold. Long-term capital gains, which apply to assets held for more than one year, are taxed at a lower rate than short-term gains. In 2003, this rate was reduced to 15%, and to 5% for individuals in the lowest two income tax brackets. The reduced 15% tax rate on qualified dividends and long term capital gains, previously scheduled to expire in 2008, was extended through 2010 as a result of the Tax Reconciliation Act signed into law by President George W. Bush on May 17, 2006. This was extended through 2012 by President Barack Obama on Dec 17, 2010. As a result: In 2008–2012, the tax rate on qualified dividends and long term capital gains is 0% for those in the 10% and 15% income tax brackets. After 2012, dividends will be taxed at the taxpayer's ordinary income tax rate, regardless of his or her tax bracket. After 2012, the long-term capital gains tax rate will be 20% (10% for taxpayers in the 15% tax bracket). After 2012, the qualified five-year 18% capital gains rate (8% for taxpayers in the 15% tax bracket) will be reinstated. Capital Gains Taxation in the United States from 2003 forward[1] 2003–2012 2013– 2003–2007 2008–2012 2013– Link to comment Share on other sites More sharing options...
wayoutwest Posted May 12, 2011 Author Report Share Posted May 12, 2011 Thanks again! Link to comment Share on other sites More sharing options...
easyrider Posted May 12, 2011 Report Share Posted May 12, 2011 real simple no rv and you have no tax problem, period nuff said! lol what are u doing here then?? haha contradicting yourself much i see? Link to comment Share on other sites More sharing options...
p71rock Posted June 13, 2011 Report Share Posted June 13, 2011 Well many people I have helped get Dinar cannot get receipts from "The B H Group" in Toledo, OH. they say just cash in with ali from Dinartrade.com but that currently is impossible because the company was shut down. Link to comment Share on other sites More sharing options...
ExecConsult Posted June 26, 2011 Report Share Posted June 26, 2011 There is no easy answer. My analysis of current IRS views is that we should be paying ordinary income taxes under section 988. (see my analysis here: ) On the other hand, I argued against that in a submission I made to the IRS asking for clear guidance on the issues. The text of that submission may be found here: ) Please feel free to take either resource to your tax attorney or CPA post RV and discuss your options. Best of Blessings, Mark 1 Link to comment Share on other sites More sharing options...
AoK Posted June 26, 2011 Report Share Posted June 26, 2011 Mark, I'm sure I speak for many, when I say I really appreciate your posts and valuable information you share with us here at DV. You are one of the jewels here on DV, if I might say so! Blessings to you! Shalom. Link to comment Share on other sites More sharing options...
Kanga Posted June 26, 2011 Report Share Posted June 26, 2011 There is no easy answer. My analysis of current IRS views is that we should be paying ordinary income taxes under section 988. (see my analysis here: ) On the other hand, I argued against that in a submission I made to the IRS asking for clear guidance on the issues. The text of that submission may be found here: ) Please feel free to take either resource to your tax attorney or CPA post RV and discuss your options. Best of Blessings, Mark Thank-you MARK! You have spent countless hours doing research on this. It is your specialty to wade through the thousands of pages of tax code. I have informed my CPA of your research and will guide him to it after RV. He is a remarkable CPA and a friend. I want him to do our tax returns, but feel that we will need an outside expert to review his resultslts. Link to comment Share on other sites More sharing options...
Adam Montana Posted June 26, 2011 Report Share Posted June 26, 2011 I think everyone can agree that ExecConsult has posted more on this topic than any other member here or on any other site... And we can all agree that he has done more research and legwork than any one member on this site or any other... And we can also agree that he is just as knowledgeable as anyone else, and more knowledgeable than 90% of everyone else... ...yet he still states there is no black and white, 100% certain answer to the question "How will we be taxed?" ExecConsult, thank you for your contributions, your research, and your posts around here. I also thank you for constantly striving to teach people that they need professional guidance, and I love your honesty regarding this issue. Cheers! 1 Link to comment Share on other sites More sharing options...
nene052700 Posted June 26, 2011 Report Share Posted June 26, 2011 Just plan on the high end and if your consultant says its lower then you have a nice surprise and if not your not surprised! Just a thought I had....! Link to comment Share on other sites More sharing options...
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