ExecConsult Switching Sides??

[uncirculd]

If they don't play our way, we sue them. The IRS is an illegal company constitutionally! OMG, did I just start something?

[Adam Montana]

On my listserve we have been discussing form 8938 and the reporting requirements for quite a while now. I still have access to a webinar on the topic. However, I never thought to mention it to my fellow dinarians. Why, you ask? Because it does not apply to most of us.

The purpose of the form and the law behind it is to better capture those assets people are HOLDING IN FOREIGN COUNTRIES. Most of us are holding our assets in the U.S. and even purchased them from a U.S. dealer.

Unless you have a Warka account or other substantial holdings outside of the U.S., you should not worry about that form. It does not affect your Dinar holdings in the U.S. You are not holding foreign assets. You are holding U.S. domesticated assets that you just happened to originate from a foreign country.

Best of Blessings,

Mark

Correct, but it should be noted that simply filing out the form, or even having ownership of a foreign account, does not automatically mean you owe taxes on that money.

And even if one were to open a foreign IBC and use it to protect their currency after the RV, there is still nothing to worry about regarding the form. Fill it out, move on. No big deal.

[Saint]

ExecConsult Could you go to Possible Tax answers in this forum as I left you a message . Couldn't figure out where to post it so I put it in that thread. Sorry. Guess I should have put it here instead.

[ExecConsult]

After more than a year of waiting, we can see the new proposed regulations to Section 988 that the IRS has promulgated. They do not touch on the problems with section 988(e). We have received no further guidance.

But, were we REALLY expecting to. Just like with everything else, it is hope that keeps us moving forward.

Best of Blessings,

Mark