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Captial gains tax?

Nelg

By Nelg,
in RV & Dinar Questions

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Nelg Newbie

Nelg

Posted
Posted

I have a question for all of you to think about and give some feedback.

Here is a possible situation for a new investor: This individual has just purchased 1million dinar. This person is not a VIP, does not want to start a business off shore, yet needs to have about $250,000 from the investment as soon as there is an RV.

If they cash in immediately they will pay capital gains tax of about 35%, but they need the money.

What does this person do to get the cash and yet avoid paying the capital gains tax?

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Kanga Newbie

Kanga

Posted
Posted (edited)

They take a loan out against the money and pay the loan off, as they generate income.

They cash in and use the money and pay capital gains on April 15th of next year.

I hope they got the money or it RVed high enough did not matter.

Edited by Kanga
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Bigboy0854 Newbie

Bigboy0854

Posted
Posted

Here is some strategy from Patriot over at the The Call Squad. Have your friend meet with a private baker to open a line of credit that's secured by his dinar. Typically the bank will give you 50% value of the secured asset. A loan does not trigger a taxable event. If it's determined that Capital Gains tax applies then your friend can cash in 1 year and a day after his purchase. The interest paid on the loan will be far less than the 20% tax savings.

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Buckeye Pilot Newbie

Buckeye Pilot

Posted
Posted

Here is some strategy from Patriot over at the The Call Squad. Have your friend meet with a private baker to open a line of credit that's secured by his dinar. Typically the bank will give you 50% value of the secured asset. A loan does not trigger a taxable event. If it's determined that Capital Gains tax applies then your friend can cash in 1 year and a day after his purchase. The interest paid on the loan will be far less than the 20% tax savings.

Yep! I,ll go with this.

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Atheist Newbie

Atheist

Posted
Posted

I have a question for all of you to think about and give some feedback.

Here is a possible situation for a new investor: This individual has just purchased 1million dinar. This person is not a VIP, does not want to start a business off shore, yet needs to have about $250,000 from the investment as soon as there is an RV.

If they cash in immediately they will pay capital gains tax of about 35%, but they need the money.

What does this person do to get the cash and yet avoid paying the capital gains tax?

It usually ends up with you in jail.

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Carrello Rising Star

Carrello

Posted
Posted

It usually ends up with you in jail.

If you cashed in and did not pay taxes, you could be in trouble. But if you don't cash in, and the dinar is held as collateral, how could you get in trouble?

I am thinking of investing in Warka with dinar to avoid the spread. I don't know what the numbers will be yet, but hopefully the gain with Warka will help to pay taxes, and whatever the spread would have been, can go towards taxes.

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HopefulTxn Newbie

HopefulTxn

Posted
Posted

HERE is the NEW DINAR THING....

Not Dinar,

Not Reserves,

AVOID CAPITAL GAINS....

Ebay now sells Dinar Sales Receipts,

just so you can save money on Taxes... what a scam...

well is it a scam of not...

That is the question...

I think it is a SCAM...

YOU DECIDE...

EBAY AUCTION - READ CAREFULLY - and SAVE (MAYBE?)

:tiphat:

Just asked someone about it and they stated, that in their opinion, it is called two federal felony's. One for the person selling the receipt as it would be intent to defraud the federal government, and count of tax fraud against the person that purchased and used it to defraud.

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Nelg Newbie

Nelg

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Posted

Consider this:

The RV takes place, but the person has only had his dinar for two months.

He takes the dinar to the bank and arranges a loan based upon the value of the dinar and using the dinar as collateral. Arrange to balloon the note at 1 year and a day after the purchase of the dinar. At one year and a day you cash in the dinar, payoff the note, and pay the tax.

1. You get the use of the money you needed.

2. You get to deduct the interest paid to the bank.

3. You paid only 10% tax on the capital gains rather than 35%, thus saving 20% of your cash in amount.

If you cash in the full 1 million at the RV (for simplicity $1 to 1D) you will pay $350,000 in taxes.

If you arrange a loan at the bank for 366 days from the time you purchased the dinar, you would save $200.000.

No one should ever consider not paying the tax, but you can plan to reduce the amount!

I have no training in taxes, tax law, or finance. So take what I write here as a possible solution, but check with you tax advisor.

Comments?

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rcrge Newbie

rcrge

Posted
Posted (edited)

hmmmm lets see ..... pay the tax and be happy with whats left ,let me elaborate , i have a friend whos mother died and left a $100000 life insurance policy ,well the thought of having to pay 43%tax didnt sit well with this person so she hires a lawyer to figure a way out of paying the tax ,well to cut the story short after paying the lawyer $9000 to try and not pay taxes well she ended up having to pay the tax after all oh and by the time she paid the tax she had to pay penalty and interest plus the lawyers fee Moral of he story pay your tax and gp about your NEW business and be happier !

Edited by rcrge
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drummerboy Newbie

drummerboy

Posted
Posted

This statement is not proven true at this moment, but on one of the calls tonight, it was stated that the UST was going to open up locations to trade in (this is 100% for sure). What is still rumor is what follows:

1. Higher rate

2. 15% tax no mater when you bought

3. You will be placed on the "NO AUDIT" list with the IRS

SO, once the RV goes public, wait a few hours or 1 day at the most and see what stories flow through here about the truth of these statements.

Again, these are not my statements, but rather something from a CC

Go RV

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cdb Newbie

cdb

Posted
Posted

The exception to this is if you absolutely had NO expenses associated with your Dinar that you "could" claim as investment expense. Since none of us got our Dinar in contemplation of an exotic vacation to the Iraqi deserts, the only way that happens is if you got it as a gift (not as an investment). Then you get capital gains treatment. (Be ready to prove it was a gift if you get audited.)

Sincerely,

Zorbyx1

So if I acquired my Dinar in Iraq while working overseas, had no added expense, no fees of any kind, I can file it as a capital gain?????

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Luigi1 Grand Master

Luigi1

Posted
Posted

All indications, your RV will be taxed as regular income when you cash out. They just can't change the rules in the middle of the game.

If you had your ID for more than a year, you will be taxed at a lower 15% long term investment rate. Under a year will be taxed at short term investment 30% rate.

If you can hold off after a year of the purchase date of your ID, you can save a lot on taxes, almost half.

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BruceP Newbie

BruceP

Posted
Posted

Thank you for the time and effort to deceipher the IRS and post it. My question would be, is there any truth to the statement , after 1 year the tax liabilities is reduced to captial gains?

Thank you,

Bruce

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kenbo Newbie

kenbo

Posted
Posted

This statement is not proven true at this moment, but on one of the calls tonight, it was stated that the UST was going to open up locations to trade in (this is 100% for sure). What is still rumor is what follows:

1. Higher rate

2. 15% tax no mater when you bought

3. You will be placed on the "NO AUDIT" list with the IRS

SO, once the RV goes public, wait a few hours or 1 day at the most and see what stories flow through here about the truth of these statements.

Again, these are not my statements, but rather something from a CC

Go RV

I heard the same CC. I don't know if this will actually happen but I will be hunting for those UST locations to check the info out first hand. It sounds like a fantastic option if available. To be cashed in..taxes paid...and not have an audit hanging over my head because I suddenly had an increase of worth. Sounds great to me!

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