15% tax on cash in or 35 - 40% standard tax rate?

[RobLe]

Hi All,

I am looking for information on once we cash in our dinar on paying taxes. I have heard several reports that the government may give you a tax break if you pay your taxes within a 30 day period. I was told that it would be at 15%.

I have also read where one will have to pay standard income tax on the sale of dinar and you will be taxed somewhere around 35 to 40%.

Does anyone know the real truth? Has anyone spoken with Government officials or Professional Tax Accountants that can share with us this information?

Thanks,

[fastarnie]

I'm not a tax guy, but I believe Adam has said 35% fed. plus state tax if your state has an income tax.

[Joe P]

Absolutely EVERYONE is guessing. So prepare for the highest, and delight if it is lower. Now there is a fact.

[Laid Back]

If the IRS Charge 35% ......I believe A LOT of people will do the cash in outside US

IMHO

[mqchau]

I pay 35% already...so this will be nothing new. It sucks but nothing new.

I hope it just happens soon. Go RV! I'm tired of being in Afghanistan!

[gatoraces]

if it doesn't lop and we get a buck or more, i don't give a damn if they want half of it.

[davenfl]

If the IRS Charge 35% ......I believe A LOT of people will do the cash in outside US

IMHO

even if you cash in o/s us, as a us citizen you are responsible for paying taxes on all your income no matter where it is earned. so flying overseas won't help unless you want to leave the money there and file a fraudulent return

[fastarnie]

If the IRS Charge 35% ......I believe A LOT of people will do the cash in outside US

IMHO

IMHO I think A LOT of people will end up in jail. Kinda like Willie and Wesley.

[Patientlywaiting2]

IMO---just pay the tax and go one with your life. No matter what the amount is that is left after taxes, it's still more than you had before the RV. Don't bash me please, just stating my opinion.

[gatoraces]

IMO---just pay the tax and go one with your life. No matter what the amount is that is left after taxes, it's still more than you had before the RV. Don't bash me please, just stating my opinion.

the ones who would bash you are the ones who will end up in jail like willie and wesley.

[Roadie]

I pay 35% already...so this will be nothing new. It sucks but nothing new.

I hope it just happens soon. Go RV! I'm tired of being in Afghanistan!

35%, you must be one of THOSE who don't pay their fair share according to O.

[Atheist]

Hi All,

I am looking for information on once we cash in our dinar on paying taxes. I have heard several reports that the government may give you a tax break if you pay your taxes within a 30 day period. I was told that it would be at 15%.

I have also read where one will have to pay standard income tax on the sale of dinar and you will be taxed somewhere around 35 to 40%.

Does anyone know the real truth? Has anyone spoken with Government officials or Professional Tax Accountants that can share with us this information?

Thanks,

Takes you by the hand and walks you over to the window marked Tax Discussion. Try reading before you ask a question that has been asked a gazillion times.

[Dysan23]

Baby steps.... Lets get past the other 5 million obstacles.....

[Laid Back]

Looks like Non us citizen are in advantage at the time of cash in.

[Carrello]

Absolutely EVERYONE is guessing. So prepare for the highest, and delight if it is lower. Now there is a fact.

Wow. Absolutely EVERYONE.

Well, I guess I should get the $135 that I paid a CPA and the $275 for a tax attorney to give me tax information returned to me, because they told me this will be taxed as ordinary income and my bracket, if cashed in all at once, will be 35% for federal. I am a corporation in a tax free state, so I will not have any state tax.

Wow. Absolutely EVERYONE. Maybe my professionals need some brush up classes.

IMO---just pay the tax and go one with your life. No matter what the amount is that is left after taxes, it's still more than you had before the RV. Don't bash me please, just stating my opinion.

I agree with you. I don't want to be worried everytime I pick up the mail or the phone rings. My nightmare is avoiding taxes fraudulently and getting caught. I amliving in my new home, sitting pretty, tipping martinis, and the door bell rings and it is the Tax Man. They take my home, my pretty, and the martini. I end up eating dog food. The fines and penalties, and interest eat up any cash or assets I had. Not worth it. Pay your taxes. Be proud that you can help get this country back on track.

[jjjerry]

Go to IRS.Gov see if that will help

[NWGUY]

Don't mess with the IRS!!! This is going to be a big profit no matter what. Be happy with your return, and make it up on your investments, after cash in, and taxes.

Go RV!!!

[cooperwaits]

I had the same question tonight, I wanted answered. Look in the Investment forum on DinarVets, and you will find what you are looking for. I take it we have to pay 35%. Don't want to mess with the IRS.

[magawatt]

I believe that for mortals, dinar income is 35%. For a Currency Broker I believe it is treated as a capital gain and taxed at 15%.

My question is: how involved is it to become a currency broker? Can you get a license on the internet the same as a ordained minister ($25?), or do you need to pass an exam like a CPA or CPCU? Would such a strategy be valid if you already own the currency you are exchanging? I'd gladly invest in some classes to save 20% of my investment.

[Carrello]

I believe that for mortals, dinar income is 35%. For a Currency Broker I believe it is treated as a capital gain and taxed at 15%.

My question is: how involved is it to become a currency broker? Can you get a license on the internet the same as a ordained minister ($25?), or do you need to pass an exam like a CPA or CPCU? Would such a strategy be valid if you already own the currency you are exchanging? I'd gladly invest in some classes to save 20% of my investment.

If it were simple, I would be a currcy broker. You must really like stripes and enjoy sharing bunks with a buy named Bubb. You are looking for real trouble.

[debbieb40]

IMO---just pay the tax and go one with your life. No matter what the amount is that is left after taxes, it's still more than you had before the RV. Don't bash me please, just stating my opinion.

I agreee, pay all of the taxes and be happy. Glass half full is a happier life than glass half empty. just my thoughts. No bashing

[magawatt]

To follow up on my own question: A bit of Googling shows that... " A broker's function is to arrange contracts for property in which he or she has no personal interest, possession, or concern."

I could do a pretty convincing job that I had no interest or concern about what I was doing- it's the possession that would trip me up.

But this just leads back to the question of who is elgible to only pay 15% tax on income?

Edited September 7, 2011 by magawatt

[Mrose001]

Capital Gains Taxation: Federal and State

What is capital gains income?

When a taxpayer sells a capital asset, such as stock holdings, a home, or longer-lived business assets, the difference between the amount realized on the sale and the taxpayer’s basis is either a capital gain or a loss. The taxpayer’s “basis” is usually what the taxpayer paid for and invested in the asset, less any depreciation deductions claimed for business assets. Special rules apply to assets received as a gift or through inheritance.

What are short-term and long-term gains and losses?

The gain or loss on an asset held for more than one year is considered “long term.” If the taxpayer disposes of an asset after holding it for a year or less, the gain or loss is “short term.”

How does the federal government tax capital gains income?

The maximum federal income tax rate for most net long-term capital gains income is 15 percent in tax year 2011. There is no tax on capital gains income in 2011 for taxpayers in the 10 percent or 15 percent bracket for ordinary income—in tax year 2011 the 0 percent rate applies for married joint filers with taxable income under $69,000. The amount of net capital gains income that qualifies for the maximum 15 or 0 percent rate is the long-term capital gain after subtracting both long-term capital losses and net short-term capital losses (i.e., in excess of short-term capital gains). Short-term capital gains do not qualify for the preferential federal rates but are taxed as ordinary income.

Are there higher rates for certain kinds of income?

Three exceptions to the maximum 15 and 0 percent federal rates apply:

• The portion of the gain from qualified small business stock is subject to a maximum 28 percent rate (up to 50 percent of the gain on the sale of this stock may be excluded from taxable income entirely)

• The net capital gain from selling collectibles (such as coins or art) is subject to a maximum 28 percent rate

[countryroads]

You have 2 choices with the IRS. A hand shake or handcuffs

Edited September 7, 2011 by countryroads

[joedee2004]

you can always post your quetion on d.v. and adam well answer you..