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Tax Question

ChrisGo

By ChrisGo,
in RV & Dinar Questions

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tankdude Newbie

tankdude

Posted
Posted

If your talking about the Capital Gains tax - the timeline is a year and a day. The associated percentages with those are 35% for short term, 15% for long term.

However, there is no assureance that capital gains will apply to this. Not all currency deals are covered under this section of the tax code. Many believer (as I do) that it will probably be taxed as regular income.

Check this topic - some good discussion

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skitealwedrop Newbie

skitealwedrop

Posted
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I bought my Dinar 10/13/10. Do I need just a couple of more days to make the cut-off for the short and long term investment difference? And what are those percentages?

Your question is redundant. Make an estimated tax payment of 35% to cover your potential liability. That's what I plan to do. If I get a refund, that's great. If I owe a few bucks so what. In the end you will have shown your due diligence to pay your taxes in a timely manner without penalty.

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ChrisGo Rookie

ChrisGo

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Posted

If your talking about the Capital Gains tax - the timeline is a year and a day. The associated percentages with those are 35% for short term, 15% for long term.

However, there is no assureance that capital gains will apply to this. Not all currency deals are covered under this section of the tax code. Many believer (as I do) that it will probably be taxed as regular income.

Check this topic - some good discussion

Many Thanks, thats exactly what I needed!!

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netty63 Newbie

netty63

Posted
Posted

Down here in Australia, once this thing RI/RV's.....................we don't have to pay any tax! B)

Hey that sounds fantastic ! but everyone I have spoken to here in OZ says we will have to pay 48% Tax ??? (Way toooo much) :angry:

Can you please verify your info for us as we really hope you are correct. :D

Cheers

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Adam Montana Proficient

Adam Montana

Posted
Posted

Your question is redundant. Make an estimated tax payment of 35% to cover your potential liability. That's what I plan to do. If I get a refund, that's great. If I owe a few bucks so what. In the end you will have shown your due diligence to pay your taxes in a timely manner without penalty.

Don't forget your state taxes - a lot of people do! That raises your tax liability to over 40% in most states.

Down here in Australia, once this thing RI/RV's.....................we don't have to pay any tax! B)

Whoever told you that is wrong.

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  • 1 month later...
cath601 Newbie

cath601

Posted
Posted

I hope my question is not buried too deep in this thread to get a response. I have looked for this answer for a good long time now.... Pls direct me to the answer if it is here somewhere.

To the tax attorneys out there:

I am wondering if there is a consensus on what kind of paper trail is going to be required - do I have to have receipts for all of my purchases for the IRS at tax time? What if I bought some from a friend? What if I received my dinar as a gift - or gave some as a gift? What type of receipt works when a group makes a purchase? What kind of pitfalls might there be with our paper trail?

Thanks in advance!

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Markinsa Grand Master

Markinsa

Posted
Posted

I hope my question is not buried too deep in this thread to get a response. I have looked for this answer for a good long time now.... Pls direct me to the answer if it is here somewhere.

To the tax attorneys out there:

I am wondering if there is a consensus on what kind of paper trail is going to be required - do I have to have receipts for all of my purchases for the IRS at tax time? What if I bought some from a friend? What if I received my dinar as a gift - or gave some as a gift? What type of receipt works when a group makes a purchase? What kind of pitfalls might there be with our paper trail?

Thanks in advance!

The answer to your question will be different in the OSI Forum. You may want to ask this question in there. :twothumbs:

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cath601 Newbie

cath601

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Well see that's part of the problem. I haven't decided yet if i'm going that route or not. That's why i'm asking it in a generic sort of "what's the consensus" type of question. I'm getting lots of advice that I should just bite the bullet, pay the "man" and be done with it.

If that is what I finally decide, I'd like to know what paper trail I need in those various circumstances.

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Markinsa Grand Master

Markinsa

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Posted

Well see that's part of the problem. I haven't decided yet if i'm going that route or not. That's why i'm asking it in a generic sort of "what's the consensus" type of question. I'm getting lots of advice that I should just bite the bullet, pay the "man" and be done with it.

If that is what I finally decide, I'd like to know what paper trail I need in those various circumstances.

Then to answer your question. In general, whenever you take a deduction on your tax return which will lower your taxes, you need to have support for that deduction, if you are ever audited. The support may be in the the form of receipts, bank statements, and anything else that is considered "reasonable" that will support the deduction. If you are thinking you need proof of purchase of one year or more for long term capital gains (LTCG), then yes you do need some sort of evidence that you purchased the Dinar prior to January 1st of the year you are taking the deduction. (There has been statements on here, that LTCG will not apply to the Dinar after RV, but instead it should be recognized as ordinary income and taxed at the ordinary income rate, and not the lower LTCG Rate.) If you speak with your tax accountant he will be able to give you advice on what type of evidence will suffice for the IRS.

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