Taxes Taken Once The Dinar RVs

[zoomzoom]

Is it just me, or does anyone else think the taxes that will be taken out, once you exchange your Dinar, ridiculous???... We get taxed hard on everything else, why can't we get a break on something like this? Isn't the government paid enough?!?!?!

We are just sheep to be sheared. Haven't you figured this out yet. Politicians as they are don't give damm about any of us

[zoomzoom]

First of all, I think Krugman is a liberal stooge. The GOV. will only go as far as it's people will let them. And so far we have let the government through the IRS, rape us. But there is a backlash coming, and it will NOT be fought with words. If you are working for the IRS, be very afraid for your life. This is not a threat from me, I'm just watching the mood of the American public with their backs against the wall, ready to snap.

Mongo, its already started !

[jJones]

Just pay the IRS or you may find yourself buying a small airplane to fly at them later.

[sarah77]

just invest in real estate after you cash in you dont pay any capital gains on money reinvested before tax time that year. And I have always payed my taxes in april for over 30 years. I will be investing in real estate most all I get to beat the short term cap gains and just sit on the real estate for a year or longer to get down to short term cap gains

[Mongo]

just invest in real estate after you cash in you dont pay any capital gains on money reinvested before tax time that year. And I have always payed my taxes in april for over 30 years. I will be investing in real estate most all I get to beat the short term cap gains and just sit on the real estate for a year or longer to get down to short term cap gains

States are going to, some have already, raised property taxes 34% most states are broke and are looking for MO money. They are looking at property owners, with a wolves hunger in their eyes.

[Mongo]

Just pay the IRS or you may find yourself buying a small airplane to fly at them later.

A group of dinar investors

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[glennmorr]

I believe income averaging is an option. Check with your tax consultant. If you don't have one, this is a good time to get one!

[bobstick]

Only 35 % is tax !!!!! Gee whiz!!

[Muhammad]

Hey, dudes & chicks, why not consult taxguy(username of someone) in our blog by pm him? Adam may help you do that. taxguy once told me he could help people find ways to minimize their tax problems. I believe there's no harm done by asking him.

[Dryden01]

Refer to http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States for information on capital gains taxes: The size of your capital gains tax will depend on your ordinary tax rate. If you make under $8,300 then you are in the 10% category. If you make under $33,000 you are in the 15% category. Because of the Bush "tax breaks for the rich," these two tax groups pay NO capital gains taxes on long term capital gains and 10% and 15% rates repectively on short term capital gains. When the Bush tax cuts expire at the end of 2010, the new Obama rates will go into effect and hope and change collapses on the poor and lower middle class as usual since the rates go up significantly. Unless we want the Obama Administration controlling our business choices, we better hope that the Bush tax cuts that favor the rich are extended to benefit the poor because the Obama Administration doesn't really care about the poor.

[bobstick]

What if your income has been only soc. security... less than $12,000. ????????

[pegsue]

Another option for keeping a little more of your money out of Uncle Sams hands is if you tithe (which I do) be sure to hold out the 10% in dinar to give to your church or whatever institution you normally give to. You give them the dinar to cash themselves. You still get credit for the donation amount that they cash it in for but nobody pays any taxes on it. The savings for you can add up to a substantial amount and will give you a tax write off as well. People do it with stocks all the time. This is no different - I checked with my CPA.

[Muhammad]

A group of dinar investors

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私の同胞! Mongoの自爆犯が来ているのでここに隠しなさい! それはディナール投資家のグループではない! 彼はある!

My fellow countrymen! Please hide here because Mongo's suicide bombers are coming! That is not a group of dinar investors! He lies!

[sos]

Another option for keeping a little more of your money out of Uncle Sams hands is if you tithe (which I do) be sure to hold out the 10% in dinar to give to your church or whatever institution you normally give to. You give them the dinar to cash themselves. You still get credit for the donation amount that they cash it in for but nobody pays any taxes on it. The savings for you can add up to a substantial amount and will give you a tax write off as well. People do it with stocks all the time. This is no different - I checked with my CPA.

Better get yourself another CPA then. You are holding cash, not a check which is promisary note where the issuer holds the sum illustrated on the check until you cash it or redeeem it. The cash you hold just happens to be a different currency from US dollars. When the value changes, up or down, it is a gain or loss at that moment. You are not cashing a check, you are exchanging the currencey. Your tax obligation is based on the value of that asset represented in US dollars, even if still held as dinar, at the end of that tax year.

[Roshell]

I agree with you on that.

[Muhammad]

Try asking Obama and see what he says!!!

Qman, you need to queue up behind us if want to try asking Obama as well!

[gregg450]

I went to Fifth Third Bank here in Cincinnati, Ohio this morning, and I ask the Branch Mgr. if she had ever heard of anyone having to pay taxes on exchanging currency of a sizable amount. She said she has never heard of anyone getting taxed for exchanging currency. She also said she has never had to report it, because she would know who to report this to. Subject closed.

I think according to IRS Tax Code, anything on a currency exchange where to profit is over 200.00 would have to be reported. If you are just doing an exchange dollar for dollar it would not.

[dvsduo]

If I pay off my mortgage, does that qualify as reinvesting my money so that I don't have to pay capital gains?

[glennmorr]

I was told that I will need to fill out a tax form at the time of exchange (fincen104?). The exchange dealer or bank will file it so there will be a record with the IRS.

[sos]

I went to Fifth Third Bank here in Cincinnati, Ohio this morning, and I ask the Branch Mgr. if she had ever heard of anyone having to pay taxes on exchanging currency of a sizable amount. She said she has never heard of anyone getting taxed for exchanging currency. She also said she has never had to report it, because she would know who to report this to. Subject closed.

Let me just open the subject that you just closed to point out that if you presented your question to her the way you phrased it here then her answer would be correct but the information you are trying to derive from your question would not be correct. She is correct in saying that there is no tax on exchanging currency in any amount. However, if you experienced a gain (from the revaluation of the dinar in this circumstance), then there would be a tax on the amount realized. It is not the banks responsibility to withhold taxes or to determine if you experienced a gain at all.

More over, you do not need to even exchange the dinar, as you may still be holding the dinar at the end of a tax period after it has increased in value, and you will owe taxes on the gain in value, reflected in US dollars, at the end of that year. You are holding cash and not a check so there is no “cashing in” the dinar; it is simply exchanging the currency dinar for US dollars.

People want to discount the importance of how posts are crafted, written and constructed, but if you cannot accurately convey what it is that you need to know, or do in fact know, and then you leave room for understandings based on misunderstandings.

[stevethecloser]

As Far as taxes you should setup a corporation in vegas if you don't then you will pay not only capital gains but personal taxes as well and that can be as high as 42% because of the amount as you are getting I have a guy in vegas and he has an office in vegas whom can open it for you if interested then send me an e- mail and i will send him to you in the form of an e- mail but yes you can wait until the end of next year but if you spent UNcle sams money ther is free room and board at Leavenworth where you will learn about your new sex life and I don't look good in a dress and calling some guy my husband, forget that.

But Good luck family

[birdlady]

Thanks Sexydinar - that site was soooo interesting.

[clkelle]

ridicilious!!!!!!!!!!!!!!!!!!!!isn't it.

[Mongo]

私の同胞! Mongoの自爆犯が来ているのでここに隠しなさい! それはディナール投資家のグループではない! 彼はある!

My fellow countrymen! Please hide here because Mongo's suicide bombers are coming! That is not a group of dinar investors! He lies!

Sorry dog your........NOT going to hollywood

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[NotReallyTex]

Stupid question......but as far as short term and long term. Will it go by calender year or? I bought mine late last year but if it RV's in the next month it would be only a few months.

Will that be considered short or long term?

Thanks