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Is the IRS going to withhold at cash-in?

BrokeNoMore

By BrokeNoMore,
in RV & Dinar Questions

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BrokeNoMore Newbie

BrokeNoMore

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I'm wondering if on exchanges of such large amounts, if the US Gov't has put in place provisions for financial institutions to withhold?

Seems like they would be stupid not to.

If they did, they would get the money at RV, more or less. If they don't withhold, they might not see taxes on our gain until 2013!

Also, does anyone know when the taxes accrue? Is it the date of RV, or when it is cashed in?

Just tryin' to do some in advance tax planning! :D

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cricket10 Newbie

cricket10

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A few months ago, I looked up profit from foreign currency exchange on the IRS website. It gave a form you fill out with your taxes, and stated there was a flat rate of 15% federal taxes on the profit, (No mention of how long you held it).. I plan to pay the 15% at the time of cash in, through the bank, so I don't have to worry about anything. I don't know if this is correct or not and, I just thought at the time I read it, the best thing to do is pay the 15% at the time of cash in. JMO So best if you ask an expert on this. I'm just telling you what I read on the IRS site. Hope I understood it correctly and hope this helps.

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BrokeNoMore Newbie

BrokeNoMore

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Make sure you consult with a few reputable tax attorneys before you cash-in...will save you a bunch of headaches later.

I plan to do just that. I will have to cash in one note, just to hire someone :lol:

If this RVs high, say over $3, I wonder how many people will cash in and split the country, and never pay a dime, and never look back. One could retire pretty well in a third world country with that kind of money.

I'm wondering if anything but family would keep anyone in the US. Such an increasingly volatile and politically unfriendly place for people who like to work.

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Lorre Newbie

Lorre

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The IQD investment is not going to be a capital gain for us when it RVs. It will be income and taxed at the highest rate.

How can they charge income tax on this? Iraq did not pay us to work for them, nor did the State/Fed We paid income tax from our income prior to purchase. Investment tax/capital gains another story... JMO

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vietnam1969 Newbie

vietnam1969

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A few months ago, I looked up profit from foreign currency exchange on the IRS website. It gave a form you fill out with your taxes, and stated there was a flat rate of 15% federal taxes on the profit, (No mention of how long you held it).. I plan to pay the 15% at the time of cash in, through the bank, so I don't have to worry about anything. I don't know if this is correct or not and, I just thought at the time I read it, the best thing to do is pay the 15% at the time of cash in. JMO So best if you ask an expert on this. I'm just telling you what I read on the IRS site. Hope I understood it correctly and hope this helps.

I think what you are talking about is a CTR-104 Report. Currenct Transaction Report. I understand that everyone will have to have this filled out at cash in. Whether at the bank or through dealers. etc Dinartrade I am not sure for certain but I don't know if you have to give up your money then or wait until you file your taxes.

How can they charge income tax on this? Iraq did not pay us to work for them, nor did the State/Fed We paid income tax from our income prior to purchase. Investment tax/capital gains another story... JMO

If you make money in the US Uncle Sam is going to get his share. Count on it.

I think what you are talking about is a CTR-104 Report. Currenct Transaction Report. I understand that everyone will have to have this filled out at cash in. Whether at the bank or through dealers. etc Dinartrade I am not sure for certain but I don't know if you have to give up your money then or wait until you file your taxes.

If you make money in the US Uncle Sam is going to get his share. Count on it.

I read an article today that stated, if you are a US citizen whether or not you live in the US, the IRS can tax you. The abbrev. of it is the FATCA act. Just quoting what I saw.

I plan to do just that. I will have to cash in one note, just to hire someone :lol:

If this RVs high, say over $3, I wonder how many people will cash in and split the country, and never pay a dime, and never look back. One could retire pretty well in a third world country with that kind of money.

I'm wondering if anything but family would keep anyone in the US. Such an increasingly volatile and politically unfriendly place for people who like to work.

Very interesting. The IRS can follow you where ever you go, IF they find you, then you will have to pay the fiddler. Read today that 1,500 US citizens have filed for foreign citizenships this year so far. Would it be worth it in the long run to try and hide to escape paying taxes or just do it and not worry about someone tapping you on the shoulder some day??????? Something to think about!!!!!!!!!

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wineguy Newbie

wineguy

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brokenomore, No the IRS does not collect at cash-in. You pay your taxes owed on your declared income/investments on the next tax return. The % of taxes owed could be on ordinary income of the tax year you are filing a return for.

I agree with sheepdog. In addition I will be consulting with my CPA and tax attorney. I'm pretty sure it will be ordinary income but we'll see. If there a way to have it taxed as capital gains, I'm sure Adam will let us know.

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jcfrag Collaborator

jcfrag

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I know every time I go to the bank and cash anything in, they always hand me a 1099 and tell me to include it in my taxes for the year. Then at the end of the year your CPA starts calling and telling you "Lets Get together and see what we can do for the end of the year to create more write offs and or tax shelters...." blah blah blah

We had a gentleman get upset at the IRS here in Austin and the guy left his family homeless by burning down his house and then crashing his plane into one of the IRS offices in North Austin. I highly suspect the guy had the wrong CPA cause they can often work magic. Bizarre as that may sound, I think the guy just needed a professional to do his taxes.

Rule #1 Remain calm and do not over re~act.

Rule #2 Do not leave your family homeless because of your anger over money problems.... just sayin..... :unsure:

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Caye98 Enthusiast

Caye98

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If you don't personally own IQD you will have nothing tho cash-in and therefore no taxes to be paid. You might want to look into who/what, how, and where your IQD is held...Different countries have different (or even zero) tax structures in place. May be time to retire and relocate before RV occurres?

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Carrello Rising Star

Carrello

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I plan to do just that. I will have to cash in one note, just to hire someone :lol:

If this RVs high, say over $3, I wonder how many people will cash in and split the country, and never pay a dime, and never look back. One could retire pretty well in a third world country with that kind of money.

I'm wondering if anything but family would keep anyone in the US. Such an increasingly volatile and politically unfriendly place for people who like to work.

When cashing in, you must complete a form for the government, and anyone that plans on turning the currency in for credit, will need forms to match funds. Depending upon the value of the note exchanged and the value, a bank is more than likely, not going to hand you cash, and will transfer electronically to your account. If the transfer is over $10,000, it raises red flags to the bank and the government due to terrorism laws.

Wherever you go, the government can find you. I am going to pay my 35% in taxes and move on with my life. Considering what many soldiers have paid for me to have this windfall, that is the least I can do. Think of it as monies paid towards soldiers' pay and medical expenses.

A fear I would not want to carry around is this: I have hypothetically 4 million from the RV, living the high life, did not pay my taxes, I turn 80 years old, I check my mail one day and there is a letter from the IRS stating I owe taxes, 35% on 4 million, $1.4 million in taxes and a decade or two later, the interest is $400,000, totalling $1.8 million and if I don't pay, I go to jail, The state has not sent me their letter yet, but they work hand in hand with the Fed, so the letter should arrive in a week or two, and that will add another $200,000 or $300,000 to what I owe. So now I owe $2 million and I already bought 3 houses for a total of 2 million, 2 cars for a total of $100,000, vacations, men and booze, and I now have nothing.

The government takes all of my assetsf and I have nothing by memories. Now I am 80, and I am eating cat food and living on $1124 month from Social Security.

Scary!

This still has NOT been proven at this time to be true.

Go to the Tax Forum, or search for ExecConsult, who is an attorney that has contacted the IRS regarding our question of capital gains vs. income. His name is Mark and he is a dinar holder. He is on our side. Mark think it is regular income, rectantly, but he thinks it will be taxed that way.

Pay the tax, whatever it is, and if you get a refund, so be it. But don't screw around with it. You won't win.

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Hawaii 50 Newbie

Hawaii 50

Posted
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I think what you are talking about is a CTR-104 Report. Currenct Transaction Report. I understand that everyone will have to have this filled out at cash in. Whether at the bank or through dealers. etc Dinartrade I am not sure for certain but I don't know if you have to give up your money then or wait until you file your taxes.

If you make money in the US Uncle Sam is going to get his share. Count on it.

I read an article today that stated, if you are a US citizen whether or not you live in the US, the IRS can tax you. The abbrev. of it is the FATCA act. Just quoting what I saw.

Very interesting. The IRS can follow you where ever you go, IF they find you, then you will have to pay the fiddler. Read today that 1,500 US citizens have filed for foreign citizenships this year so far. Would it be worth it in the long run to try and hide to escape paying taxes or just do it and not worry about someone tapping you on the shoulder some day??????? Something to think about!!!!!!!!!

That CTR-104 is filed when you withdraw money in the amounts of $10.000.01 or more in one single banking day not when you cashin your Dinar. I was a branch asst manager for a very long time . We had to know that otherwise we could get the bank in big trouble for not reporting that i've seen people get fired over it supposed to stop money laundering and terrorist, drug dealers, etc.
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