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invest101

Can anyone verify this..

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I don't know where to begin so if ANYONE can legitimately verify this could you? And explain it to me..

12-21-2011 Guru TonyTNT I was a tax auditor for the state of CA before. We looked up the new tax form. On Dec 31st they want to know how much Dinar you have in your possession. Why? This is for 2011. You have to list how much foreign currency you have in 2011. This has NEVER been on a tax form before...if it RVs before Dec. 31st, if you have it in your possesion and they are going to tax it, so if you are giving it away - do it now or people will be taxed twice on the 15% flat tax...I saw the form is out today... there is a 10K fine for EVERY MONTH THAT YOU DO NOT CORRECTLY TELL THEM HOW MUCH FOREIGN CURRENCY YOU HAVE, 10 thousand dollars!!!!! EVERY MONTH...and 40% interest you will pay for not reporting it!! They have thought of everything. PAY YOUR TAXES ASAP.

Read more: http://www.another site.com/index.html#ixzz1hCxkize1

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Here's the best advice....ready??

1. Don't listen to Tony.

2. Contact and/or hire a CPA and/or a tax attorney who is knowledgeable in this area and you will be fine.

DONE!

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hahahahahahahaha tony is a tiger { ggggrrrrrrrrrrrrrr } :lol: but wait we are talking about california!!!!! it isn`t anyones busness how much we have ,,,, it will all come out when we cash in ,,, this would be under the right too private busness { i m o }

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I don't know where to begin so if ANYONE can legitimately verify this could you? And explain it to me..

12-21-2011 Guru TonyTNT I was a tax auditor for the state of CA before. We looked up the new tax form. On Dec 31st they want to know how much Dinar you have in your possession. Why? This is for 2011. You have to list how much foreign currency you have in 2011. This has NEVER been on a tax form before...if it RVs before Dec. 31st, if you have it in your possesion and they are going to tax it, so if you are giving it away - do it now or people will be taxed twice on the 15% flat tax...I saw the form is out today... there is a 10K fine for EVERY MONTH THAT YOU DO NOT CORRECTLY TELL THEM HOW MUCH FOREIGN CURRENCY YOU HAVE, 10 thousand dollars!!!!! EVERY MONTH...and 40% interest you will pay for not reporting it!! They have thought of everything. PAY YOUR TAXES ASAP.

Read more: http://www.another site.com/index.html#ixzz1hCxkize1

From my read. . .they only want to know what foreign instruments you have OVER $50,000

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this guy is an idiot...did he tell you that you only need to calim if you fulfill ALL of the requirements.......i highly doubt that anyone as of right now fulfils the last requirement being that the RV hasn't happened yet

Unmarried taxpayers living in the US: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year

Married taxpayers filing a joint income tax return and living in the US: The total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year

Married taxpayers filing separate income tax returns and living in the US: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

so unless you purcahsed $50,000 worth of dinar (pre-rv) you won't have to pay taxes on that unless it RV's before Dec 31 and become worth more that $50,000

don't take my word for it hire a professional

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Screw taxes

That's what Al Capone said too. But Taxes is the only thing they got him on.biggrin.gif

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K... I knew your opinion of Tony.. notice I didn't ask that.. I asked if anyone knew how to verify what he is claiming.. and I saw the IRS tax form and my financial advisor said it did not pertain to us as far as the dinar... stop the bashing please and just help..

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You above all should contact a tax professional and no TNT is not a professional. First the form has been around for many years (I think 2008 but may be off a year or so). Bottom line it is not a new form. Secondly as others have stated it applies to certain thresholds of foreign assets. If the RV does not happen in 2011 I dare say the form will not apply to the majority of us since the value is still at current rates. Post RV it will depend on the new exchange rate but I would expect the form will apply to a good majority. Again ignore TonyTNT (TNT-Totally Not True) and talk to a real professional

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The only thing I found referring to Foreign Currency on the 2011 Tax Forms is:

http://www.irs.gov/pub/irs-pdf/p54.pdf

http://www.irs.gov/publications/p54/ch01.html#en_US_2011_publink100047340

Foreign Currency

You must express the amounts you report on your U.S. tax return in U.S. dollars. If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U.S. dollars. How you do this depends on your functional currency. Your functional currency generally is the U.S. dollar unless you are required to use the currency of a foreign country.

You must make all federal income tax determinations in your functional currency. The U.S. dollar is the functional currency for all taxpayers except some qualified business units (QBUs). A QBU is a separate and clearly identified unit of a trade or business that maintains separate books and records.

Even if you have a QBU, your functional currency is the dollar if any of the following apply.

You conduct the business in U.S. dollars.

The principal place of business is located in the United States.

You choose to or are required to use the U.S. dollar as your functional currency.

The business books and records are not kept in the currency of the economic environment in which a significant part of the business activities is conducted.

Make all income tax determinations in your functional currency. If your functional currency is the U.S. dollar, you must immediately translate into U.S. dollars all items of income, expense, etc. (including taxes), that you receive, pay, or accrue in a foreign currency and that will affect computation of your income tax. Use the exchange rate prevailing when you receive, pay, or accrue the item. If there is more than one exchange rate, use the one that most properly reflects your income. You can generally get exchange rates from banks and U.S. Embassies.

If your functional currency is not the U.S. dollar, make all income tax determinations in your functional currency. At the end of the year, translate the results, such as income or loss, into U.S. dollars to report on your income tax return.

Blocked Income

You generally must report your foreign income in terms of U.S. dollars and, with one exception (see Fulbright Grant, later), you must pay taxes due on it in U.S. dollars.

If, because of restrictions in a foreign country, your income is not readily convertible into U.S. dollars or into other money or property that is readily convertible into U.S. dollars, your income is “blocked” or “deferrable” income. You can report this income in one of two ways:

Report the income and pay your federal income tax with U.S. dollars that you have in the United States or in some other country, or

Postpone the reporting of the income until it becomes unblocked.

If you choose to postpone the reporting of the income, you must file an information return with your tax return. For this information return, you should use another Form 1040 labeled “Report of Deferrable Foreign Income, pursuant to Rev. Rul. 74-351.” You must declare on the information return that you will include the deferrable income in your taxable income for the year that it becomes unblocked. You also must state that you waive any right to claim that the deferrable income was includible in your income for any earlier year.

You must report your income on your information return using the foreign currency in which you received that income. If you have blocked income from more than one foreign country, include a separate information return for each country.

Income becomes unblocked and reportable for tax purposes when it becomes convertible, or when it is converted, into U.S. dollars or into other money or property that is convertible into U.S. currency. Also, if you use blocked income for your personal expenses or dispose of it by gift, bequest, or devise, you must treat it as unblocked and reportable.

If you have received blocked income on which you have not paid tax, you should check to see whether that income is still blocked. If it is not, you should take immediate steps to pay tax on it, file a declaration or amended declaration of estimated tax, and include the income on your tax return for the year in which the income became unblocked.

If you choose to postpone reporting blocked income and in a later tax year you wish to begin including it in gross income although it is still blocked, you must obtain the permission of the IRS to do so. To apply for permission, file Form 3115, Application for Change in Accounting Method. You also must request permission from the IRS on Form 3115 if you have not chosen to defer the reporting of blocked income in the past, but now wish to begin reporting blocked income under the deferred method. See the instructions for Form 3115 for information on changing your accounting method.

This may apply to us:

FinCen Form 105. You must file Form 105, Report of International Transportation of Currency or Monetary Instruments, if you physically transport, mail, ship, or cause to be physically transported, mailed, or shipped into or out of the United States, currency or other monetary instruments totaling more than $10,000 at one time. Certain recipients of currency or monetary instruments also must file Form 105.

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I don't know where to begin so if ANYONE can legitimately verify this could you? And explain it to me..

12-21-2011 Guru TonyTNT I was a tax auditor for the state of CA before. We looked up the new tax form. On Dec 31st they want to know how much Dinar you have in your possession. Why? This is for 2011. You have to list how much foreign currency you have in 2011. This has NEVER been on a tax form before...if it RVs before Dec. 31st, if you have it in your possesion and they are going to tax it, so if you are giving it away - do it now or people will be taxed twice on the 15% flat tax...I saw the form is out today... there is a 10K fine for EVERY MONTH THAT YOU DO NOT CORRECTLY TELL THEM HOW MUCH FOREIGN CURRENCY YOU HAVE, 10 thousand dollars!!!!! EVERY MONTH...and 40% interest you will pay for not reporting it!! They have thought of everything. PAY YOUR TAXES ASAP.

Read more: http://www.another site.com/index.html#ixzz1hCxkize1

It is non of their business until it is worth something. The money i bought mine with was already taxed to death and 10000 dollars fine with people out of work, give me a break.

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I don't know where to begin so if ANYONE can legitimately verify this could you? And explain it to me..

12-21-2011 Guru TonyTNT I was a tax auditor for the state of CA before. We looked up the new tax form. On Dec 31st they want to know how much Dinar you have in your possession. Why? This is for 2011. You have to list how much foreign currency you have in 2011. This has NEVER been on a tax form before...if it RVs before Dec. 31st, if you have it in your possesion and they are going to tax it, so if you are giving it away - do it now or people will be taxed twice on the 15% flat tax...I saw the form is out today... there is a 10K fine for EVERY MONTH THAT YOU DO NOT CORRECTLY TELL THEM HOW MUCH FOREIGN CURRENCY YOU HAVE, 10 thousand dollars!!!!! EVERY MONTH...and 40% interest you will pay for not reporting it!! They have thought of everything. PAY YOUR TAXES ASAP.

Read more: http://www.another site.com/index.html#ixzz1hCxkize1

Why don't you post your questions in the Tax Discussion Forum... and look around in there, too. I'm not even sure what form you're talking about... but if it's the one we've been discussing for the past couple of weeks, you'll find your answers there. And, it doesn't seem to be anything that pertains to our holdings... go check it out! :)

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Here's the best advice....ready??

1. Don't listen to Tony.

2. Contact and/or hire a CPA and/or a tax attorney who is knowledgeable in this area and you will be fine.

DONE!

That is the best advice you can take.. Find a CPA or tax Attorney and start a relationship with him/her. DO NOT try and do your own taxes for the dinar with Turbo tax or the fast file stands in Wal Mart or other tax companies that set up in retail shops. Bottom line is YOU are responcible for the tax burden do not be stupid about it...

Edited by steveinfla
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Here it is : http://www.irs.gov/pub/irs-pdf/i8938.pdf

It doesn't mention dinar but it talks about foreign currency . They want to know the value of it in US dollars ! In 2011

That is the one I sent to my financial advisor (cpa, broker, etc) and she said it does not pertain to us.. He seemed to be referencing something different or I didn't read it correctly.. thanks for the help though... and I didn't post in taxes cause not everyone goes there and coming from a guru this was more rumor.. thanks again..

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If you have it yourself in December, you own it, you’re gonna be taxed on it, you’re gonna wait til January to give it to someone, you’re still gonna pay tax on it. You had it in 2011, they’re gonna get it in 2012. Whoever’s hands it in for 2011, that’s who’s gonna pay the tax.

HERE IS IT BRAND NEW TODAY – the tax form for our foreign currency!

http://www.irs.gov/pub/irs-pdf/i8938.pdf

That is the one I sent to my financial advisor (cpa, broker, etc) and she said it does not pertain to us.. He seemed to be referencing something different or I didn't read it correctly.. thanks for the help though... and I didn't post in taxes cause not everyone goes there and coming from a guru this was more rumor.. thanks again..

That's good to know !

Don't pay any attention to the last post I sent ....

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Here's the best advice....ready??

1. Don't listen to Tony.

2. Contact and/or hire a CPA and/or a tax attorney who is knowledgeable in this area and you will be fine.

DONE!

A taxable event isn't triggered until you exchange your dinar for USD and realize a profit. Either this guy is delusional or he's just a "bomb thrower". My CPA has advised me that, for dinar held over one year, I will have to pay a 15% tax on the capital gain.

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