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Can anyone verify this..


invest101
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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

So they want to know how much Dinar you have on the 31st of December, I suppose Dinar that has been bought from a dealer or bank who are also going to report it to the IRS.

So if you have it in your possesion you are going to pay tax on it? Lets say you had 1,000,000 Dinar . Just say it cost $1000 to buy it, you would pay 15% tax on it then? In USD I suppose.

If it then Rved a couple of months later just say, I suppose the IRS will take TAX off that as well, sort of double dipping….

So they would tax us twice on the same money. Whats wrong with this picture???

Its time to move back abroad after 15 years, as I’m English anyway :D

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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.

You mean, for dinar that rv's and is exchanged, that you have held over one year (before the rv), the flat tax of fifteen percent will be charged... the government cannot charge us for the dinar UNTIL we have realized an American profit on it can they?

Edited by invest101
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TONY TNT not only failed to give a link showing the tax form he got his intel? from but he didn't give us the verbage used on the tax form. I personally checked ALL of the tax forms for 2011 and there is no mention of foreign currency ANYWHERE. TONY TNT is either a liar, an idiot or a DEMOCRAT. Tony must be a Californian democratic granola bar, i.e. once you take out all of the fruits and nuts, all you are left with is a bunch of flakes. GO RV

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OK appears many really should read this form, appears to me that imo the most of us here will not fall into the reporting status, read this! Unless of course we do RV in 2011 and we hit the jackpot, in that case bring on the tax I am very very happy to pay it, every dime!

Married taxpayers filing a joint Valuing specified foreign financial In determining if you satisfy the

income tax return and living in the assets. The value of a specified reporting threshold that applies to

United States. If you are married foreign financial asset for purposes of you, include the value of all specified

and you and your spouse file a joint determining the total value of foreign financial assets, even if they

income tax return and do not live specified foreign financial assets in are reported on another form listed in

abroad, you satisfy the reporting which you have an interest during the Part IV. See Part IV. Excepted

threshold only if the total value of tax year or on the last day of the tax Specified Foreign Financial Assets,

your specified foreign financial assets year is the asset’s fair market value. later.

is more than $100,000 on the last day For purposes of figuring the total Joint interests. If you jointly own an

of the tax year or more than $150,000 value of specified foreign financial asset with someone else, the value

at any time during the tax year.

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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

That does not make any sense but I am no tax attorney. How can the US Gov keep telling all it's citizens to bend over and grab their ankles? Something has to be done about all this raping of the people. We need to clean up the gov. by sending all the present officials packing and that includes O. Screw the people by the gov. for the gov.!

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That does not make any sense but I am no tax attorney. How can the US Gov keep telling all it's citizens to bend over and grab their ankles? Something has to be done about all this raping of the people. We need to clean up the gov. by sending all the present officials packing and that includes O. Screw the people by the gov. for the gov.!

I wonder if he is just trying to get people to panic and dump their dinar??? hmmmm...

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Isn't Tony the same moron a few months ago that was waiting at the bank eating hotdogs, knowing for sure he would be the first one to cash in, that day? HAHAHHAHAHHA BWHAHAHHAHAHAHA, and who listens to this person. Come on Tony fans make me laugh a little harder!

Yes he is. I think he got into a LSD laced batch of hotdogs. :D He is quite the idiot, he puts out BS that can be verified as lies, what is the really sad part is some people pay that stooge and the sheep molester Dan $15 per month to be lied to.

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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..

if you already got your financial advisor's ruling, then why ask us?

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Well if they truly pay this guy, they get what they deserve!

Yes he is. I think he got into a LSD laced batch of hotdogs. :D He is quite the idiot, he puts out BS that can be verified as lies, what is the really sad part is some people pay that stooge and the sheep molester Dan $15 per month to be lied to.

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if you already got your financial advisor's ruling, then why ask us?

I was referencing the 8938 (?) form when I spoke of my advisor... this latest from tony seems to be different information than the other (8938)... THAT is why I am asking.. and isn't that why we are here.. to ask questions and bounce things off one another.. ??

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All,

I am married & I file a joint return... Lets say yesterday I bought 1,000,000 dinar at Chase bank and paid $900 US for it...Unless I decide to buy about $99,100 US dollars for Millions & Millions & Millions more in Dinar, I am fine and I do not pay taxes on it & the IRS does not need to know how much dinar I have or pesos, Krone, Euros, Pounds for that matter. If I buy $100,101 US in whatever foreign currency, then I meet that threshold, then you are NOT fine. Who among us has bought over $100K US in dinar? Not many, unless you already have millions laying around.

Now, if this RV's in 2012 and you now possess over $150K US, then when you do your taxes for 2012, you need to Recognize that and file the form.

That is how I read the IRS form. Yes I am an accountant (CPA & MBA) and yes I do read IRS filings every now and again. I am not a tax expert, I specialize in Cost accounting. But again, that is how I read it and that is my opinion.

Married taxpayers filing a joint income tax return and living in the United States. If you are married and you and your spouse file a joint income tax return and do not live abroad, you satisfy the reporting threshold only if 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.

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All,

I am married & I file a joint return... Lets say yesterday I bought 1,000,000 dinar at Chase bank and paid $900 US for it...Unless I decide to buy about $99,100 US dollars for Millions & Millions & Millions more in Dinar, I am fine and I do not pay taxes on it & the IRS does not need to know how much dinar I have or pesos, Krone, Euros, Pounds for that matter. If I buy $100,101 US in whatever foreign currency, then I meet that threshold, then you are NOT fine. Who among us has bought over $100K US in dinar? Not many, unless you already have millions laying around.

Now, if this RV's in 2012 and you now possess over $150K US, then when you do your taxes for 2012, you need to Recognize that and file the form.

That is how I read the IRS form. Yes I am an accountant (CPA & MBA) and yes I do read IRS filings every now and again. I am not a tax expert, I specialize in Cost accounting. But again, that is how I read it and that is my opinion.

Married taxpayers filing a joint income tax return and living in the United States. If you are married and you and your spouse file a joint income tax return and do not live abroad, you satisfy the reporting threshold only if 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.

Thank you Thank you Thank you... at least for that form I now have a better understanding.. still don't know where he got his latest info from regarding penalties and all but guess at this point its a moot point!

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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.

That sounds correct Capt and I am in the 15% tax bracket if this is true. Thanks!

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Tony is just another "pumper", so why listen to waht he says?? He's always wrong!

No matter in what year the RV comes when I file my tax return for that year, I will only report the net income from my dinar investment which is what Captjohn will do. I know this will put me in a high tax bracket for that year but,

hey, with what I'll receive, I'll gladly pay it. In the succeding years I will report the interest received on my money in the bank! By the way, I'm a retired federal employee living in PR so I have to file two tax returns, just as many of you do. The problem in PR is that the "state" tax is usually much more than the federal tax, so I get a "foreign income credit" on my federal return and I usually don't have to pay federal taxes".

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Invest101... we are getting scattered bits and pieces here, because your title is not noticed as well in this forum. Go to the TAX DISCUSSION FORUM! The topic will still show up in "What's New" and attract better attention. There is a lot more information there... and our local expert Mark has addressed much of this. Just a suggestion... all the best! :)

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http://taxmap.ntis.g...rms/formtoc.htm

I lost my data. DD folks, this does not apply to us unless we have large holdings in warka's or any international banks. This has been around for a while and it getting attention like it did in 2007 & 08 with the tarp. All those ceo's getting huge bonus's for failing banks. Outraged people speaking out and the same goes for the legal insider trading of the congress. It's bull! Justice in america is "Just Us" Not them. Now all of a sudden congress wants to clean up their act. WRONG! Think about this. They are only there because we let them! They need to downsize. If they don't we will continue to have serious have and have not issues, along with the "just us" Justice.

Link of IRS forms search on page for the currency forms. I can't find the exact one but there are many forms for assets that have been around for some time.

http://taxmap.ntis.g...rms/formtoc.htm

Edited by uncirculd
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