Question about taxes

by Catherine Fri Nov 11, 2011 4:40 pm

I have heard a lot about a 15% and a 35% tax we will have to pay depending on how long we have had our Dinars-I think? So if I have not had mine a full year (close!) and it RVs will I have to pay 35% and if Joe Schmoe had his for one year and one day will his be a measely 15%???

by Azure Fri Nov 11, 2011 4:58 pm

So what happens if you are like me and have given up on things and have not filed since 2008?

by Catherine Fri Nov 11, 2011 5:02 pm

:shock: OH S%*T!

by **Terbo56** Fri Nov 11, 2011 5:02 pm

You may want to speak with your tax rep in regards to your tax situation, but, IF I remember correctly, you have 3 years to file,uless the time period has been longer- Just make sure- Terbo

by Catherine Fri Nov 11, 2011 5:08 pm

Thanks Terbo and congrats again!

by Guest Fri Nov 11, 2011 5:15 pm

Talking with a reputable tax adviser, attorney, CPA in this area of currency exhange law is definitly a must. I researched the current tax laws and found that you have an election. You can elect to file and pay according to last years % paid or you can elect to pay on the Capital Gains of 35% if under a year and 15% if over a year. AJ

by Guest Fri Nov 11, 2011 5:17 pm

Azure wrote:So what happens if you are like me and have given up on things and have not filed since 2008?

well, I would say you "may" have some problems. I would consult a tax attorney for sure!

by Catherine Fri Nov 11, 2011 5:20 pm

Did I just delete my own post?!?! LOL I found it-on AJ's post?!?! lol!

by **Terbo56** Fri Nov 11, 2011 5:21 pm

Catherine- Thanks- I can't believe it myself!! Terbo

by Catherine Fri Nov 11, 2011 5:22 pm

AJAnderson wrote:Talking with a reputable tax adviser, attirney, CPA in this area of currency exhange law is definitly a must. I researched the current tax laws and found that you have an election. You can elect to file and pay according to last years % paid or you can elect to pay on the Capital Gains of 35% if under a year and 15% if over a year. AJ

Definitely good advice about getting a CPA, tax attorney and all of them but...for now-I heard right? The longer I own them before the illusive RV! the better it is for me tax-wise (only 15%?) vs it RV-ing now and then it would be 35% since it has not been a full year since I bought them? SLOW DOWN RV!!! lmao.

by **Terbo56** Fri Nov 11, 2011 5:23 pm

Indeed,indeed!! Terbo

by Guest Fri Nov 11, 2011 5:26 pm

Catherine wrote:Did I just delete my own post?!?! LOL I found it-on AJ's post?!?!

Ok, don't get nervous, I fixed it. AJ lol!

by Catherine Fri Nov 11, 2011 5:28 pm

AJAnderson wrote:
Catherine wrote:Did I just delete my own post?!?! LOL I found it-on AJ's post?!?!

Ok, don't get nervous, I fixed it. AJ

So did I! I am not used to that edit option mods get! I have done that twice now!!

by **Terbo56** Fri Nov 11, 2011 5:33 pm

Catherine- Explain , please, about the I.P address thing, don't know what that's all about?? Terbo

by Catherine Fri Nov 11, 2011 5:37 pm

terbo56 wrote:Catherine- Explain , please, about the I.P address thing, don't know what that's all about?? Terbo

No clue! I have only been a mod for less than 24 hours I think! You may want to ask Miske or AJ? Actually I just clicked on it-try clicking on your IP button-it will explain a lot. It is used to catch people using a few different screen names and it can show whether or not they are all coming from one same person or not. That's as much as I can figure now.

by besh Fri Nov 11, 2011 5:44 pm

IP address can be highly unreliable especially if one has dynamic one or use mobile device like iphone {where remote ip shows the same for multiple users}

Catherine wrote:
terbo56 wrote:Catherine- Explain , please, about the I.P address thing, don't know what that's all about?? Terbo

No clue! I have only been a mod for less than 24 hours I think! You may want to ask Miske or AJ? Actually I just clicked on it-try clicking on your IP button-it will explain a lot. It is used to catch people using a few different screen names and it can show whether or not they are all coming from one same person or not. That's as much as I can figure now.

by **Terbo56** Fri Nov 11, 2011 5:45 pm

Thankyou, Catherine, I appreciate it- Terbo

by **dinarstar** Fri Nov 11, 2011 5:52 pm

Catherine wrote: :shock: OH S%*T!

by SEBtopdog Fri Nov 11, 2011 5:52 pm

terbo56 wrote:Catherine- Thanks- I can't believe it myself!! Terbo

Hey, terbo, I see congratulations are in order! Remember I asked if you'd be promoted after you went over 1,000 posts? I wish I were as good at predicting the RV as I am at predicting your promotion! Well deserved, my friend!

by **Terbo56** Fri Nov 11, 2011 5:56 pm

Sebtopdog- Thankyou so much,it means alot to have you say that,I really appreciate it!! Terbo Ps- The RV will be here b 4 we know it !! God bless!!

by Guest Fri Nov 11, 2011 6:10 pm

SEBtopdog, check you PMs. AJ

SEBtopdog wrote:
terbo56 wrote:Catherine- Thanks- I can't believe it myself!! Terbo

Hey, terbo, I see congratulations are in order! Remember I asked if you'd be promoted after you went over 1,000 posts? I wish I were as good at predicting the RV as I am at predicting your promotion! Well deserved, my friend!

by **Terbo56** Fri Nov 11, 2011 6:17 pm

Thankyou again 4 everyone's support and for my acceptance to the Okie Oil Man site,and also to the Administrators who made this possible- Again, thanks to all- Terbo

by Catherine Fri Nov 11, 2011 6:42 pm

dinarstar wrote:

Catherine wrote: :shock: OH S%*T!

LOL that was my only reply to Azure's comment earlier!!!

by SEBtopdog Fri Nov 11, 2011 6:49 pm

Catherine wrote:
terbo56 wrote:Catherine- Explain , please, about the I.P address thing, don't know what that's all about?? Terbo

No clue! I have only been a mod for less than 24 hours I think! You may want to ask Miske or AJ? Actually I just clicked on it-try clicking on your IP button-it will explain a lot. It is used to catch people using a few different screen names and it can show whether or not they are all coming from one same person or not. That's as much as I can figure now.

Hi Catherine: Apparently the IP address isn't an absolute indicator. I was somehow mistaken for a miscreant by the name of chozen1. Honest, officer, I swear it wasn't me!

by **Terbo56** Fri Nov 11, 2011 7:02 pm

My I.P. address shows me a twisted dumpster, a busted fence,and a burned out stolen pickup truck- Go figure- No, it's not mine- LMAO!! Terbo

by pgo Fri Nov 11, 2011 7:29 pm

Hey Catherine and Terbo, congrats to you both on your promotion to Mods. Glad to have you there.

For awhile, with few mods, thought maybe we could all play without rules for awhile, no worries of interference, but AJ was everywhere all at once! And now we've got you guys! JK. Laughing

by SEBtopdog Fri Nov 11, 2011 7:40 pm

]quote="terbo56"]My I.P. address shows me a twisted dumpster, a busted fence,and a burned out stolen pickup truck- Go figure- No, it's not mine- LMAO!! Terbo[/quote]

lol!

Hilarious!

by Catherine Fri Nov 11, 2011 7:49 pm

:cheers: CONGRATS MY FRIEND SEB!!! I TOLD YOU YOU SHOULD BE NEXT!!! WOOOO HOOOOOO!!! :cheers:

Guess that font was a teensie big!!??!! I am still struggling to get the fonts/colors/sizes to work on the 1st try!!! or the 5th!

by SEBtopdog Fri Nov 11, 2011 7:54 pm

Thanks, Catherine! I'm looking forward to some fun and to help in any way I can. If we all link arms and stay very positive we'll keep our sanity through this zany ride to the RV/RI!

P.S.....Nothing wrong with BIG. Makes quite a statement :o

by **Terbo56** Fri Nov 11, 2011 7:58 pm

pgo- Thanks 4 the sentiment,And we'll do our best to keep it together- Terbo

by **Terbo56** Fri Nov 11, 2011 8:01 pm

Sebtopdog- Welcome to our house,cupcake- congrats on your acceptance to the Okie Oil Man family! This is gonna b a Blast!! Luv ya, Terbo

by SEBtopdog Fri Nov 11, 2011 8:19 pm

terbo56 wrote:Sebtopdog- Welcome to our house,cupcake- congrats on your acceptance to the Okie Oil Man family! This is gonna b a Blast!! Luv ya, Terbo

Thank you, kind sir. There's a terrific energy on this site. I feel lucky to join such a delightful group! Let the good times roll !! Go RV/RI!!!

by **Terbo56** Fri Nov 11, 2011 8:24 pm

:cheers:

Sebtopdog-You are super welcome- we'll let'er roll 'til the wheels are gone, and then some!!! Terbo

by pgo Fri Nov 11, 2011 8:29 pm

Seb,

Hey, congtrats to you also your mod status! Glad to see you here as a mod. You have become part of a great group of people.

by happywelshguy Fri Nov 11, 2011 8:46 pm

There is a lot of different beliefs and opinions about this question.

It's very much like the RV process, much speculation and rumor, but as yet "Despite Best Efforts" of the Guru's, none of the information has yet, been proven as correct.

I would seek the advice of a professional CPA or, Tax Attorney, after the RV have occurred

bounce

uote="Catherine"]I have heard a lot about a 15% and a 35% tax we will have to pay depending on how long we have had our Dinars-I think? So if I have not had mine a full year (close!) and it RVs will I have to pay 35% and if Joe Schmoe had his for one year and one day will his be a measely 15%???[/quote]

by **roadglide** Fri Nov 11, 2011 8:55 pm

Very few CPA's really understand the real tax laws. Take this fun quiz and find out the whole truth. http://howyoubecomeliable.com

by happywelshguy Fri Nov 11, 2011 8:57 pm

Well, being very positive, I hope that you will have nothing more to do, than file past years.

Unfortunately, when dealing with the Gov't, who is insanely in debt, they may want to do a "Major Tax Grab" and Audit you, for the past several years.

I think they can go back seven (7) years, if not more.

I sure hope that won't happen to you, as it's extremely stressful.

Make sure that you get a Very Good CPA and Tax Attorney

Crying or Very sad

Azure wrote:So what happens if you are like me and have given up on things and have not filed since 2008?

by Azure Sat Nov 12, 2011 2:16 am

anyone seen the movie Freedom to Fascism by Tony Russo?
it addresses some issues most are not aware of about our Favorite agency.
I quit because the wife left took the kids and everything else I had didn't have much work, being single filing single I owed big dollars that year so I said forget it I m done with life, I couldn't even afford turbo tax to do them, so I work for cash now, life is simple with my bed on the floor of an empty house the bank says they own, barely making the bills.
I hoping it will all go under before they look for me, right now I'm noncollectable right where they want us all "in debt".

by uhu Sat Nov 12, 2011 2:48 am

to NOT file a tax return is NOT criminal,,,,,,just make sure what you do file is accurate

by 1alaskan Sat Nov 12, 2011 3:45 am

Catherine wrote:I have heard a lot about a 15% and a 35% tax we will have to pay depending on how long we have had our Dinars-I think? So if I have not had mine a full year (close!) and it RVs will I have to pay 35% and if Joe Schmoe had his for one year and one day will his be a measely 15%???

Cat,

I have printed out all I have read on this site and other, plus IRS publications. I have the info at back home and will get it together next week and get it posted.

There is a ton of theories as to which rate will apply, some folks saying they have a "certified ruling" from the IRS, but none have surfaced as of yet.

But I'll get it out asap.