Capital Gains Tax question

by Gman1958 Mon Dec 26, 2011 2:40 pm

I am sure this has been hashed over A LOT, but I seem to have missed it. My question is what will CGT be 15% - 35% or what and will there be any UST tax and if so how much?

I live in Texas so as far as I know the only taxes I would be liable for would be U.S. taxes. Of course this is only IF we ever are able to cash in.

:?: Capital Gains Tax question 761671673

by ntvtexan Mon Dec 26, 2011 3:00 pm

Well Gman...so far it sounds like it will be flat rate 15% until end of 2011. Thus the hurry to cash in before end of 2011...if possible.

But the big 'O' will most likely still try to impose his will upon us in 2012 with the Millionaires Tax, if he can get it. That may take us up to a range as high as 48% ! Plus any bank fee's, 12% Twisted Evil

so far from PERSONAL cash in experience !!!

That could be up to 60% affraid

just in taxes and fee's in Texas, with NO state tax !

That's why it's a MUST that everyone negotiate the cash in fee/rate with any bank or trader they use.

But we can burn THAT bridge when we get to it.

As always...this is not Legal tax advice, consult your OWN professional for any actual information, feed the dog, neuter the cat, and bring me one of those BEAUTIFUL Bass you're holdin' in your picture !!!!!! Where was that caught?

by Gman1958 Mon Dec 26, 2011 3:28 pm

THANKS NtvTexan, I do have a Tax Attorney I have communicated with and will go see him before I cash in,,,big IF in there,,, I was just wondering if the 15% thing I have heard was real,,,sounds to good to be true,,,I guess we will all see in just a few more days.

As far as the Large Mouth Bass goes ,, The picture was taken on Lake Fork really close to Alba, Texas. Lake Fork has been publicized as the "Large Mouth Bass capitol of the World" it is a normal day to catch 10 to 15 HAWGS a day ranging from 6 to 9 lbs, Fork held the State record for a long time, I can't remember what it weighed in at but it was a monster fish.

I usually just catch and release when I get the chance to go ,,, but do put a few in the freezer, it's a nice change from Catfish at times.

Thanks for the Info,, I wouldnt care if I had to pay 75% back in taxes and fees if it would just RV!!!!!!!!

10% would be really nice though!!

by Bikertrash Mon Dec 26, 2011 4:32 pm

"Well Gman...so far it sounds like it will be flat rate 15% until end of 2011"
I have spoken with a CPA several times who also hold dinar. There has been "ABSENTLY NOTHING" in IRS official publication stating it will be a flat 15% capital Gains tax. Just opinion and BS on the web. GET PROFESSIONAL ADVICE THE GURU'S ARE NOT PROFESSIONAL ADVICE.

by gp cobb Mon Dec 26, 2011 5:08 pm

I agree Gman, still several of us my use alternatives. Not everyone fits in the same tax box. Unemployed and Senior Citizens, Farmers, Business man, Regular income, quarterly estimates. I can go on but I'm sure AJ will jump in and finish it correctly, and as always, YMMV. JMO

by Guest Mon Dec 26, 2011 5:43 pm

47% as a single person in MA would be the most one would have to pay, but with the right entities filed in the right State before cash in, the entity could pay as little as 4% and no more than 11%. As corporations right now have more deductions than a Private Citizen. Imagine that! when it should be the other way around! This is how the rich get richer and the poor get poorer. AJ

by Gman1958 Mon Dec 26, 2011 6:32 pm

Thank you all for the info, like I said I'd be happy to pay 75% if it ment the RV has happened,,,25% is better than where I am now,,,

Thanks again

Gman

by **dinarstar** Mon Dec 26, 2011 8:44 pm

AJAnderson wrote:47% as a single person in MA would be the most one would have to pay, but with the right entities filed in the right State before cash in, the entity could pay as little as 4% and no more than 11%. As corporations right now have more deductions than a Private Citizen. Imagine that! when it should be the other way around! This is how the rich get richer and the poor get poorer. AJ

After RV I am sure you will share some of this with us,I will pay my taxes,but I want to keep as much as legally can Wink

by Guest Mon Dec 26, 2011 9:28 pm

I am going to share some of this in my Asset Protection Class. AJ

dinarstar wrote:
AJAnderson wrote:47% as a single person in MA would be the most one would have to pay, but with the right entities filed in the right State before cash in, the entity could pay as little as 4% and no more than 11%. As corporations right now have more deductions than a Private Citizen. Imagine that! when it should be the other way around! This is how the rich get richer and the poor get poorer. AJ

After RV I am sure you will share some of this with us,I will pay my taxes,but I want to keep as much as legally can

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