Just a thought or two about the current state we are in...

Humm! 2011 Taxes... Just think about it... What if they RV before 2012 even by a few minutes and you have to show in 2011 Taxes the amount you have and then for the 2012 Tax year
you are taxed [capital gains - higher rate]on the amount based on your 2011 taxes.

Example like... 1180 cost for 1,000,000 IQD say RV rate 3.75
that then at 11:59pm you would have 3,750,000 USD...

then through the new [if it is true] you would have to declare the total amount on 2011, but cashing in in 2012 the full amount... say 3,750,000 and then have to declare it on the 2012 taxes with the amount of last year to determine your 2012 taxes

humm, now no new tax law needed to get passed to get more taxes out of those that have dinar. Just a thought that me a a few in my group have discussed.

p71rock wrote:Humm! 2011 Taxes... Just think about it... What if they RV before 2012 even by a few minutes and you have to show in 2011 Taxes the amount you have and then for the 2012 Tax year
you are taxed [capital gains - higher rate]on the amount based on your 2011 taxes.

Example like... 1180 cost for 1,000,000 IQD say RV rate 3.75
that then at 11:59pm you would have 3,750,000 USD...

then through the new [if it is true] you would have to declare the total amount on 2011, but cashing in in 2012 the full amount... say 3,750,000 and then have to declare it on the 2012 taxes with the amount of last year to determine your 2012 taxes

humm, now no new tax law needed to get passed to get more taxes out of those that have dinar. Just a thought that me a a few in my group have discussed.

Before you become liable for taxes you have to cash in, if you cash in in 2012 you will declare it
in 2013 when you do your taxes.

If you want to minimize your taxes and cannot afford the asset protection from your attorney of choice to get the tax reductions from the artificial entities, all you have to do is send a letter of intention to create the Trust, LLC or other entity to your attorney of choice, get your name on his scheduling roster, cash in as the director, president or trustee of that entity and you have your tax savings for 2012, so long as you get the entity done before the end of that tax season. AJ

AJAnderson wrote:If you want to minimize your taxes and cannot afford the asset protection from your attorney of choice to get the tax reductions from the artificial entities, all you have to do is send a letter of intention to create the Trust, LLC or other entity to your attorney of choice, get your name on his scheduling roster, cash in as the director, president or trustee of that entity and you have your tax savings for 2012, so long as you get the entity done before the end of that tax season. AJ

Thank you so much AJ! Come RV! Happy New Year to you ~

therealbutterfly wrote:P71, I really hope your group goes to a professional to handle your taxes cuz you guys are completely wrong. You dont have a tax trigger until you exchange. If you never exchange, you never pay tax. No one says you have to ever exchange. What if you want to hold some? You dont pay taxes on that until you finally exchange. Just like if people wait a bit, the rate changes, that will affect how much you get in return, thus changes your taxes due. ;-)

therealbutterfly - I'm not sure why so many people are having a hard time grasping this. So simple to understand, yet so complicated for some to understand. You are correct as usual. The U.S. can kiss 2011 taxes on the Dinar goodbye at this point..

Go RI/RV..

sandwedge wrote:

therealbutterfly wrote:P71, I really hope your group goes to a professional to handle your taxes cuz you guys are completely wrong. You dont have a tax trigger until you exchange. If you never exchange, you never pay tax. No one says you have to ever exchange. What if you want to hold some? You dont pay taxes on that until you finally exchange. Just like if people wait a bit, the rate changes, that will affect how much you get in return, thus changes your taxes due. ;-)

therealbutterfly - I'm not sure why so many people are having a hard time grasping this. So simple to understand, yet so complicated for some to understand. You are correct as usual. The U.S. can kiss 2011 taxes on the Dinar goodbye at this point..

Go RI/RV..

Thanks to both of you,what I would like to know,is,if one cashes out a substantial amount of IQD,say,in April,either as an individual or through a business/trust,would quarterly tax payments come into effect in 2012,or would this also be due only in 2013?
I wish to pay my taxes upfront after claiming all possible legal rebates,but I wonder what your opinions are in the above scenario?
Apologies if this has probably already been covered somewhere