Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Get Daily Updates of the NEWS & GURUS in your EMAIL
CHECK YOUR EMAIL for VERIFICATION

Enter your email address:

question on the tax post DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

question on the tax post

2 posters

Go down

question on the tax post Empty question on the tax post

Post by prosetian Tue Feb 21, 2012 10:15 pm

Interesting post by papajack about a tax form that doesn't apply. However, I suggest everyone take a look at irs publication 525 at http://www.irs.gov/pub/irs-pdf/p525.pdf go to page 33 and look under 'foreign currency transactions" and tell me if you think that sounds like it just might apply to dinar holders, and if not, why not? If someone can get in contact with papajack and see if he can get that same IRS supervisor on the phone again, I would like very much to hear what she has to say about that paragraph. The publication 525 I looked at was on the irs website and was for 2011 returns. Maybe there will be a change for 2012 returns, but that is the latest info I see about foreign currency exchanges. Sure looks like capital gains tax to me.

prosetian
Elite Member
Elite Member

Posts : 217
Join date : 2012-01-04

View user profile

Back to top Go down

question on the tax post Empty Re: question on the tax post

Post by 1alaskan Tue Feb 21, 2012 10:21 pm

Sounds right, but I will defer to my CPA at filing time.

*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant


Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

1alaskan
Elite Member
Elite Member

Posts : 4668
Join date : 2011-06-21
Age : 38
Location : Planet far far away

View user profile

Back to top Go down

question on the tax post Empty Re: question on the tax post

Post by prosetian Tue Feb 21, 2012 10:35 pm

@1alaskan wrote:Sounds right, but I will defer to my CPA at filing time.

Good idea, but good idea to check with him after cashin as you might need to file quarterly returns and make quarterly payments. Fines are pretty steep if you are short too much at regular filing time.

prosetian
Elite Member
Elite Member

Posts : 217
Join date : 2012-01-04

View user profile

Back to top Go down

question on the tax post Empty Re: question on the tax post

Post by 1alaskan Tue Feb 21, 2012 10:43 pm

Self employed since Carter was in office, quarterlies are a fact of life.

*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant


Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

1alaskan
Elite Member
Elite Member

Posts : 4668
Join date : 2011-06-21
Age : 38
Location : Planet far far away

View user profile

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum