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Lost Reserves are NOT tax deductible said my accountant today.  4-12-12 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Lost Reserves are NOT tax deductible said my accountant today. 4-12-12

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Post by czinser Thu Apr 12, 2012 10:48 pm

Lost Reserves are NOT tax deductible!!!!!!!!!!!!! said my accountant today when
I had my taxes done.

So all the people that told us last year that they were deductible were incorrect.


Blessings All, CZ Smile

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Post by sandwedge Thu Apr 12, 2012 11:37 pm

IMO they shouldn't be. Reserves are a gamble and a joke. I hope those that have been buying into the reserves have learned a valuable lesson by now.

Go RI/RV..
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Post by 1alaskan Thu Apr 12, 2012 11:39 pm

Maybe cost of goods sold? oh ya, got to sell some first

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Post by czinser Fri Apr 13, 2012 12:26 am

I will continue to buy reserves. It is the way to go IMHO.

I will be so much richer than many.

Blessings, CZ Smile

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Post by rick152 Fri Apr 13, 2012 12:32 am

Curious did your accountant say whether or not reserves lost in the same calander year as the RV would be deductable or not?

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Post by czinser Fri Apr 13, 2012 12:36 am

He said in no way would they be deductible, albeit
I did not ask about the year of RV.


Blessings, CZ

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Post by happywelshguy Fri Apr 13, 2012 2:35 am

I would respectfully suggest that you change your consultant as he is 1000% wrong.

bounce

@czinser wrote:Lost Reserves are NOT tax deductible!!!!!!!!!!!!! said my accountant today when
I had my taxes done.

So all the people that told us last year that they were deductible were incorrect.


Blessings All, CZ Smile

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Post by czinser Fri Apr 13, 2012 3:09 am

Hello happywelshguy,

Long time no talk to.

Really, 1000% wrong. You mean to say that my lost reserves are tax deductible?

Will you show me or tell me where to find this please?

Thanks

Blessings, CZ Smile

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Post by milleriniraq Fri Apr 13, 2012 3:12 am

That would be like saying I went to Vegas and gambled away my money but I want to deduct it from my taxes. There is no way the IRS is going for that. I would say your accountant is dead on.

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Post by happywelshguy Fri Apr 13, 2012 4:17 am

Your accountant would be quite correct under those conditions.

What is being discussed here is a legitimate investment

In business there are taxes for Capital Gains

There is also tax deductions for business losses.

Accounting 101

bounce

@milleriniraq wrote:That would be like saying I went to Vegas and gambled away my money but I want to deduct it from my taxes. There is no way the IRS is going for that. I would say your accountant is dead on.

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Post by milleriniraq Fri Apr 13, 2012 6:39 am

Yes, if you had a legitimate business and were an investment firm, I could see the angle. However, for all intents and purposes, we are dealing with a currency that is not even internationally recognized due to the conditions of the country. So, if I invested in pet rocks and lost my money (unless I declared myself a pet rock dealer and went through the proper channels) I would be out of luck. This is essentially the same thing. I am no fan of the IRS but I wouldn't try arguing this one in a tax court but hey, to each his own.

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Post by czinser Fri Apr 13, 2012 7:16 am

I am always thinking about how the IRS can tax us for just simply exchanging
one currency for another.

If we went on vacation and exchanged our money for the trip we do not get taxed for exchanging it back after the trip is over.

So is this really an investment!

Blessings Guys, CZ Smile

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Post by therealbutterfly Fri Apr 13, 2012 7:52 am

@czinser wrote:I am always thinking about how the IRS can tax us for just simply exchanging
one currency for another.

If we went on vacation and exchanged our money for the trip we do not get taxed for exchanging it back after the trip is over.

So is this really an investment!

Blessings Guys, CZ Smile

If the value of the money changed while you were away, and its more then $200 usd, then you are taxed.
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Post by therealbutterfly Fri Apr 13, 2012 7:57 am

@czinser wrote:I will continue to buy reserves. It is the way to go IMHO.

I will be so much richer than many.

Blessings, CZ Smile

Losing money on reserves is a waste of money. Just think if you just bought what you could afford with the money you used for deposits, how much 'richer' you would be vs how much you lost by gambling on reserves. I think reserves are the biggest money maker going. And I would put money on the times that the rumors get hot, the reserves skyrocket. Nothin but money for some dealers. And before you get on my case sayin I am just speculating, I was approached by a dealer before ( I wont name) to 'create some excitement' because sales were down. So sorry, I just dont like this dirty way of doing business. JMHO

Stop wasting money and just buy what you can afford. JMHO
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Post by 1alaskan Fri Apr 13, 2012 1:53 pm

"That would be like saying I went to Vegas and gambled away my money but I want to deduct it from my taxes. There is no way the IRS is going for that. I would say your accountant is dead on."

A friend of mine was a casino manager in Reno for many years, his wife a audit account for Nevada Gaming Board, both retired now, living in Tucson area. I just called him and asked, and yes losses against winnigs is deductable, I don't know if you can carry over year to year.


Last edited by 1alaskan on Fri Apr 13, 2012 1:54 pm; edited 1 time in total (Reason for editing : typos)

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Post by SEBtopdog Fri Apr 13, 2012 1:57 pm

@therealbutterfly wrote:
@czinser wrote:I will continue to buy reserves. It is the way to go IMHO.

I will be so much richer than many.

Blessings, CZ Smile

Losing money on reserves is a waste of money. Just think if you just bought what you could afford with the money you used for deposits, how much 'richer' you would be vs how much you lost by gambling on reserves. I think reserves are the biggest money maker going. And I would put money on the times that the rumors get hot, the reserves skyrocket. Nothin but money for some dealers. And before you get on my case sayin I am just speculating, I was approached by a dealer before ( I wont name) to 'create some excitement' because sales were down. So sorry, I just dont like this dirty way of doing business. JMHO

Stop wasting money and just buy what you can afford. JMHO

Blunt, but true. That's why you're the REAL butterfly, TRB! No need to sugar coat it. ☀

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Lost Reserves are NOT tax deductible said my accountant today.  4-12-12 Emoticon-animal-028
 
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Lost Reserves are NOT tax deductible said my accountant today.  4-12-12 Bump~0 Will someone please let the RV Widget out of the jar?
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Post by SEBtopdog Fri Apr 13, 2012 2:01 pm

[quote="happywelshguy"]Your accountant would be quite correct under those conditions.

What is being discussed here is a legitimate investment

In business there are taxes for Capital Gains

There is also tax deductions for business losses.

Accounting 101

Hi HappyWelshGuy ... I may be mistaken, but I had the impression you do not reside in the USA. If that's the case, perhaps the IRS rules here are different than what might seem logical. Logic and common sense have never gotten in the way of a government bureaucracy. Wink

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Post by TXLAW007 Fri Apr 13, 2012 2:46 pm

The accountant is mistaken ... but many accountants often are looking for the easy answer. If the losses are not reported they will never be an issue.. everyone in this situation should be concerned that the proper questions are asked and the correct positions are reported.. but this is most likely a deductible investment loss. Tax Law is clear. Facts may not be.. Smile

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Post by happywelshguy Fri Apr 13, 2012 3:44 pm

I would partly disagree with you on this issue

I know many good folks that have been financially hurting for so long, it's taking a physical and emotional toll on their lives.

These people understand that the purchase of a Layaway is speculation, they also know that it's going to RV at some point of time.

Some of these folks have joined in small groups to be able to purchase a Layaway each month as this is their only possibility that they have in resolving their financial issues and health issues.

So, please do not say that purchasing Layaway are a "waste of time" as the Layaways, (being speculative) brings hope to these good folks.

Your comment can really hurt some people as I described above.

bounce

@therealbutterfly wrote:
@czinser wrote:I will continue to buy reserves. It is the way to go IMHO.

I will be so much richer than many.

Blessings, CZ Smile

Losing money on reserves is a waste of money. Just think if you just bought what you could afford with the money you used for deposits, how much 'richer' you would be vs how much you lost by gambling on reserves. I think reserves are the biggest money maker going. And I would put money on the times that the rumors get hot, the reserves skyrocket. Nothin but money for some dealers. And before you get on my case sayin I am just speculating, I was approached by a dealer before ( I wont name) to 'create some excitement' because sales were down. So sorry, I just dont like this dirty way of doing business. JMHO

Stop wasting money and just buy what you can afford. JMHO

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ENJOY EVERY PRECIOUS MOMENT!

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Post by happywelshguy Fri Apr 13, 2012 3:48 pm

You are quite correct and I explained this in a private (PM) to czinser

However, I do believe that this is a somewhat standard practice, in many countries

bounce

[quote="SEBtopdog"]
@happywelshguy wrote:Your accountant would be quite correct under those conditions.

What is being discussed here is a legitimate investment

In business there are taxes for Capital Gains

There is also tax deductions for business losses.

Accounting 101

Hi HappyWelshGuy ... I may be mistaken, but I had the impression you do not reside in the USA. If that's the case, perhaps the IRS rules here are different than what might seem logical. Logic and common sense have never gotten in the way of a government bureaucracy. Wink

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Post by therealbutterfly Fri Apr 13, 2012 7:00 pm

I never said 'waste of time' I said "waste of MONEY' and I stand by it. For that 10% they put down on the million dinar, they could just buy 100k dinar and have cash in hand, a solid transaction. Instead, they gambled that 10% and most of the time lost it. So they have now NOTHING for that same amt of money. Which is really better for the ones in dire need? SOME money or none? I choose some. IF it actually rv's and that 100k dinar bought for $120 (or whatever it is) turns into $100,000 usd, I would say that was a better choice than not having that 100k at all...... JMHO

And I have to disagree on the comment that they "KNOW it will rv at some point". Thats a guarantee none of us can say will happen. We HOPE it will rv, but no one can say for sure.

Oh and please tell me how me stating "buy only what you can afford and dont waste money on reserves" will HURT someone? I would think taking a risk on a reserve that so far has NEVER panned out and losing it is more hurtful than buying what you can afford outright. But again its JMHO......


@happywelshguy wrote:I would partly disagree with you on this issue

I know many good folks that have been financially hurting for so long, it's taking a physical and emotional toll on their lives.

These people understand that the purchase of a Layaway is speculation, they also know that it's going to RV at some point of time.

Some of these folks have joined in small groups to be able to purchase a Layaway each month as this is their only possibility that they have in resolving their financial issues and health issues.

So, please do not say that purchasing Layaway are a "waste of time" as the Layaways, (being speculative) brings hope to these good folks.

Your comment can really hurt some people as I described above.

bounce

@therealbutterfly wrote:
@czinser wrote:I will continue to buy reserves. It is the way to go IMHO.

I will be so much richer than many.

Blessings, CZ Smile

Losing money on reserves is a waste of money. Just think if you just bought what you could afford with the money you used for deposits, how much 'richer' you would be vs how much you lost by gambling on reserves. I think reserves are the biggest money maker going. And I would put money on the times that the rumors get hot, the reserves skyrocket. Nothin but money for some dealers. And before you get on my case sayin I am just speculating, I was approached by a dealer before ( I wont name) to 'create some excitement' because sales were down. So sorry, I just dont like this dirty way of doing business. JMHO

Stop wasting money and just buy what you can afford. JMHO
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Post by az-tex Fri Apr 13, 2012 7:11 pm

[quote="therealbutterfly"]I never said 'waste of time' I said "waste of MONEY' and I stand by it. For that 10% they put down on the million dinar, they could just buy 100k dinar and have cash in hand, a solid transaction. Instead, they gambled that 10% and most of the time lost it. So they have now NOTHING for that same amt of money. Which is really better for the ones in dire need? SOME money or none? I choose some. IF it actually rv's and that 100k dinar bought for $120 (or whatever it is) turns into $100,000 usd, I would say that was a better choice than not having that 100k at all...... JMHO

And I have to disagree on the comment that they "KNOW it will rv at some point". Thats a guarantee none of us can say will happen. We HOPE it will rv, but no one can say for sure.

Oh and please tell me how me stating "buy only what you can afford and dont waste money on reserves" will HURT someone? I would think taking a risk on a reserve that so far has NEVER panned out and losing it is more hurtful than buying what you can afford outright. But again its JMHO......


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Post by happywelshguy Fri Apr 13, 2012 7:53 pm

My mistake,I inadvertently used an incorrect word.

Try to understand why I am stating what I am stating

These good folks (seniors and disabled) understand the concept of the Layaways and the associated risk of such purchase.

They also know that they can purchase lower amounts of Dinar by making payment in full.

If buying Dinars on Layaway, is the method that they have decided to use in the purchasing of the IQD it's not for you or, anyone else to make such a rash comment, that it's a Waste of Money.

It may be a waste of time for you personally, but not necessarily for others.

I would suggest that your comment is a little presumptious, as you don't know anything about these good folks.

How can you make such a comment, that could make them second guess their decision and possibly prevent them from continuing to purchase Dinar and losing any hope that they have.

I'm sure your comment was not malicious in it's content and it was just a matter of not thinking through how your comment could negatively influence others, to their detrement and which has the potential of destroying the hopes of others.

Unless words to be used, are not given sufficient thought (before using them) it may be better to say "Nothing"

In that way no damage can be caused.

As to your point of the RV.

I would believe that any prudent person, that have taken the time to do D/D and fully understand the history of what has happened, what is currently happening and what is believed to happen in the future, can easily determine for themselves if they wish to proceed or not, in the purchase of the IQD

bounce



@therealbutterfly wrote:I never said 'waste of time' I said "waste of MONEY' and I stand by it. For that 10% they put down on the million dinar, they could just buy 100k dinar and have cash in hand, a solid transaction. Instead, they gambled that 10% and most of the time lost it. So they have now NOTHING for that same amt of money. Which is really better for the ones in dire need? SOME money or none? I choose some. IF it actually rv's and that 100k dinar bought for $120 (or whatever it is) turns into $100,000 usd, I would say that was a better choice than not having that 100k at all...... JMHO

And I have to disagree on the comment that they "KNOW it will rv at some point". Thats a guarantee none of us can say will happen. We HOPE it will rv, but no one can say for sure.

Oh and please tell me how me stating "buy only what you can afford and dont waste money on reserves" will HURT someone? I would think taking a risk on a reserve that so far has NEVER panned out and losing it is more hurtful than buying what you can afford outright. But again its JMHO......


@happywelshguy wrote:I would partly disagree with you on this issue

I know many good folks that have been financially hurting for so long, it's taking a physical and emotional toll on their lives.

These people understand that the purchase of a Layaway is speculation, they also know that it's going to RV at some point of time.

Some of these folks have joined in small groups to be able to purchase a Layaway each month as this is their only possibility that they have in resolving their financial issues and health issues.

So, please do not say that purchasing Layaway are a "waste of time" as the Layaways, (being speculative) brings hope to these good folks.

Your comment can really hurt some people as I described above.

bounce

@therealbutterfly wrote:
@czinser wrote:I will continue to buy reserves. It is the way to go IMHO.

I will be so much richer than many.

Blessings, CZ Smile

Losing money on reserves is a waste of money. Just think if you just bought what you could afford with the money you used for deposits, how much 'richer' you would be vs how much you lost by gambling on reserves. I think reserves are the biggest money maker going. And I would put money on the times that the rumors get hot, the reserves skyrocket. Nothin but money for some dealers. And before you get on my case sayin I am just speculating, I was approached by a dealer before ( I wont name) to 'create some excitement' because sales were down. So sorry, I just dont like this dirty way of doing business. JMHO

Stop wasting money and just buy what you can afford. JMHO

*****************
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ENJOY EVERY PRECIOUS MOMENT!

LOVE IS LOUDER!

EVERY SOUL IS PRECIOUS BEYOND MEASURE!
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Post by therealbutterfly Fri Apr 13, 2012 8:15 pm

Tell you what, I will rethink my words when the gurus stop making bold guarantees and claims its done when its not. Because I know many of the people that bought on reserves did it because of the HYPE and for no other reason. This is from DIRECT personal experience with my friends. So I can verify thats the only reason why they bought on reserve vs buying outright what they could afford.

Meanwhile, I am not a politically correct person, and never will be. I say what I feel and dont sugar coat anything to make sure someone feels good and warm and fuzzy and I dont offend anyone. Thats not my job in life. Some people like me, others hate me. Thats the reality of life. Just like you think I am doing harm by stating something like "its a waste of money to buy reserves", I will say that its more harmful to get peoples hopes up by claiming things that arent true or vetted and verified before sharing. So we will always disagree on this and thats just how its gonna be. I still like you and that wont change. I just dont agree with your opinion of things and respectfully will disagree. Smile


@happywelshguy wrote:My mistake,I inadvertently used an incorrect word.

Try to understand why I am stating what I am stating

These good folks (seniors and disabled) understand the concept of the Layaways and the associated risk of such purchase.

They also know that they can purchase lower amounts of Dinar by making payment in full.

If buying Dinars on Layaway, is the method that they have decided to use in the purchasing of the IQD it's not for you or, anyone else to make such a rash comment, that it's a Waste of Money.

It may be a waste of time for you personally, but not necessarily for others.

I would suggest that your comment is a little presumptious, as you don't know anything about these good folks.

How can you make such a comment, that could make them second guess their decision and possibly prevent them from continuing to purchase Dinar and losing any hope that they have.

I'm sure your comment was not malicious in it's content and it was just a matter of not thinking through how your comment could negatively influence others, to their detrement and which has the potential of destroying the hopes of others.

Unless words to be used, are not given sufficient thought (before using them) it may be better to say "Nothing"

In that way no damage can be caused.

As to your point of the RV.

I would believe that any prudent person, that have taken the time to do D/D and fully understand the history of what has happened, what is currently happening and what is believed to happen in the future, can easily determine for themselves if they wish to proceed or not, in the purchase of the IQD

bounce



@therealbutterfly wrote:I never said 'waste of time' I said "waste of MONEY' and I stand by it. For that 10% they put down on the million dinar, they could just buy 100k dinar and have cash in hand, a solid transaction. Instead, they gambled that 10% and most of the time lost it. So they have now NOTHING for that same amt of money. Which is really better for the ones in dire need? SOME money or none? I choose some. IF it actually rv's and that 100k dinar bought for $120 (or whatever it is) turns into $100,000 usd, I would say that was a better choice than not having that 100k at all...... JMHO

And I have to disagree on the comment that they "KNOW it will rv at some point". Thats a guarantee none of us can say will happen. We HOPE it will rv, but no one can say for sure.

Oh and please tell me how me stating "buy only what you can afford and dont waste money on reserves" will HURT someone? I would think taking a risk on a reserve that so far has NEVER panned out and losing it is more hurtful than buying what you can afford outright. But again its JMHO......


@happywelshguy wrote:I would partly disagree with you on this issue

I know many good folks that have been financially hurting for so long, it's taking a physical and emotional toll on their lives.

These people understand that the purchase of a Layaway is speculation, they also know that it's going to RV at some point of time.

Some of these folks have joined in small groups to be able to purchase a Layaway each month as this is their only possibility that they have in resolving their financial issues and health issues.

So, please do not say that purchasing Layaway are a "waste of time" as the Layaways, (being speculative) brings hope to these good folks.

Your comment can really hurt some people as I described above.

bounce

@therealbutterfly wrote:
@czinser wrote:I will continue to buy reserves. It is the way to go IMHO.

I will be so much richer than many.

Blessings, CZ Smile

Losing money on reserves is a waste of money. Just think if you just bought what you could afford with the money you used for deposits, how much 'richer' you would be vs how much you lost by gambling on reserves. I think reserves are the biggest money maker going. And I would put money on the times that the rumors get hot, the reserves skyrocket. Nothin but money for some dealers. And before you get on my case sayin I am just speculating, I was approached by a dealer before ( I wont name) to 'create some excitement' because sales were down. So sorry, I just dont like this dirty way of doing business. JMHO

Stop wasting money and just buy what you can afford. JMHO
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Lost Reserves are NOT tax deductible said my accountant today.  4-12-12 Empty Re: Lost Reserves are NOT tax deductible said my accountant today. 4-12-12

Post by happywelshguy Fri Apr 13, 2012 8:47 pm

We cannot control the actions of others, but we can control ourselves, including how one presents information

As our thinking is so far apart, I agree to disagree on this issue and shall now consider this subject closed.

bounce

@therealbutterfly wrote:Tell you what, I will rethink my words when the gurus stop making bold guarantees and claims its done when its not. Because I know many of the people that bought on reserves did it because of the HYPE and for no other reason. This is from DIRECT personal experience with my friends. So I can verify thats the only reason why they bought on reserve vs buying outright what they could afford.

Meanwhile, I am not a politically correct person, and never will be. I say what I feel and dont sugar coat anything to make sure someone feels good and warm and fuzzy and I dont offend anyone. Thats not my job in life. Some people like me, others hate me. Thats the reality of life. Just like you think I am doing harm by stating something like "its a waste of money to buy reserves", I will say that its more harmful to get peoples hopes up by claiming things that arent true or vetted and verified before sharing. So we will always disagree on this and thats just how its gonna be. I still like you and that wont change. I just dont agree with your opinion of things and respectfully will disagree. Smile


@happywelshguy wrote:My mistake,I inadvertently used an incorrect word.

Try to understand why I am stating what I am stating

These good folks (seniors and disabled) understand the concept of the Layaways and the associated risk of such purchase.

They also know that they can purchase lower amounts of Dinar by making payment in full.

If buying Dinars on Layaway, is the method that they have decided to use in the purchasing of the IQD it's not for you or, anyone else to make such a rash comment, that it's a Waste of Money.

It may be a waste of time for you personally, but not necessarily for others.

I would suggest that your comment is a little presumptious, as you don't know anything about these good folks.

How can you make such a comment, that could make them second guess their decision and possibly prevent them from continuing to purchase Dinar and losing any hope that they have.

I'm sure your comment was not malicious in it's content and it was just a matter of not thinking through how your comment could negatively influence others, to their detrement and which has the potential of destroying the hopes of others.

Unless words to be used, are not given sufficient thought (before using them) it may be better to say "Nothing"

In that way no damage can be caused.

As to your point of the RV.

I would believe that any prudent person, that have taken the time to do D/D and fully understand the history of what has happened, what is currently happening and what is believed to happen in the future, can easily determine for themselves if they wish to proceed or not, in the purchase of the IQD

bounce



@therealbutterfly wrote:I never said 'waste of time' I said "waste of MONEY' and I stand by it. For that 10% they put down on the million dinar, they could just buy 100k dinar and have cash in hand, a solid transaction. Instead, they gambled that 10% and most of the time lost it. So they have now NOTHING for that same amt of money. Which is really better for the ones in dire need? SOME money or none? I choose some. IF it actually rv's and that 100k dinar bought for $120 (or whatever it is) turns into $100,000 usd, I would say that was a better choice than not having that 100k at all...... JMHO

And I have to disagree on the comment that they "KNOW it will rv at some point". Thats a guarantee none of us can say will happen. We HOPE it will rv, but no one can say for sure.

Oh and please tell me how me stating "buy only what you can afford and dont waste money on reserves" will HURT someone? I would think taking a risk on a reserve that so far has NEVER panned out and losing it is more hurtful than buying what you can afford outright. But again its JMHO......


@happywelshguy wrote:I would partly disagree with you on this issue

I know many good folks that have been financially hurting for so long, it's taking a physical and emotional toll on their lives.

These people understand that the purchase of a Layaway is speculation, they also know that it's going to RV at some point of time.

Some of these folks have joined in small groups to be able to purchase a Layaway each month as this is their only possibility that they have in resolving their financial issues and health issues.

So, please do not say that purchasing Layaway are a "waste of time" as the Layaways, (being speculative) brings hope to these good folks.

Your comment can really hurt some people as I described above.

bounce

@therealbutterfly wrote:
@czinser wrote:I will continue to buy reserves. It is the way to go IMHO.

I will be so much richer than many.

Blessings, CZ Smile

Losing money on reserves is a waste of money. Just think if you just bought what you could afford with the money you used for deposits, how much 'richer' you would be vs how much you lost by gambling on reserves. I think reserves are the biggest money maker going. And I would put money on the times that the rumors get hot, the reserves skyrocket. Nothin but money for some dealers. And before you get on my case sayin I am just speculating, I was approached by a dealer before ( I wont name) to 'create some excitement' because sales were down. So sorry, I just dont like this dirty way of doing business. JMHO

Stop wasting money and just buy what you can afford. JMHO

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