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Thoughts about taxes

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Terbo56
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Post by Garf1eld Thu Jun 21, 2012 6:02 pm

This is a great country - going through some tough times. I am proud to pay taxes on the RV. If you bought the investment over a year ago, then the normal rate of capital gains is 15% at the federal level. If you have some that is less than a year old, you would expect to pay whatever your personal tax rate would be at the time.

Same things apply to state taxes.

If you don't want to pay taxes, you'd better take a small loss now and resell your Dinar to a dealer.

Taxes pay for this country - why wouldn't you want to pay them?

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Post by Terbo56 Thu Jun 21, 2012 6:08 pm

Yeah- They're only gonna waste it- No big deal-:shock:
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Post by 1alaskan Thu Jun 21, 2012 6:09 pm

As the man who ran for office in New York put it so well "The Rent is Too Dam High"

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Post by Terbo56 Thu Jun 21, 2012 6:13 pm

I got some rope-Laughing
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Post by Kevind53 Thu Jun 21, 2012 8:18 pm

The rates give may, or may not be accurate. They are correct for long term and short term capital gains, but the jury is still out relative to whether this would be considered a capital gains event. Always, always, always consult a competent CPA or tax lawyer.

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Post by Terbo56 Thu Jun 21, 2012 8:41 pm

Kevind53-I can't see where it would be considered a capital gains event- It is only a currency 'exchange',ie, one for another,and as of this point, there is no tax involved yet, not to say that they wouldn't try to run us through the mill-affraid
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Post by 1alaskan Thu Jun 21, 2012 8:47 pm

IRS PUB 525 page 33

 

Foreign currency transactions.

If you have a gain on a personal foreign currency transaction because of changes in exchange rates you do not have to include that gain income unless it is more than $200
. If the gain is more than $200, report it as a capital gain.

 

 

 

http://www.irs.gov/taxtopics/tc409.html
Topic 409 - Capital Gains and Losses



The term "net capital gain" means the amount by which your net long-term capital gain for the year is more than the sum of your net short-term capital loss and any long-term capital loss carried over from the previous year. Generally, net capital gain is taxed at rates no higher than 15%. However, for the years 2008 through 2012, some or all net capital gain may be taxed at 0%, if it would otherwise be taxed at lower rates.


Last edited by 1alaskan on Thu Jun 21, 2012 8:48 pm; edited 1 time in total (Reason for editing : cleaned it up)

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

Remember as always, JMHO
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Post by Kevind53 Thu Jun 21, 2012 8:55 pm

That is a valid point, there are also arguments that it could be considered regular income. I hope that is not the case, however since neither you nor I are tax attorneys, we'll see what happens.

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"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

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Post by Terbo56 Thu Jun 21, 2012 8:56 pm

'0' percent means non tax, then, right?:?:
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Thoughts about taxes Empty Where Our Tax Money Goes!

Post by pliving Fri Jun 22, 2012 1:32 pm

TO UNDERSTAND BETTER WHERE OUR TAXES REALLY GO, WATCH THIS
FREE MOVIE THAT EXPLAINS IT ALL!

www.thrivemovement.com

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Post by Terbo56 Fri Jun 22, 2012 7:35 pm

It goes to the 'Cabal' that's where it goes, but that is going to 'cease' very shortly-Twisted Evil Mad
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Post by Catherine Fri Jun 22, 2012 7:49 pm

Why did I always think we would "possibly" be taxed at either 15% or 35%?!?! :shock:

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Post by Terbo56 Fri Jun 22, 2012 8:01 pm

Catherine- Too many speculations about the 'tax' thing- I'm not even gonna go there-affraid
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