Here is Tony's Tax Counsel...

by **Ponee** Thu Feb 13, 2014 12:50 pm

TAX BRACKET FOR YOU TO LOOK AT

Two (2) FINCEN forms have been provided by the IRS. Form 104 specifically identifies these transactions as “Currency Exchange” transactions.

The proper and ONLY form is Form 104. 104 already states “Currency Exchange” in part II number 33.

The other FINCEN form refers to them as

“Currency Investments”.

One of our members sent this to me.
Most people are confused about the 50% and 100% May want to clarify. They need to understand and check their IRS Capital Gains table below. Plus it depends on your tax bracket where you fall.
here is a chart and online calculator that may help them.

Here is a Calculator to determine.http://www.moneychimp.com/features/capgain.htm

Here is a simple capital gains calculator, to help you see what effects the current rates will have in your own life. (Before you use it for the first time, you may want to check out an example with numbers already filled in.)

Tax Bracket	Capital Gain Tax Rate
Tax Bracket	Short Term	Long Term
10%	10%	0%
15%	15%	0%
25%	25%	15%
28%	28%
33%	33%
35%	35%
39.6%	39.6%	20%

Purchase Price:	$
Sale Price:	$
Your Federal Tax Bracket:	39.6353328251510%
Time from Purchase to Sale:	One Year or Less	More than One Year
Your State Tax Rate:	%	%

Federal Capital Gains Tax Rate:*	%	%
Total Tax Due:	$	$
Net Sale After Tax:	$	$
Advantage of Waiting:		%

by catman Thu Feb 13, 2014 1:41 pm

This proves that Tony is a complete idiot. FinCEN form 104 has been discontinued. There is now and electronic version that is used, form 104 is gone, the new electronic form is 112.. I have looked at the new form and it says "currency exchange" and there is no place on the form to designate anything as an investment. I challenge Tony or any of his minions to post the one that says "currency investment".

by **catman** Thu Feb 13, 2014 4:06 pm

Just noticed I wasn't signed in, thought all that stuff was just a new deal to post. DUH!

by **Kevind53** Thu Feb 13, 2014 4:07 pm

There does appear to be fields for foreign currency cash ins and cash outs within the current form. It says nothing about currency investment however. Also, IRS does not provide them. FinCen forms (electronic now) come from FinCEN (I know, DUHHHH!) a division of the Treasury Dept. Financial Crimes Enforcement Network. I agree catman, I have looked at them (and the fields in the sample electronic ones), and I have never seen a section for currency investment.

FinCEN Reminds Financial Institutions to Adopt New Report Format by April 1, 2013
On February 23, 2012, the Financial Crimes Enforcement Network (FinCEN) issued a Final Notice requiring the electronic filing of most Bank Secrecy Act (BSA) reports by July 1, 2012.¹ Specifically, this action mandates the electronic submission of Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), Registration of Money Services Business (RMSBs), and Designation of Exempt Person Reports (DOEPs). These reports are collectively referred to herein as "mandated reports." With very limited exception,² FinCEN considers financial institutions filing mandated reports in paper format to be noncompliant with the electronic filing mandate.

Foreign Cash-in (3B) Record
One or more of this record type may follow a Transaction Summary (3A) Record when one or more types of foreign (cash-in) currency are involved in the currency transaction. A maximum of 99 3B records may be associated with a single currency transaction report.
Foreign Cash-out (3C) Record
One or more of this record type may follow a Transaction Summary (3A) Record or Foreign Cash-in (3B) Record when one or more types of foreign (cash-out) currency are involved in the currency transaction. A maximum of 99 3C records may be associated with a single currency transaction report.

by **Ponee** Thu Feb 13, 2014 4:08 pm

catman wrote:Just noticed I wasn't signed in, thought all that stuff was just a new deal to post. DUH!

LOLOLOL... Too FUNNY ! I wondered what was up lolol.

Here is Tony's Tax Counsel...

Here is Tony's Tax Counsel...

Re: Here is Tony's Tax Counsel...

Re: Here is Tony's Tax Counsel...

Re: Here is Tony's Tax Counsel...

Re: Here is Tony's Tax Counsel...