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Will RVed Dinar be Taxed?

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Post by Ponee on Sat Mar 15, 2014 9:14 am

FOUND AT www.oom2.com
 
 
Hi ALL,
 

I am so tired of hearing that we are going to get taxed.... It is ALL HOG wash....

 
 
 
 
I am letting you and the readers know that as of today, I could not find what a certain guru is posting about an 11% tax or more on the exchange of currencies. Ms. Klier from the IRS told me awhile back there is no tax on currency exchanges.... Her badge number is listed below... Per cabals own laws we are grandfathered in ..... you cannot create a law for a past event .... such as a ticket for a speeding offence that was 1 year ago.... This RV was done months ago and the corporate cabal congress would have had to make a law.... There are no laws in the books showing so...If you do not believe me prove me wrong...Put your money direct into a non interest bearing Spendthrift irrevocable trust and just wait and see...
 
 
THOSE THAT CLAIM THERE IS A 11% TAX FOR THE EXCHANGE OF CURRENCIES....PROVE IT WITH DOCUMENTATION FROM THE IRS....
 
Saturday, February 25, 2012
 
THERE IS NO TAX ON CONVERSIONS OF DINAR TO US DOLLARS. IRS CLEARLY STATES THIS.
 
THIS IS CIRCULATING:
A false statement about Dinar taxation was circulated earlier today.
 
The obsolete material was drawn from the Tax Almanac at this link:  http://tinyurl.com/bswzw9n

That information was obsolete. The last update to the tax almanac was 2005. It is completely wrong even if you were researching mere capital gains or other currency issues. The Almanac provides big colored boxes warning that you use it at your own risk and that it cannot be relied on legally. Original IRS code is updated each year but the Almanac is no longer updated. Conversion of Dinar into other currencies does not produce capital gains.
 
The IRS provided clear information by telephone documented with the Agent’s ID number within the Special Accounts Division. A prior explanation was published back in early January but it may not have circulated adequately. It is updated below in larger font.
 
Awhile back we have learned that the US Treasury was going to siphon $1.00 per Dinar off the top. That way the government will receive real and instant benefit when we convert Dinar to US dollars. We won’t be aware of it. If we are told the rate is $6.00 (for example) the real rate was actually $7.00. The extra dollar will be silently deposited into the US Treasury. No one should feel that the government is being cheated.
 
RATIONALE FOR NON TAXATION ON DINAR CONVERSIONS
 
When you convert Dinar to US dollars, you are not selling anything that brings taxable capital gain. You aren’t selling a house, or stock, or any of the normal capital-increasing gains. The IRS read-out below states this, and it makes sense.
 
Suppose that you have a Dinar note pre-RV of 1,000 Dinar. You could simply fly to Iraq and spend the Dinar there to buy a flat screen TV that costs 1000 Dinar).
 
Or, after cashing in here at the (say) $6 dollar rate, you now have $6,000 US dollars. You could now fly to Iraq with your $6,000. At the airport you would convert your $6,000 into Dinar so that you could buy a TV there. At the currency booth they would convert your $6,000 into 1000 Dinar (approx) and you could then buy the TV for 1000 Dinar. The conversion rate will change slightly day by day, of course.
 
At your Dinar cash-in time, (after the RV) you will be merely converting one currency to another – Dinar converts into US dollars. Assuming the RV has occurred, the dollars you get when you convert them have the same value as the Dinar. You won’t get any more or less than exactly the newly assigned value of the Dinar.
 
Therefore the IRS states below that no capital gains tax is due when you cash-in Dinar. Read carefully the IRS findings shown below and verify them for yourself.
 
Beware - if you put your US dollars into an interest bearing bank account (for even one day), you will gain interest and you will owe tax on the interest gained for each day. We’re advised to deposit dollars into a non-interest-bearing bank or credit union account.
 
Examine this IRS opinion regarding form 8938. The form was designed only to identify people with off-shore bank accounts or LLCs, or Corporations and get them to report their secret holdings.
 
Fortunately, none of the hype [about form 8938] applies to private citizens who happen to be holding foreign currency such as the Dinar or Vietnam Dong. IRS statements regarding Dinar follow:
===-===

I, [xxx,yyy], took the time to call the IRS [Special Accounts Division]. I spoke to a supervisor named Ms. Theresa Klier (Employee# 1000349035). She informed me that this form 8938 has been in existence since June of this year [2011], following attempts by speculators in recent months to shield themselves from federal tax levies.
 
 
 
 
 
She said that the IRS is targeting a specific group of individuals who, until now, have been hiding assets with the specific intent of avoiding taxation by the Treasury Department. Per Ms. Klier, the federal government requires individuals to complete Form 8938 only under the following circumstances:

1) If you hold stock issued by a foreign corporation
[because stocks eventually may generate capital gains when they are sold and US tax will be due.]

2) If you earn capital or have accrued interest from profits earned through a foreign business partnership

3) If you hold notes, bonds, debentures or other debt instruments issued by a foreign entity

[ because notes and bonds produce capital gain sooner or later – for which you will owe US tax.]

4) If you’ve earned interest in a foreign trust or a foreign estate [tax on interest will be due – even in a US bank account.]

5) If you hold options or other derivative instruments with respect to any of the forgoing examples or with respect to any currency or commodity that’s entered into with a foreign counter-party or issuer.

[For example Forex Traders who use a computer to buy and sell currencies, are not converting [Francs] from one currency to another. Forex traders can buy 1000 Swiss Francs (a real purchase) and then sell them back ten minutes later, hoping to have made a profit. Tax will be due on that profit. In contrast, Dinar holders aren’t selling anything when they convert Dinar to US dollars. The US dollars will be exactly equal to the value of the Dinar – assuming the RV has been announced.]

***I made a point of asking [IRS Klier] if currency secured through a licensed currency trader [like Dinar Banker] would bring a private citizen under the purview of the laws that Form 8938 is designed to enforce and she said “NO”.

 
Other than the conditions referenced above, Dinar holders are only obliged to turn in Form 8938 if they purchased the currency directly from a foreign agent or a foreign bank or agent operating outside of our borders***
===-===
Anyone can call and get verification as was stated above.

Only in the event that Congress creates a retroactive tax bill, there is currently no tax on currency conversions. If a capital gains tax happens to be announced later, it would not be fully due until April of 2013, but quarterly payments would be demanded throughout the year, and late penalties for missing the quarterly payments are very real.

 
 
 
Some frightened people may choose to simply pay a flat 15% to the IRS as a safe action. (go ahead) GIVE THEM YOUR UNDERWEAR TOO...
 
· IRS Tax Form 8938 – No Tax On Dinar!!! Really? | What Is Iraqi Dinar
whatisiraqidinar.com/archives/14

Jan 17, 2012 – Subject: GOOD NEWS: – no direct tax on Dinar or Dong conversions. Have authorities re-verify this. Friends: When you convert Dinar to US ...



This obligation to report income that people derive from foreign currency accounts [bank accounts in other countries that hold non-US currencies] didn’t suddenly become law last week.[Reporting on your offshore accounts has been an IRS requirement for a long time.]
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Post by Kevind53 on Sat Mar 15, 2014 10:10 am

Don't bet on it and don't take whoever's word this is as fact. Consult a competent tax professional, and if they say pay it, pay it.

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Post by Ponee on Sat Mar 15, 2014 10:13 am

AGREED!   Don't use any post on ANY DINAR forum as financial truth or fact.

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Post by catman on Sat Mar 15, 2014 3:18 pm

What nonsense, the article says the IRS plainly states no tax is due, but then goes into a long dissertation about a form that has no application to the situation.  Always check with a tax professional.  keep in mind that IRS publications and and phone conversations are not the law.  It ha been tested several times that if you call the IRS a number of times with the exact same question, you will get more than one answer that does not match.
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Post by livingintheloop69 on Sun Mar 23, 2014 4:18 pm

I'm lazy and didnt read this whole thread but I know for a fact I've read on IRS website something to the extent of currency exchange is not taxed if you realize a gain of $200 or less. If you realize a gain greater than that it's taxed. I don't recall at what rate. Just tried to do a quick google search but too much stuff to sort though as many pages comming up are about us citizens working abroad or a business accepting payment in a foreign currency and I'm on my way out the door at the moment but any gain off currency exchange over $200 is taxed, and no the presidential order doesn't allevaite you of that tax. I bought Dinar back in 2004 at like 500 or so per million if I recall correctly so technically my Dinar is already taxable before even seeing a "rv"

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Post by catman on Sun Mar 23, 2014 4:43 pm

I am still looking for any information anyone has as to just where in the actual code it says anything about tax being due on an exchange with more than $200 profit.  I believe Publication 525 says it will be taxed as a capital gain.  One thing I had overlooked for some time was that for those in the lower tax brackets, the cap. gains rate is ZERO.

Forgot to add that you would have to be care if it RVed now to not have any income for this year to make sue you stayed in the low income tax bracket where your CG is zero.
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Post by Kevind53 on Sun Mar 23, 2014 4:49 pm

Yes, the code is not simple, when and if this happens I would recommend you hiring a good tax consultant to advise you.

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Post by dinarstar on Sun Mar 23, 2014 4:52 pm

The first thing I would do, although I do not believe it will come to that anymore, is pay the Ferryman.

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Post by Ponee on Sun Mar 23, 2014 5:21 pm

Taxes on NOTHING is NOTHING

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Post by catman on Mon Mar 24, 2014 5:51 am

@Ponee wrote:Taxes on NOTHING is NOTHING

If they can force you to buy health insurance and fine you if you do not buy it, they can certainly tax you on nothing.  It will probably be the "failure to produce" tax.  If you don't make a profit, you are impeding the economy and will have to pay a tax on that.
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Post by livingintheloop69 on Mon Mar 24, 2014 2:34 pm

@catman wrote:I am still looking for any information anyone has as to just where in the actual code it says anything about tax being due on an exchange with more than $200 profit.  I believe Publication 525 says it will be taxed as a capital gain.  One thing I had overlooked for some time was that for those in the lower tax brackets, the cap. gains rate is ZERO.

Forgot to add that you would have to be care if it RVed now to not have any income for this year to make sue you stayed in the low income tax bracket where your CG is zero.
I'm not really a believer in an overnight pop, I think slowly overtime we'll see an increase in value but that said the rates most people are talking of $1 or more you could make nothing the rest of hte year and just the rv alone would put you into a top tax bracket. Uncle sam figures out how to get a cut of everything whether deserved or not so don't think your going to skate on taxes with teh Dinar unless you plan on breaking the law and cashing out slowly as to not avoid detection or doing some money laundering becuase one way or the toher you will pay a tax on it if you go about things the proper legal way

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Post by occe on Mon Mar 24, 2014 2:52 pm

"Loss on conversion of U.S. dollars into foreign currency.   The conversion of U.S. dollars into foreign currency at an official rate of exchange that is not as favorable as the free market rate does not result in a deductible loss."

IRS Publication 516



Still looking for a gain on a conversion. So far, it appears as though the post may be correct on conversions.
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Post by occe on Mon Mar 24, 2014 3:44 pm

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Post by occe on Mon Mar 24, 2014 4:04 pm

Look under definition of Capital Assets vs. Non-Capital assets paragraph. Nothing here stated specifically concerning foreign currency gains...

http://www.irs.gov/publications/p17/ch14.html#en_US_2013_publink1000172315
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Post by occe on Mon Mar 24, 2014 5:34 pm

According to the Capital Assets' definition in the IRS code, anything a person owns is a Capital Asset except for assets used in a trade or business. However, Publication 516 states no loss can be deducted on a foreign currency conversion so it seems logical that no gain should be reported either. There is no tax on "like kind" exchanges in a trade or business until the asset traded is eventually sold. I'll keep looking.
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Post by Goldiegirl on Mon Mar 24, 2014 5:35 pm

At this point the gov't can take half.  That would mean an RV and we can move on and start shopping!!!!  :spring1:
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Post by occe on Mon Mar 24, 2014 5:40 pm

IRS code taxes individuals based on their income. See the tax guides.
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Post by BritishBulldog on Mon Mar 24, 2014 6:00 pm

@catman wrote:
@Ponee wrote:Taxes on NOTHING is NOTHING

If they can force you to buy health insurance and fine you if you do not buy it, they can certainly tax you on nothing.  It will probably be the "failure to produce" tax.  If you don't make a profit, you are impeding the economy and will have to pay a tax on that.


The CatMan speaks the truth...it is going to be taxed in someway. Now depending on how good your accountant is will depend on how much you will be taxed...
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Post by Goldiegirl on Mon Mar 24, 2014 6:01 pm

Don't we all wish this problem was for real and not just "topic for conversation"?  crazyspin
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Post by occe on Mon Mar 24, 2014 6:07 pm

Expectations are many. Facts are few. The tax code is a fact. Wait until they come out with the new regs on the exchange.

             waiting  sarcastic
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Post by Kevind53 on Mon Mar 24, 2014 6:50 pm

I don't think this applies to physical currency, but ....

U.S. Code › Title 26 › Subtitle A › Chapter 1 › Subchapter N › Part III › Subpart J › § 988
26 U.S. Code § 988 - Treatment of certain foreign currency transactions

Current through Pub. L. 113-86, except 113-79. (See Public Laws for the current Congress.)

(a) General rule
Notwithstanding any other provision of this chapter—
(1) Treatment as ordinary income or loss
(A) In general
Except as otherwise provided in this section, any foreign currency gain or loss attributable to a section 988 transaction shall be computed separately and treated as ordinary income or loss (as the case may be).
(B) Special rule for forward contracts, etc.
Except as provided in regulations, a taxpayer may elect to treat any foreign currency gain or loss attributable to a forward contract, a futures contract, or option described in subsection (c)(1)(B)(iii) which is a capital asset in the hands of the taxpayer and which is not a part of a straddle (within the meaning of section 1092 (c), without regard to paragraph (4) thereof) as capital gain or loss (as the case may be) if the taxpayer makes such election and identifies such transaction before the close of the day on which such transaction is entered into (or such earlier time as the Secretary may prescribe).
(2) Gain or loss treated as interest for certain purposes
To the extent provided in regulations, any amount treated as ordinary income or loss under paragraph (1) shall be treated as interest income or expense (as the case may be).

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Post by Kevind53 on Mon Mar 24, 2014 6:50 pm

Iraqi Dinar Investing Does Not Trigger IRS Personal-Use Rules
Robert A. Green, CPA Robert A. Green, CPA, Contributor
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Iraqi dinar

Iraqi dinar

My recent blog, “Is The Iraqi Dinar Worthless Paper Or Maker Of Millionaires?” generated a firestorm of comments and opposing views. Here are some additional tax answers to questions and comments made.

Various IRS publications discuss tax rules for physically-held currency held for personal-use, mentioning capital gains treatment on gains, and no tax-deductible loss (capital or otherwise) on personal-use losses. These are standard tax rules for personal-use property. Taxpayers may only deduct capital losses on investment (Section 212) or trade or business (section 162) property.

Taxpayers who purchase Iraqi dinars generally are buying dinars for investment purposes, not personal-use. An example of personal use would be buying euros to use while traveling in Europe for personal reasons.

When it comes to physically-held currency and forex transactions (spot and forward) held for investment or business use, Section 988 (foreign currency transaction) tax rules apply. Section 988 is ordinary gain or loss tax treatment. Good news, the capital loss limitation of $3,000 per year does not apply to Section 988 ordinary losses.

An investor holding forex as a capital asset may file a contemporaneous election to opt-out of Section 988 into capital gains and loss rules, otherwise known as the capital gains election. But if you invest in physically-held currency, Section 988 does not permit you to opt-out of Section 988.

Special Offer: Some of Richard Lehmann’s recommended bonds, MLPs, preferreds and Canadian energy companies are providing yields up to 10%. Click here to begin profiting with Forbes/Lehmann Income Securities Investor.

In summary, if you heard from an accountant, the IRS or a friend that capital gains apply by default to physically-held currency, that answer is only correct for personal-use sales of physically-held currency. It’s incorrect for the sale of physically-held currency or forex held for investment or business purposes. And don’t forget, you can’t take a tax loss of any kind (capital or ordinary) on the sale of personal-use physically-held currency either.

http://www.forbes.com/sites/greatspeculations/2011/09/21/iraqi-dinar-investing-does-not-trigger-irs-personal-use-rules/

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Post by Kevind53 on Mon Mar 24, 2014 6:52 pm

Taxation of Foreign Currency Trading Demystified

Although foreign currency or Forex trading has taken place around the world for thousands of years, the taxation thereof for U.S. individuals and investment funds remains a mystery to many. This should not be a surprise since the U.S. has repeatedly changed their tax laws applicable to foreign currency or Forex trading. At the present time, U.S. individuals and investment funds are subject to a maximum federal income tax rate of 23% on their foreign currency trading gains, provided they make timely elections and go through an identification procedure. In the absence of a timely election and proper identification, foreign currency trading gains are subject to a maximum federal income tax rate of 35%. Unfortunately, the making of these elections is not well known in either the Forex trading community or among tax advisors. For example, did you know that an election has to be made by the close of the day on which a trade is made?

This article will outline the tax rules applicable to cash or spot foreign currency trading by individuals and investment funds. It will also discuss how to make the relevant elections in order to attain the lowest applicable tax rates for Forex gains.
General Tax Rules Applicable to Forex Trading

Current Federal IncomeTax Rates
Ordinary Income 35%
60/40 Treatment 23%
Regular Long Term Capital Gains 15%

By way of background, the maximum marginal federal income tax rates applicable in the U.S. are 35% for items of ordinary income and capital gains resulting from the sale of capital assets held 1 year or less (i.e., short term capital gains) and 15% for capital gains from the sale of capital assets held for more than 1 year.

In addition to these basic rules, currency traders potentially subject to two special provisions of the Internal Revenue Code. One is Section 1256 which generally applies to regulated futures contracts and provides that no matter what a taxpayer’s holding period for a futures position is, 60% of any gain recognized is treated as long term capital gain and 40% of any gain recognized is treated as short term capital gain. This is sometimes known as the 60/40 rule. As a result of application of the 60/40 rule to futures contracts, a blended 23% federal income tax rate applies to any gains. This is one of the principal advantages of trading futures over stocks. While short term stock trading will produce short term capital gains taxable at a 35% federal income tax rate; trading in futures will produce income subject to a 23% federal income tax rate regardless of how long or short the futures contract is held.

In addition to Section 1256, Section 988 of the Internal Revenue Code contains special rules governing the tax treatment of currency gains and losses. In general, Section 988 provides that gains and losses from currency trades are treated as ordinary income (and taxable at a maximum 35% federal income tax rate). There is an exception to this rule, however. Section 988 provides an exception for currency positions which are identified by election as excluded from Section 988 ordinary income treatment. If proper identification and an election is made, gains and losses from currency trading will be treated as capital gains and losses. Moreover, to the extent that the currency pair traded is traded on a U.S. futures exchange, the spot contract is subject to the special 60/40 treatment under Section 1256, which results in a 23% tax rate on gains (regardless of holding period). This important since most cash or spot currency contracts settle in two days, but are typically terminated and rolled over daily (thus preventing a long term holding period from ever developing).

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Post by catman on Mon Mar 24, 2014 8:36 pm

About the only way this could be settled prior to the RV is if someone pays the money to the IRS for one of those determination letters.  Those are safe to use as your basis for how you file a profit from the RV.  Unfortunately, they are expensive and actually only apply to the person who asked for the letter.  But it would be nice to see one.  Some time ago Kap was going to apply for one, guess he didn't do it.
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Post by Kevind53 on Mon Mar 24, 2014 8:59 pm

yep, well as I have said all along, pay a professional to sort it all out for you.

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Post by occe on Tue Mar 25, 2014 1:03 am

Being a tax professional for 35 years, I can wade through the regulations pretty well. Since this question about the currency exchange is a new animal subject to all sorts of conjecture, I doubt that it is covered specifically at all in the code. The code does say that "all" things are considered to be capital assets unless used in a trade, business, or investment. We already know that losses incurred by conversions of foreign currency are not deductible stated in Publication 516, but losses on capital assets such as homes, cars, and livestock are not deductible either. It would be nice to know just in case this ever happens.
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Post by Saint on Tue Mar 25, 2014 7:31 am

Then again all these codes about capital gains and capital loss may not apply if this RV's. The IRS may in fact be writing new codes specifically for this RV thus the holdup. Just another take on the delay and the undermining  ruthlessness of the IRS. JMHO. affraid  affraid  affraid  affraid

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Post by Kevind53 on Tue Mar 25, 2014 9:12 am

Well I am not sure it even applies, but that section from the code I posted above seems to imply that foreign currency gains or losses would be treated as ordinary income in most cases since we're not talking futures or derivatives etc ... but I am not, nor have I ever been, a tax professional, so ....

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Post by occe on Tue Mar 25, 2014 5:28 pm

The "code" is specific where the IRS can make the most in revenue, and all encompassing in other areas to collect from even the most rare circumstances. One could assume that the capital gain section implicated foreign currency gains even though nothing is actually mentioned about the matter. I see nothing in the sections given that is close to being what we are looking for. It appears as though there may be new regulations coming out soon if at all.
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Post by catman on Wed Mar 26, 2014 1:17 am

@Kevind53 wrote:Well I am not sure it even applies, but that section from the code I posted above seems to imply that foreign currency gains or losses would be treated as ordinary income in most cases since we're not talking futures or derivatives etc ... but I am not, nor have I ever been, a tax professional, so ....
The quote from section 988 that you posted did not go far enough down the page.  Section 988 applies if it is a section 988 transaction.  Going down the page a bit we come to the "definitions" for this section.
 
For purposes of this section—
(1) Section 988 transaction
(A) In general
The term “section 988 transaction” means any transaction described in subparagraph (B) if the amount which the taxpayer is entitled to receive (or is required to pay) by reason of such transaction—
(i) is denominated in terms of a nonfunctional currency, or
(ii) is determined by reference to the value of 1 or more nonfunctional currencies.
(B) Description of transactions
For purposes of subparagraph (A), the following transactions are described in this subparagraph:
(i) The acquisition of a debt instrument or becoming the obligor under a debt instrument.
(ii) Accruing (or otherwise taking into account) for purposes of this subtitle any item of expense or gross income or receipts which is to be paid or received after the date on which so accrued or taken into account.
(iii) Entering into or acquiring any forward contract, futures contract, option, or similar financial instrument.


None of those definitions mentions actually purchasing the currency itself.
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Post by Guest on Wed Mar 26, 2014 1:23 am

@Goldiegirl wrote:At this point the gov't can take half.  That would mean an RV and we can move on and start shopping!!!!  :spring1:

Agree Smile I am planning on paying taxes 20% for capital gain and state tax where applicable and save about 25% in the savings account in case IRS said I need to pay more.. if not.. I have more money, like GG said.. SHOPPING Smile

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Post by Kevind53 on Wed Mar 26, 2014 8:34 am

Catman ... Yea, I know, but it seemed the closest fit of anything I could find ... This does not seem to neatly fit anywhere ...
 question

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Post by Horizon on Wed Mar 26, 2014 9:21 am

Well it has been said, we will not be taxed on international rate, but really can't believe the source that came from!  We will probably for sure be taxed, and then if we make interest on it we will be taxed, and when we spend it we will be taxed on it!!! No matter what way we look at it, "We Will Be Taxed" over and over again!!!!   coffee 

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Post by occe on Wed Mar 26, 2014 9:19 pm

You can bet your bippy, your grandmother, and your butt that the dinar will be taxed....here's a few ...
 

 
 omg  coffee  sarcastic

If you are like most Americans, paying taxes is one of your pet peeves. The deadline to file your federal taxes is coming up, and this year Americans will spend more than 7 billion hours preparing their taxes and will hand over more than four trillion dollars to federal, state and local governments. Americans will fork over nearly 30 percent of what they earn to pay their income taxes, but that is only a small part of the story. As you will see below, there are dozens of other taxes that Americans pay every year. Of course not everyone pays all of these taxes, but without a doubt we are all being taxed into oblivion. It is like death by a thousand paper cuts. Our politicians have become extremely creative in finding ways to extract money from all of us, and most Americans don't even realize what is being done to them. By the time it is all said and done, a significant portion of the population ends up paying more than half of what they earn to the government. That is fundamentally wrong, but nothing will be done about it until people start demanding change. The following is a list of 97 taxes Americans pay every year...

#1 Air Transportation Taxes (just look at how much you were charged the last time you flew)
#2 Biodiesel Fuel Taxes
#3 Building Permit Taxes
#4 Business Registration Fees
#5 Capital Gains Taxes
#6 Cigarette Taxes
#7 Court Fines (indirect taxes)
#8 Disposal Fees
#9 Dog License Taxes
#10 Drivers License Fees (another form of taxation)
#11 Employer Health Insurance Mandate Tax
#12 Employer Medicare Taxes
#13 Employer Social Security Taxes
#14 Environmental Fees
#15 Estate Taxes
#16 Excise Taxes On Comprehensive Health Insurance Plans
#17 Federal Corporate Taxes
#18 Federal Income Taxes
#19 Federal Unemployment Taxes
#20 Fishing License Taxes
#21 Flush Taxes (yes, this actually exists in some areas)
#22 Food And Beverage License Fees
#23 Franchise Business Taxes
#24 Garbage Taxes
#25 Gasoline Taxes
#26 Gift Taxes
#27 Gun Ownership Permits
#28 Hazardous Material Disposal Fees
#29 Highway Access Fees
#30 Hotel Taxes (these are becoming quite large in some areas)
#31 Hunting License Taxes
#32 Import Taxes
#33 Individual Health Insurance Mandate Taxes
#34 Inheritance Taxes
#35 Insect Control Hazardous Materials Licenses
#36 Inspection Fees
#37 Insurance Premium Taxes
#38 Interstate User Diesel Fuel Taxes
#39 Inventory Taxes
#40 IRA Early Withdrawal Taxes
#41 IRS Interest Charges (tax on top of tax)
#42 IRS Penalties (tax on top of tax)
#43 Library Taxes
#44 License Plate Fees
#45 Liquor Taxes
#46 Local Corporate Taxes
#47 Local Income Taxes
#48 Local School Taxes
#49 Local Unemployment Taxes
#50 Luxury Taxes
#51 Marriage License Taxes
#52 Medicare Taxes
#53 Medicare Tax Surcharge On High Earning Americans Under Obamacare
#54 Obamacare Individual Mandate Excise Tax (if you don't buy "qualifying" health insurance under Obamacare you will have to pay an additional tax)
#55 Obamacare Surtax On Investment Income (a new 3.8% surtax on investment income)
#56 Parking Meters
#57 Passport Fees
#58 Professional Licenses And Fees (another form of taxation)
#59 Property Taxes
#60 Real Estate Taxes
#61 Recreational Vehicle Taxes
#62 Registration Fees For New Businesses
#63 Toll Booth Taxes
#64 Sales Taxes
#65 Self-Employment Taxes
#66 Sewer & Water Taxes
#67 School Taxes
#68 Septic Permit Taxes
#69 Service Charge Taxes
#70 Social Security Taxes
#71 Special Assessments For Road Repairs Or Construction
#72 Sports Stadium Taxes
#73 State Corporate Taxes
#74 State Income Taxes
#75 State Park Entrance Fees
#76 State Unemployment Taxes (SUTA)
#77 Tanning Taxes (a new Obamacare tax on tanning services)
#78 Telephone 911 Service Taxes
#79 Telephone Federal Excise Taxes
#80 Telephone Federal Universal Service Fee Taxes
#81 Telephone Minimum Usage Surcharge Taxes
#82 Telephone State And Local Taxes
#83 Telephone Universal Access Taxes
#84 The Alternative Minimum Tax
#85 Tire Recycling Fees
#86 Tire Taxes
#87 Tolls (another form of taxation)
#88 Traffic Fines (indirect taxation)
#89 Use Taxes (Out of state purchases, etc.)
#90 Utility Taxes
#91 Vehicle Registration Taxes
#92 Waste Management Taxes
#93 Water Rights Fees
#94 Watercraft Registration & Licensing Fees
#95 Well Permit Fees
#96 Workers Compensation Taxes
#97 Zoning Permit Fees

Yet despite all of this oppressive taxation, our local governments, our state governments and our federal government are all absolutely drowning in debt.
When the federal income tax was originally introduced a little more than 100 years ago, most Americans were taxed at a rate of only 1 percent.
But once they get their feet in the door, the social planners always want more.
Since that time, tax rates have gone much higher and the tax code has exploded in size.
Why do we have to have the most convoluted tax system in the history of the planet?
Why can't things be simpler?

In a previous article entitled "24 Outrageous Facts About Taxes In The United States That Will Blow Your Mind", I listed a number of reasons why our federal income tax system has become a complete and utter abomination that is entirely out of control...

1 - The U.S. tax code is now 3.8 million words long. If you took all of William Shakespeare's works and collected them together, the entire collection would only be about 900,000 words long.
2 - According to the National Taxpayers Union, U.S. taxpayers spend more than 7.6 billion hours complying with federal tax requirements. Imagine what our society would look like if all that time was spent on more economically profitable activities.
3 - 75 years ago, the instructions for Form 1040 were two pages long. Today, they are 189 pages long.
4 - There have been 4,428 changes to the tax code over the last decade. It is incredibly costly to change tax software, tax manuals and tax instruction booklets for all of those changes.
5 - According to the National Taxpayers Union, the IRS currently has 1,999 different publications, forms, and instruction sheets that you can download from the IRS website.
6 - Our tax system has become so complicated that it is almost impossible to file your taxes correctly. For example, back in 1998 Money Magazine had 46 different tax professionals complete a tax return for a hypothetical household. All 46 of them came up with a different result.
7 - In 2009, PC World had five of the most popular tax preparation software websites prepare a tax return for a hypothetical household. All five of them came up with a different result.
8 - The IRS spends $2.45 for every $100 that it collects in taxes.
9 - According to The Tax Foundation, the average American has to work until April 17th just to pay federal, state, and local taxes. Back in 1900, "Tax Freedom Day" came on January 22nd.
10 - When the U.S. government first implemented a personal income tax back in 1913, the vast majority of the population paid a rate of just 1 percent, and the highest marginal tax rate was just 7 percent.

If it was up to me, I would abolish the income tax and shut the IRS down.
But neither major political party in the United States is even willing to consider such a thing.
So the monstrous system that we have created will continue to get even bigger and even more complicated.

We are literally being taxed into oblivion, and most Americans don't even seem to care.
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Post by occe on Wed Mar 26, 2014 11:12 pm

"If it was up to me, I would abolish the income tax and shut the IRS down.
But neither major political party in the United States is even willing to consider such a thing.
So the monstrous system that we have created will continue to get even bigger and even more complicated."

Not sure where this part came from, but, for the record, I never posted it. My only intention was to present the taxes we are being bombarded with, not to show any partisanship.

             coffee  sarcastic
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Post by Jayzze on Thu Apr 17, 2014 3:26 pm

of course it will be taxed either capital gains or simple income.in my group six top cpa split  3 for each but they all agreed that a letter to the irs eill be necessary to clarify this since the irs is probably undecided in either case use the words currency exchange and not investment
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Post by Goldiegirl on Thu Apr 17, 2014 4:06 pm

Plan for worst case scenario which is taxes as income.  Then, plan for a "surprise tax". What is that you ask?  A tax the gov't wants to slap on because you just made a whopping chunk of change.  You just never know.

This whole FATCA that's been put in place, now you have even more to worry about.

Page 2.

http://www.kpmg.com/LU/en/IssuesAndInsights/Articlespublications/Documents/FATCA-Funds-new.pdf

Under FATCA, a 30% withholding tax is applied
on any payment from U.S. sources (interest, dividend or sales
proceeds) made to an investment fund, unless the fund enters into
a disclosure agreement with the U.S. Treasury whereby it agrees to:
• Identify U.S. investors;
• Comply with verifi cation and due diligence procedures;
• Perform annual reporting;
• Deduct and withhold 30% from any payment made by the fund
to inadequately documented investors; and
• Comply with requests for additional information.

 omg 
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Post by Kevind53 on Thu Apr 17, 2014 4:34 pm

FACTA reporting only applies to certain types of foreign assets. The 30% withholding only applies to certain non participating and unregistered foreign entities, NOT to individuals ... a little fear mongering in the interest of sales of their services I think ....
Types of Foreign Assets and Whether They are Reportable on Form 8938
[th]
Types of Foreign Assets and Whether They are Reportable on Form 8938
[/th][th]Financial (deposit and custodial) accounts held at foreign financial institutions[/th][th]Financial account held at a foreign branch of a U.S. financial institution[/th][th]Financial account held at a U.S. branch of a foreign financial institution[/th][th]Foreign financial account or asset for which you have signature authority[/th][th]Foreign stock or securities held in a financial account at a foreign financial institution[/th][th]Foreign stock or securities not held in a financial account[/th][th]Foreign partnership interests[/th][th]Indirect interests in foreign financial assets through an entity[/th][th]Foreign mutual funds[/th][th]Domestic mutual fund investing in foreign stocks and securities[/th][th]Foreign accounts and foreign non-account investment assets held by foreign or domestic grantor trust for which you are the grantor[/th][th]Foreign-issued life insurance or annuity contract with a cash-value[/th][th]Foreign hedge funds and foreign private equity funds[/th][th]Foreign real estate held directly[/th][th]Foreign real estate held through a foreign entity[/th][th]Foreign currency held directly[/th][th]Precious Metals held directly[/th][th]Personal property, held directly, such as art, antiques, jewelry, cars and other collectibles[/th][th]‘Social Security’- type program benefits provided by a foreign government[/th]
Yes
No
No
No, unless any income, gains, losses, deductions, credits, gross proceeds, or distributions from holding or disposing of the account or asset are or would be required to be reported, included, or otherwise reflected on your income tax return
The account itself is subject to reporting, but the contents of the account do not have to be separately reported
Yes
Yes
No
Yes
No
Yes, as to both foreign accounts and foreign non-account investment assets
Yes
Yes
No
No, but the foreign entity itself is a specified foreign financial asset and its maximum value includes the value of the real estate
No
No
No
No

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Post by Jayzze on Thu Apr 17, 2014 4:41 pm

in july i read that there could be a supprise tax but from my understanding thefatca pertains to large sums of money going out of the country and also all banks around the world must report all bank accounts of americans. this is why most banks around the world  will not open  new accounts for americans living outside the us. from what i read even the swiss grand caymen and others were mony is hidden must report it to the us gov
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Post by Kevind53 on Thu Apr 17, 2014 5:02 pm

No surprise taxes ... any new tax has to be passed by congress, THEY couldn't keep a secret if you handed it to them in a sealed bucket.

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Trust but Verify --- R Reagan Suspect

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Post by Goldiegirl on Thu Apr 17, 2014 5:03 pm

If and when Jayzze, you are going to leave your money in the US bank where you have a "electronic" statement you have "such and such"?  Really?  I'd be getting my money the hell out of the USA in a heartbeat where your gov't couldn't see it, touch it or smell it.

Caymen is not a good option anymore. Any island that relies on the US for any goods is not a good option.  The US is becoming the enemy anymore.

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Post by Jayzze on Thu Apr 17, 2014 5:22 pm

goldie girl correct but one of the few places left is panama where most banks refuse to give the us any info .there  are some private safe banks  out of the us that are safe. i hve an llc in so dakota where some of my money will stay nice and safe nd the rest will be used ffor charity and other things i am still checking  out a cpa with a jd who my fa swares by but i will do nothing until this happens
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Post by Jayzze on Sun Apr 20, 2014 1:40 pm

i would love to pay no tax but quess what show the gov money and they will tax it. so do not be stupid and avoid it because many people have  tried and got a bonus free room and board get a good tax att and tax acc and  pay the least amount . rember romney showed he made only 25 mil and was taxed only 14 percent
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Post by dinarstar on Mon Apr 21, 2014 10:35 pm

Hmmmmm.... I will work with my tax guy, pay what is due and perhaps go away someplace where I can fish and hunt, make biltong and boerewors, and walk my dogs, sit on my porch overlooking my acreage... and quietly deteriorate, peaceful and alone.

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