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Paying Taxes on Dinar

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Post by daystar on Sat Aug 20, 2011 10:07 pm

I've heard a lot about the tax issue. Some say it will be 15% others say 35%. Still others are trying to figure out how NOT to pay taxes. You know it WAS the United States Government under Bush and Cheney that made this all possible. I feel it only fair that they get their cut on the investment. We still get to keep between 65% - 85% of something THEY allowed us to have. I don't think that's too much to ask.
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Post by suntea on Sat Aug 20, 2011 10:12 pm

Great will you pay mine tooooo!!!!!

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Post by mickey007 on Sat Aug 20, 2011 10:14 pm

With state taxes you will be lucky to take home 50%.
Use your head and find a good tax attorney or a Trust specialist to save you and your family money that will only be wasted by the government.
Even with a Trust you will pay "your fair share" of taxes.
Good luck and God bless you all.

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Post by insguy on Sat Aug 20, 2011 10:15 pm

thats why you hire tax attorney and cpa


its worth the price

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Post by ntvtexan on Sun Aug 21, 2011 12:13 am

Absolutely I'm paying my taxes !!! 🎅

As little as possible for this current A$$HO.... crybaby ...I mean....Administration shame ...BUT... bigsmile

I don't mind paying a FAIR bit of 🐷 tax 🐷 ...Come on now say, it with me...FLAT Tax, 10% Max !!!

Yeah Baby !!! rabbit

Now that didn't hurt one bit did it !?!?!?! :o

The boys in D.C. might not like it :evil: , but it sure as heck feels better out here in the REAL world. Laughing Laughing Laughing


And WHY as an American do I NOT mind paying a fair bit of taxes you might ask? scratch

OK, you got me on that one...I just like to watch SH!T blow up on TV !!!

Remember all those GREAT aerial shots as the missile was going in, then....B O O M !!!! affraid

AHHHHHHH....my tax dollars at work...FINALLY !!! Very Happy

lol! :cheers: :cheers: :cheers: :cheers: :cheers: :cheers: lol!
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Post by justpassntime on Sun Aug 21, 2011 12:28 am

What I have read on the capital gains tax is that if you have it more than a year you pay 15% if you had it less than a year you get to pay more probably 28%. So you will need your receipts for the dinar you bought to prove when you bought it.

Taken from IRS.gov

IRS Tax Tip 2011-35, February 18, 2011

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss.

Here are ten facts from the IRS about gains and losses and how they can affect your Federal income tax return.

1. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset.

2. When you sell a capital asset, the difference between the amount you sell it for and your basis – which is usually what you paid for it – is a capital gain or a capital loss.

3. You must report all capital gains.

4. You may deduct capital losses only on investment property, not on property held for personal use.

5. Capital gains and losses are classified as long-term or short-term, depending on how long you hold the property before you sell it. If you hold it more than one year, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term.

6. If you have long-term gains in excess of your long-term losses, you have a net capital gain to the extent your net long-term capital gain is more than your net short-term capital loss, if any.

7. The tax rates that apply to net capital gain are generally lower than the tax rates that apply to other income. For 2010, the maximum capital gains rate for most people is 15%. For lower-income individuals, the rate may be 0% on some or all of the net capital gain. Special types of net capital gain can be taxed at 25% or 28%.

8. If your capital losses exceed your capital gains, the excess can be deducted on your tax return and used to reduce other income, such as wages, up to an annual limit of $3,000, or $1,500 if you are married filing separately.

9. If your total net capital loss is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you incurred it in that next year.

10. Capital gains and losses are reported on Schedule D, Capital Gains and Losses, and then transferred to line 13 of Form 1040.

For more information about reporting capital gains and losses, see the Schedule D instructions, Publication 550, Investment Income and Expenses or Publication 17, Your Federal Income Tax. All forms and publications are available at http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

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Post by Gmansaid on Sun Aug 21, 2011 1:36 am

@daystar wrote:I've heard a lot about the tax issue. Some say it will be 15% others say 35%. Still others are trying to figure out how NOT to pay taxes. You know it WAS the United States Government under Bush and Cheney that made this all possible. I feel it only fair that they get their cut on the investment. We still get to keep between 65% - 85% of something THEY allowed us to have. I don't think that's too much to ask.

I can appreciate your willingness to want to pay your fair share of taxes but you stated that, "I feel it only fair that they get their cut on the investment." Did you not know that the money that you pay in to the IRS goes to pay for the interest on the national debt?

The IRS is just the collection arm of the Federal Reserve, a private corporation! Ronald Reagan found this out when he demanded to see where all of the money was going in attempt to cut wasteful spending. It is called the Grace Commission Report.

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Post by me4RV on Sun Aug 21, 2011 1:41 am

I enjoy the rhetoric, its our hard earned money, we wanna keep all of it. LOL
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Post by 1alaskan on Sun Aug 21, 2011 1:49 am

On the subject of taxes, first we read (Romans 13:1)  Let every soul be in subjection to the superior authorities, for there is no authority except by God; the existing authorities stand placed in their relative positions by God. . .


The we read (Matthew 22:17-21) 17 Tell us, therefore, What do you think? Is it lawful to pay head tax to Caesar or not?” 18 But Jesus, knowing their wickedness, said: “Why do YOU put me to the test, hypocrites? 19 Show me the head tax coin.” They brought him a de‧nar′i‧us. 20 And he said to them: “Whose image and inscription is this?” 21 They said: “Caesar’s.” Then he said to them: “Pay back, therefore, Caesar’s things to Caesar, but God’s things to God.”


So friends, we pay our taxes that are due, no more, no less.

JMHO
Rantings from just north of 58 this week

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Paying Taxes on Dinar Empty Thank you sir for the effort to post this info. I certainly intend to hire the best tax attorney I can afford. However, I was under the understanding that Capital gains were either taxed at 15% or 35% based on either short term or long term. Can you help

Post by fisherofman on Sun Aug 21, 2011 2:18 am

@justpassntime wrote:What I have read on the capital gains tax is that if you have it more than a year you pay 15% if you had it less than a year you get to pay more probably 28%. So you will need your receipts for the dinar you bought to prove when you bought it.

Taken from IRS.gov

IRS Tax Tip 2011-35, February 18, 2011

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss.

Here are ten facts from the IRS about gains and losses and how they can affect your Federal income tax return.

1. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset.

2. When you sell a capital asset, the difference between the amount you sell it for and your basis – which is usually what you paid for it – is a capital gain or a capital loss.

3. You must report all capital gains.

4. You may deduct capital losses only on investment property, not on property held for personal use.

5. Capital gains and losses are classified as long-term or short-term, depending on how long you hold the property before you sell it. If you hold it more than one year, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term.

6. If you have long-term gains in excess of your long-term losses, you have a net capital gain to the extent your net long-term capital gain is more than your net short-term capital loss, if any.

7. The tax rates that apply to net capital gain are generally lower than the tax rates that apply to other income. For 2010, the maximum capital gains rate for most people is 15%. For lower-income individuals, the rate may be 0% on some or all of the net capital gain. Special types of net capital gain can be taxed at 25% or 28%.

8. If your capital losses exceed your capital gains, the excess can be deducted on your tax return and used to reduce other income, such as wages, up to an annual limit of $3,000, or $1,500 if you are married filing separately.

9. If your total net capital loss is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you incurred it in that next year.

10. Capital gains and losses are reported on Schedule D, Capital Gains and Losses, and then transferred to line 13 of Form 1040.

For more information about reporting capital gains and losses, see the Schedule D instructions, Publication 550, Investment Income and Expenses or Publication 17, Your Federal Income Tax. All forms and publications are available at http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

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Post by justpassntime on Sun Aug 21, 2011 2:39 am

It depends on the tax bracket your normal income puts you in for what the capital gains tax is also. So could be anywhere in between 15-35%

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Post by lawrence on Sun Aug 21, 2011 3:38 am

@daystar wrote:I've heard a lot about the tax issue. Some say it will be 15% others say 35%. Still others are trying to figure out how NOT to pay taxes. You know it WAS the United States Government under Bush and Cheney that made this all possible. I feel it only fair that they get their cut on the investment. We still get to keep between 65% - 85% of something THEY allowed us to have. I don't think that's too much to ask.


Yeah, but remember that if the government boys would have had their way, there would be no way in heck you could have gotten into this. They would have kept it a secret if they could have. Why do you think the Dood-Frank bill was enacted??? So the "Elite Group" can keep guys and gals like us out in the future!!! And it will happen again because anytime there is a conflict where we are involved, the "Marshall Plan" will be applied.

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Paying Taxes on Dinar Empty check the tax forms

Post by shumai on Sun Aug 21, 2011 7:16 am

Keep in mind that the Capital Gains Schedule flows over to the 1040 and adds to your other income and losses based on the percentage which is subject to rax as long term capital gain or short term capital gain. Do not be confused. IT IS NOT A SEPARATE FLAT TAX ON THAT SPECIES OF INCOME. Thus if you have other income of $100,000 from employment or a business, that is listed at the top of your 1040 and just below that, but before you get to the infamous Line 32 (Adjusted Gross Income or "AGI") you carry over the amount from the schedule where you declare your capital gains and losses. So if you received $3,000,000 cashing in your dinars held for more than one year, and had bought that 1MM IQD for $1200 (including transaction costs) you would carry over $450,000 (15% of the net gain) and would report and pay taxes on the $550,000 Adjusted Grosss Income (AGI) at whatever rate or amount you calculate from the appropriate tax table.

I am more than a little distrustful of the talk about being offered a 15% flat tax at cash in for several reasons. First, if you follow the number, your "rate in the example above would be marginal tax rate (based on total taxable income) times the .15 of the gain which is subject to tax. That is the incentive tax policy the legislature created to encourage people to make long term investments. Don't forget, you will have disclosure documents to be filled out when you cash in and expect our mutual uncle to be connecting those up to whatever information has been garnered by auditing sellers of dinar and cross-referencing to be certain everyone pays their "fair share" as uncle sees it. Second, the rules are just sufficiently unclear that you should not be surpriseed if "uncle" tries to take the position that the gain is regular income rather than capital gains in order to extract a bigger piece of the action. They have an enormous hammer to swing by threatening interest and penalties and criminal prosecution. On our side it is not inex[ecnsive to litigate and plenty of people will cave in to the pressure. Lastly, expect "uncle" to use the disclosure forms to create a watch list, forward and bacwards in time, as a mechanism to bully people who are not willing to engage top flight counsel or who are not sufficiently astute to recognize they are being bullied.

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Post by whatmework on Sun Aug 21, 2011 7:25 am

Be sure your tax person refers to Pub 550, Pg 40 and Sec. 988. It sais after Dec 31, 2010, all capital gains will be 15% regardless of how long you have held the asset. Check it out for yourselves.
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Post by Bita on Sun Aug 21, 2011 7:47 am


[dinarbillionare] Subject: Capital Gains Taxes Date: Saturday, August 13, 2011, 11:14 AM

Hello All, Wanted to share with you what I learned from the IRS yesterday. I was directed to Publication 525, page 33, which states that foreign currency exchange resulting in a gain of over $200 is subject to capital gains tax.

In addition, I was told that Publication 550, page 40, section 988 states that after Dec. 31, 2010, capital gains will be taxed at a flat rate of 15%, regardless of whether it's short or long term.

Hope this helps in your planning.

Regards Bob T

Date: Monday, August 15, 2011, 7:30 AM


[dinarbillionare] Subject: Capital Gains Taxes Date: Saturday, August 13, 2011, 11:14 AM Hello All, Wanted to share with you what I learned from the IRS yesterday. I was directed to Publication 525, page 33, which states that foreign currency exchange resulting in a gain of over $200 is subject to capital gains tax. In addition, I was told that Publication 550, page 40, section 988 states that after Dec. 31, 2010, capital gains will be taxed at a flat rate of 15%, regardless of whether it's short or long term. Hope this helps in your planning. Regards Bob T

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Post by joe schmo on Sun Aug 21, 2011 8:13 am

If there ever is a RV not only will i pay my taxes i might even vote republican.

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Post by ministerb on Sun Aug 21, 2011 8:25 am

BRILLIANT!! joe schmo-"If there ever is a RV not only will i pay my taxes i might even vote republican."

WHEN I WAS AN UPPERCLASSMAN, I GRADED ENGLISH PAPERS...HUMMMM.
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Post by war eagle on Sun Aug 21, 2011 9:31 am

Well,I am going to vote REPUBLICAN rather the dinar rv's or NOT!!!!!!!!!!!!!!

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Post by joe schmo on Sun Aug 21, 2011 9:35 am

[quote="ministerb"]BRILLIANT!! joe schmo-"If there ever is a RV not only will i pay my taxes i might even vote republican."

WHEN I WAS AN UPPERCLASSMAN, I GRADED ENGLISH PAPERS...HUMMMM.[/quote

Did you ever hear of typos dude, whats your problem.

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Post by ministerb on Sun Aug 21, 2011 10:04 am

LIGHTEN UP...IT WON'T HURT.
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Post by kendorie on Sun Aug 21, 2011 10:40 am

You might even vote Republican? Why would you "vote for any party"? They all have problems and the two party system has gotten really bad. Why not do your research and vote for a candidate that just might change things. Vote Republican - vote Democratic?????? Why???

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Post by lady sunshine on Sun Aug 21, 2011 12:11 pm

I agree both parties have been disappointing, but voting for a third party candidate is not the answer. IMHO a third party candidate cannot get enough votes to win, so I will find someone that I most agree with and cast my vote for that person.....probably a Republican.

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Post by mkmrmny on Sun Aug 21, 2011 12:23 pm

@lady sunshine wrote: ...a third party candidate cannot get enough votes to win...

Apathy is a potent adversary. Why try when it is hopeless ...

That is why we keep getting what we got. A few insiders that have
the financial backing from special interests.

Times must change.

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Post by Huscarl1 on Sun Aug 21, 2011 12:54 pm

[quote="mkmrmnyApathy is a potent adversary. .[/quote]

who the heck is "apathy"? I suppose I could do my own research but
I just don't care enough.

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Post by Lojack6T on Sun Aug 21, 2011 1:21 pm

After years of watching this government feather their own nests and buy influence with our money they did not allow us to have anything they , the government, dont deserve anything and I for one will not feel that I owe them jack, I work 70-80 hours per supporting myself and my family and have nothing but contempt for the lack of integrity in Washington DC , They do not listen to us but bull ahead with whatever their party thinks is best for them without paying much attention to the constitution and then sell it to a public that is increasingly ignorrant of their rights. I will pay my taxes and will never believe we owe the government anything.

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Post by danielboone on Mon Aug 22, 2011 12:52 pm

@daystar wrote:I've heard a lot about the tax issue. Some say it will be 15% others say 35%. Still others are trying to figure out how NOT to pay taxes. You know it WAS the United States Government under Bush and Cheney that made this all possible. I feel it only fair that they get their cut on the investment. We still get to keep between 65% - 85% of something THEY allowed us to have. I don't think that's too much to ask.

This has to be a JOKE post. No one is this stupid. Pay your fair share?

Next you'll be misquoting the Romans-13 crap. The most misunderstood Biblical quote in history.

It's just like I said: Within two years after the RV, 75% of you guys are going to be completely broke again if not in jail.

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Post by Huscarl1 on Mon Aug 22, 2011 9:17 pm

@whatmework wrote:Be sure your tax person refers to Pub 550, Pg 40 and Sec. 988. It sais after Dec 31, 2010, all capital gains will be 15% regardless of how long you have held the asset. Check it out for yourselves.

I checked for myself. I think you may be wrong. i read it and it refers to "tradeable foreign currency futures" not non-tradeable currency held.

I also cannot find anywhere on page 40 that refers to anything changing
after Dec 31, 2010.

If you have a website that you can link where your information can be found
I would be happier if you are correct.

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Post by BoltUpright on Mon Aug 22, 2011 9:30 pm

@mickey007 wrote:With state taxes you will be lucky to take home 50%.
Use your head and find a good tax attorney or a Trust specialist to save you and your family money that will only be wasted by the government.
Even with a Trust you will pay "your fair share" of taxes.
Good luck and God bless you all.

Thank you for saving me some typing time. I trust the GOI more than I do the crooks on Penn Ave. I'm sure they are doing everything possible to take every nickle they can from us. It only makes sense for us to be as prepared as possible.
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Post by robralf on Mon Aug 22, 2011 9:39 pm

@danielboone wrote:
@daystar wrote:I've heard a lot about the tax issue. Some say it will be 15% others say 35%. Still others are trying to figure out how NOT to pay taxes. You know it WAS the United States Government under Bush and Cheney that made this all possible. I feel it only fair that they get their cut on the investment. We still get to keep between 65% - 85% of something THEY allowed us to have. I don't think that's too much to ask.

This has to be a JOKE post. No one is this stupid. Pay your fair share?

Next you'll be misquoting the Romans-13 crap. The most misunderstood Biblical quote in history.

It's just like I said: Within two years after the RV, 75% of you guys are going to be completely broke again if not in jail.

which is where anyone who DOESN'T pay their taxes will be Dan'l..
BROKE and IN JAIL.

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Post by justpassntime on Tue Aug 23, 2011 7:40 am

Ways to not pay taxes:

1. Don't have anything to pay taxes on

2. Cheat and take the chance of getting caught

3. Do like thousands of low income people do and claim Earned Income Credit and get back thousands more than you paid in. Still have not figured the logic in that.

Just a thought....How do you collect nearly $10,000 in earned income credit and not have that added to your income to count as income when applying for state assistance and never have to pay taxes on the amount you received in a tax refund you never earned? Things that make you go "WHAT THE ________ !" (insert your preferred word).

Just pay your taxes....and we really need to get rid of earned income credit. Why should you ever get back more taxes than you paid in? How many billions does the UST pay for that every year? scratch

Oh forgot....I will vote Democrat and Republican, don't make your choices so easily. Vote for what the person stands for not the party. Too many make blind party votes and everyone pays for it.

Here's an idea..how about the presidential winner get to be president and the runner up be vice president? Could end up some nasty beauty pagent cat fight though....maybe not.

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Post by cymbeline on Sat Aug 27, 2011 6:47 pm

@mickey007 wrote:With state taxes you will be lucky to take home 50%.
Use your head and find a good tax attorney or a Trust specialist to save you and your family money that will only be wasted by the government.
Even with a Trust you will pay "your fair share" of taxes.
Good luck and God bless you all.

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Paying Taxes on Dinar Empty Re: Paying Taxes on Dinar

Post by tomb22 on Sat Aug 27, 2011 7:15 pm

Find a state that does not have state income tax, Google it. I think there are 7 or 8 of them. Establish residency and set up an entity within the State to use to cash in. I know wa and nevada for sure. California's state tax is 15%. As an example: 1million dinar @ $3.68 = $3,680,000 x $552,000. To save that kind of money, would be worth legally setting up residency in a no income tax state. ☀

Also, if the short term capital gains is 35% and you can wait a year from when you purchased to have long term capital gains, you would save another 20%. = $736,000. So, $552,000 + $736,000 = $1,288,000 more money in your pocket.

If I had that much (which I don't) I would cash in a small amount to drive the wolves away from the door, and as many have said, talk with a Tax Attorney or really sharp CPA who is not just a bean counter to strategically plan the way that would legally give me the most money. What ever you do, don't try and illegaly "evade" taxes. The "boys" know exactly how much everyone has. ☀

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Paying Taxes on Dinar Empty PS

Post by tomb22 on Sat Aug 27, 2011 7:26 pm

PS I have read a lot of articles about the flat rate 15% special tax etc. People, People, People, this is our government we are talking about. What have they done for you lately? Why would they give you a 20% break. Our investment is not a currency future. It is a foreign currency exchange. Anything over $200 is capital gains. Some one else quoted the IRS publication for that. I have read that same pub before and it is correct. So, it is and will be capital gains, the only issue is long term (15%) over a year or short term (35%) under a year. THEY are not going to do us any favors. ☀

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Paying Taxes on Dinar Empty Re: Paying Taxes on Dinar

Post by Lucky Peni on Sat Aug 27, 2011 7:33 pm

Hiring a Tax Attorney - Have a great CPA already...Render unto Ceasar what is Ceasars - unto God what is Gods.....then I get the rest to be able to bless others with...wooooooooooooooo hoooooooooooooooooooo
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Post by tomb22 on Sat Aug 27, 2011 7:38 pm

Amen ☀

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Paying Taxes on Dinar Empty Re: Paying Taxes on Dinar

Post by justpassntime on Sat Aug 27, 2011 7:39 pm

I just don't get it...After the RV I will be a millionaire, after taxes I will be a millionaire even if I was taxed 50%. I paid next to nothing for this opportunity. I am not complaining, why are you? There is nothing to complain about. scratch

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Paying Taxes on Dinar Empty Re: Paying Taxes on Dinar

Post by kouty on Sat Aug 27, 2011 8:00 pm

per tomb22.....Find a state that does not have state income tax, Google it. I think there are 7 or 8 of them. Establish residency and set up an entity within the State to use to cash in. I know wa and nevada for sure. California's state tax is 15%. As an example: 1million dinar @ $3.68 = $3,680,000 x $552,000. To save that kind of money, would be worth legally setting up residency in a no income tax state.

So I have a question. Yes, I could probably ask a CPA or tax attorney, but being as tho Okie told us to start planning now, well......

If I worked in California for the year up until, say, a week from now (hopefully), and I set up a bank account in a state with no income taxes, maybe even purchase a residence there before the year is up....if I sold my assets here in California by years end, would I still be subject to CA state income tax for 2012? I know I would be for my income at my job, but how about for the dinar cash in? I looked at CA state tax website but didn't see anything that pertained to moving during the year to take up residency in a no state income state and what I would have to pay taxes on, or how long I would have to have residency in the no income tax state?

Does anybody know anything about this??? I will check with a CPA or Tax Attorney later, but just trying to do as Okie asks, my homework!!!

Thanks in advance.

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Paying Taxes on Dinar Empty DID NOT NOTICE

Post by tomb22 on Sat Aug 27, 2011 8:00 pm

@justpassntime wrote:I just don't get it...After the RV I will be a millionaire, after taxes I will be a millionaire even if I was taxed 50%. I paid next to nothing for this opportunity. I am not complaining, why are you? There is nothing to complain about. scratch

Hi [justpassntime], love your avatar - really cool.
Not complaining - actually loving it as it is almost here. I agree. Nothing to complain about. ☀

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Post by tomb22 on Sat Aug 27, 2011 8:07 pm

@kouty wrote:per tomb22.....Find a state that does not have state income tax, Google it. I think there are 7 or 8 of them. Establish residency and set up an entity within the State to use to cash in. I know wa and nevada for sure. California's state tax is 15%. As an example: 1million dinar @ $3.68 = $3,680,000 x $552,000. To save that kind of money, would be worth legally setting up residency in a no income tax state.

So I have a question. Yes, I could probably ask a CPA or tax attorney, but being as tho Okie told us to start planning now, well......

If I worked in California for the year up until, say, a week from now (hopefully), and I set up a bank account in a state with no income taxes, maybe even purchase a residence there before the year is up....if I sold my assets here in California by years end, would I still be subject to CA state income tax for 2012? I know I would be for my income at my job, but how about for the dinar cash in? I looked at CA state tax website but didn't see anything that pertained to moving during the year to take up residency in a no state income state and what I would have to pay taxes on, or how long I would have to have residency in the no income tax state?

Does anybody know anything about this??? I will check with a CPA or Tax Attorney later, but just trying to do as Okie asks, my homework!!!

Thanks in advance.

I believe and it is my opinion only, I am not a tax person. Have been involved in tax issues as paralegal. That being said, State tax is on income derived while in the state. If you move to another state, and have not cashed in all the dinar, you would not be liable for state taxes in the old state when you cash in in the new state. A kind of example: You buy a house and it goes up in value (back in the old days) ☀ You do not pay your capital gains on the increased value until you sell the house. It is at the time of sale that the taxable event takes place. So, applying to dinar. the taxable event for the dinar is when it is cashed in or sold. If you are in another state, it is my opinon that the taxable event takes place in the other state at the time and place you cash in. Hope that helps.

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Post by kouty on Sat Aug 27, 2011 8:13 pm

Thanks tomb22 for your response. That was kinda my thinking also, but as we know, right now we might not be thinking "fully". We had plans of moving anyway, to a no income tax state, so this might just make that happen a little sooner than expected.

I like your analogy, makes perfect sense to me......lets hope that's what the CPA will be saying Very Happy

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Post by cymbeline on Sat Aug 27, 2011 8:19 pm

THANK YOU ALL. I did not expect such timely and numerous response.

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Paying Taxes on Dinar Empty Re: Paying Taxes on Dinar

Post by Jphil on Sat Aug 27, 2011 8:47 pm

I live in Texas and we do not have a state income tax. We will pay our federal taxes on the dinar but I am confused about the capital gains tax. What percent is capital gains? Does anbody know or do I have to wait until Monday and ask my CPA?

Everybody just move to Texas - you will like us and we will like you.

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Paying Taxes on Dinar Empty Re: Paying Taxes on Dinar

Post by me4RV on Sat Aug 27, 2011 8:53 pm

@Jphil wrote:I live in Texas and we do not have a state income tax. We will pay our federal taxes on the dinar but I am confused about the capital gains tax. What percent is capital gains? Does anbody know or do I have to wait until Monday and ask my CPA?

Everybody just move to Texas - you will like us and we will like you.


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Post by The G-Man on Sat Aug 27, 2011 9:31 pm

What about Corporate taxes in Texas? Wyoming and Nevada have neither Income or corporate taxes.
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Post by The G-Man on Sat Aug 27, 2011 9:42 pm

You can always do this. If you figure Uncle Sam or some other crook is going to take up to 5-% of your blessing, buy more Dinar to cover the taxes. For about an additiona $1200 investment you can save millions in taxes. I'm no pumper. It just makes sense. If the number is $3.68 and Uncle gets 35% you will be paying a million in taxes and keeping 2 million, unless the State grabs 15% in which case you just lost roughly 1 million 500,000 to taxes. If your dreams need 2 0r 3 million to help your self and and to help others, buy more dinars while you have the chance. That's what I did. I focused on the net result not on the gross. What if you were taxed at 70% by USA and 15% by Claifornia. That's 85% total which means you get to keep $150,000 out of each million you received. When Carter was President it was 75% tax. With Obama we could go there again.
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Paying Taxes on Dinar Empty CAPITAL GAINS

Post by tomb22 on Sun Aug 28, 2011 12:32 am

jphil, here is what I said about capital gains a little further up the thread. Hope it helps. ☀

PS I have read a lot of articles about the flat rate 15% special tax etc. People, People, People, this is our government we are talking about. What have they done for you lately? Why would they give you a 20% break. Our investment is not a currency future. It is a foreign currency exchange. Anything over $200 is capital gains. Some one else quoted the IRS publication for that. I have read that same pub before and it is correct. So, it is and will be capital gains, the only issue is long term (15%) over a year or short term (35%) under a year. THEY are not going to do us any favors.

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Paying Taxes on Dinar Empty Re: Paying Taxes on Dinar

Post by Amarao on Sun Aug 28, 2011 12:42 am

Has anyone looked into the tax implications of making a trust fund for themselves?

From what I understand you retain control of the trust, yet not have legal possession of it. Then you would only pay capital gains on the money you collect from the trust.

If anyone here knows more about this and can provide more information or correct me I'd love to hear it.

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Paying Taxes on Dinar Empty BE CAREFUL

Post by tomb22 on Sun Aug 28, 2011 1:41 am

@Amarao wrote:Has anyone looked into the tax implications of making a trust fund for themselves?

From what I understand you retain control of the trust, yet not have legal possession of it. Then you would only pay capital gains on the money you collect from the trust.

If anyone here knows more about this and can provide more information or correct me I'd love to hear it.

There are many kinds of trusts. One of the kinds that the IRS does not like is kind of what you described. You put your assets into the trust, and then "retain control." They take those and call them a grantor trust. The taxes are more then as an individual.

Many folks on this and other sites have suggested that you get a Tax Attorney and/or sharp CPA to help you minimize taxes legally. Now many people reading this will say, I can't afford that. So, when the RV happens (soon ☀ ) cash in enough to get yourself set up the right way. Then with the right kind of advice you can stay out of trouble, cause trust me, trouble will find you. When ever there is a lot of money it is like blood to a shark and the sharks are trolling the dinarian waters as we speak.

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Post by WilliamB on Sun Aug 28, 2011 2:51 am

so this 28% flat rate won't apply?

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Paying Taxes on Dinar Empty Re: Paying Taxes on Dinar

Post by robralf on Sun Aug 28, 2011 3:01 am

I'm expecting to pay 35%,but will work with the best minds I can afford to legally reduce what I owe,and happily hand over to the IRS the balance due....
so I can sleep at night not dreaming of orange jump suites.

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