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Post by justpassntime Sun Sep 04, 2011 6:05 pm

This is what I was able to find on the IRS site and at Cornell Law University. After reading this and if you still cant figure it out go see a tax lawyer. It's a lot to take in.

If you go to one of the Dinar Dealer cash in sites it has been said that the IRS/UST would be there to take your taxes then and there. Not sure if that is true though, it would be nice to know that all your money in the bank was yours to spend.

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%. Personal Note: Capital Gains Tax increased in 2011 and may go as high as 35%.

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).

SmartMoney.com Capital Gains Tax Calculator

http://www.smartmoney.com/calculator/taxes/estimate-capital-gains-tax-1304665972346/

IRS publication 525 page 33
***Tax Info*** Screen11


IRS Publication 550 page 40
***Tax Info*** Screen12

988
http://www.law.cornell.edu/uscode/usc_sec_26_00000988----000-.html

At the bottom of this article it states:

(e) Application to individuals
(1) In general
The preceding provisions of this section shall not apply to any section 988 transaction entered into by an individual which is a personal transaction.
(2) Exclusion for certain personal transactions
If—
(A) nonfunctional currency is disposed of by an individual in any transaction, and
(B) such transaction is a personal transaction,
no gain shall be recognized for purposes of this subtitle by reason of changes in exchange rates after such currency was acquired by such individual and before such disposition. The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.
(3) Personal transactions
For purposes of this subsection, the term “personal transaction” means any transaction entered into by an individual, except that such term shall not include any transaction to the extent that expenses properly allocable to such transaction meet the requirements of—
(A) section 162 (other than traveling expenses described in subsection (a)(2) thereof), or
(B) section 212 (other than that part of section 212 dealing with expenses incurred in connection with taxes).

Pub. 525 clearly states it is capital gains, but pub 550 sounds to me like it is meant for licensed traders. As far as 988 I have found nothing that states the Dec. 31, 2010 date or flat 15%. I think we fall into the ordinary gains and losses category because we are individuals not Forex Traders.


Last edited by justpassntime on Sat Oct 01, 2011 2:02 pm; edited 3 times in total

*****************
Anything worth having is worth waiting for. Wink
If you can't laugh at yourself, you probably see no humor in anything. 🤡
Things you should never talk about on OOM, they will surely start an argument, religion, politics and the rv. Rolling Eyes

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Post by openmind Sun Sep 04, 2011 6:06 pm

Thanks for the post.

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RON PAUL 2012


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"I either want less corruption, or more chance to participate in it."---Dinar Pumpers
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Post by jubalation Sun Sep 04, 2011 6:12 pm

Good thing revenue agents aren't lurking in the bushes when I have a garage sale. LOL
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Post by justpassntime Sun Sep 04, 2011 6:13 pm

Just found this at
http://www.savingtoinvest.com/2011/05/2011-and-2012-capital-gains-tax-rates-short-and-long-term.html

2011 and 2012 Capital Gains Tax Rates – Short and Long Term

When you sell a capital asset like stocks or a home you own, the difference between the amount you sell it for and you paid for it (or cost basis) is classified as a capital gain or a capital loss. Capital gains and losses are further classified as long-term or short-term, depending on how long you hold the investment 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. Based on the duration of asset ownership and the tax filers personal tax rate, we can calculate their capital gains tax rate.


***Tax Info*** Capital-gains-tax-2011-20122

Short-term capital gains are taxed at ordinary income tax rates up to 35%. Long-term capital gains (assets held for more than one year) are taxed at 0%% for taxpayers in the 10% and 15% tax brackets and 15% for taxpayers in the 25%, 28%, 33%, and 35% tax brackets. The 0% tax rates for those in the 10% and 15% tax brackets was a special provision in the bush-era tax cuts which were extended to 2013.

If your capital losses are more than your capital gains, you can claim a capital loss deduction in your tax filing. Your allowable deduction is $3,000 ($1,500 if you are married and filing separately) and can be claimed against your ordinary income. There are various exceptions and special provisions when it comes to the treatment of capital gains or losses and you should consult IRS Publications 17 and 550 for more details.

*****************
Anything worth having is worth waiting for. Wink
If you can't laugh at yourself, you probably see no humor in anything. 🤡
Things you should never talk about on OOM, they will surely start an argument, religion, politics and the rv. Rolling Eyes

Currency Revaluation Awareness Propaganda Analyst :study:

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Post by justpassntime Sun Sep 04, 2011 6:17 pm

jubalation wrote:Good thing revenue agents aren't lurking in the bushes when I have a garage sale. LOL

Garage sale? I am selling the whole thing! lol!

*****************
Anything worth having is worth waiting for. Wink
If you can't laugh at yourself, you probably see no humor in anything. 🤡
Things you should never talk about on OOM, they will surely start an argument, religion, politics and the rv. Rolling Eyes

Currency Revaluation Awareness Propaganda Analyst :study:

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Post by justpassntime Sun Sep 11, 2011 10:51 pm

2011 and 2012 Capital Gains Taxes Have Changed!

Find your tax bracket for 2011 to find out how much you will pay for Capital Gains

***Tax Info*** Screen25


***Tax Info*** Capital-gains-tax-2011-20122

Short-term capital gains are taxed at ordinary income tax rates up to 35%. Long-term capital gains (assets held for more than one year) are taxed at 0%% for taxpayers in the 10% and 15% tax brackets and 15% for taxpayers in the 25%, 28%, 33%, and 35% tax brackets. The 0% tax rates for those in the 10% and 15% tax brackets was a special provision in the bush-era tax cuts which were extended to 2013.

*****************
Anything worth having is worth waiting for. Wink
If you can't laugh at yourself, you probably see no humor in anything. 🤡
Things you should never talk about on OOM, they will surely start an argument, religion, politics and the rv. Rolling Eyes

Currency Revaluation Awareness Propaganda Analyst :study:

***Tax Info*** Flag-212***Tax Info*** Screen53
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Post by 4courseDinar Sun Sep 11, 2011 11:29 pm

justpassntime wrote:This is what I was able to find on the IRS site and at Cornell Law University. After reading this and if you still cant figure it out go see a tax lawyer. It's a lot to take in.

Sorry to say but I fall into the short term category and plan to pay accordingly.

If you go to one of the Dinar Dealer cash in sites I had heard that the IRS/UST would be there to take your taxes then and there. If that is true that would be cheaper than H&R Block. Very Happy


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%. Personal Note: Capital Gains Tax increased in 2011 and may go as high as 35%.

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).

SmartMoney.com Capital Gains Tax Calculator

http://www.smartmoney.com/calculator/taxes/estimate-capital-gains-tax-1304665972346/

IRS publication 525 page 33
***Tax Info*** Screen11


IRS Publication 550 page 40
***Tax Info*** Screen12

988
http://www.law.cornell.edu/uscode/usc_sec_26_00000988----000-.html

At the bottom of this article it states:

(e) Application to individuals
(1) In general
The preceding provisions of this section shall not apply to any section 988 transaction entered into by an individual which is a personal transaction.
(2) Exclusion for certain personal transactions
If—
(A) nonfunctional currency is disposed of by an individual in any transaction, and
(B) such transaction is a personal transaction,
no gain shall be recognized for purposes of this subtitle by reason of changes in exchange rates after such currency was acquired by such individual and before such disposition. The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.
(3) Personal transactions
For purposes of this subsection, the term “personal transaction” means any transaction entered into by an individual, except that such term shall not include any transaction to the extent that expenses properly allocable to such transaction meet the requirements of—
(A) section 162 (other than traveling expenses described in subsection (a)(2) thereof), or
(B) section 212 (other than that part of section 212 dealing with expenses incurred in connection with taxes).

Pub. 525 clearly states it is capital gains, but pub 550 sounds to me like it is meant for licensed traders. As far as 988 I have found nothing that states the Dec. 31, 2010 date or flat 15%. I think we fall into the ordinary gains and losses category because we are individuals not Forex Traders.


It seems you have done a lot of research but you aren't understanding what you are reading. This is not a 988 transaction and I have consulted several asset protection attorneys.

This currency is dysfunctional . It isn't tradable. Is being sold as a collectors item and amounts to a stamp collection or some such other collectible. This isn't a currency future or a tradable currency exchange. You bought something collectible for cheap and are selling it at an increased valuation. You are selling a collectible.


If you would read the E-Book I have been offering you would know that you can very easily skip the tax man on the Capital Gains Tax. It is called a CRUT and it is commonly used, easy to understand and operate. The maintenance is also easy. The old saying, "A fool and his money are soon parted" is very true. There are two kinds of Americans. The tax code was written for both kinds. One kind pays taxes and the other doesn't. What kind do you want to be?

Also, that business about the UST being there to take your taxes at RV is pure rubbish and nothing more. Firstly, it would be the IRS because the UST doesn't collect taxes. Secondly, there are only a couple of instances where the taxes are collected at payout. That is when you win really big at a Casino, they grab the tax by agreement with the Casino. The other is when very large Judgements are made in international cases or the litigant lives out of the country. There is NO code that has been [passed to allow this taking. Look it up for yourself. They can't collect on a whim. That is more folk lore. They must codify the tax and have the appropriate forms for reporting. THEY DO NOT!

This is good to show people that the CG tax schedule will change at midnight on Dec. 31st. The extension of the BUsh CG Tax reform was for one year only and our Marxist Prez will never do it again.

Now if you want to be bull-headed and be a sucker and "Pay Your Fair Share" then be my guest but paying CG tax is foolish and it need not happen. I will send you the E-Book unless you don't want to know what the wealthy do. I haven't paid a dime in tax in 7 years and I am not in jail and have my own Total Asset Protection Plan (TAPP) in place and I know what I'm talking about on this. This is 100% LEGAL. This CRUT could save you the price of a brand new Bentley on just one million Dinar and I bet you have more than that. Dare to be rich and give this a look.

DBLH@ROVIN.NET

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Post by justpassntime Sun Sep 11, 2011 11:34 pm

Not tradeable now but will be when you cash in, so it will be a currency exchange profit.

*****************
Anything worth having is worth waiting for. Wink
If you can't laugh at yourself, you probably see no humor in anything. 🤡
Things you should never talk about on OOM, they will surely start an argument, religion, politics and the rv. Rolling Eyes

Currency Revaluation Awareness Propaganda Analyst :study:

***Tax Info*** Flag-212***Tax Info*** Screen53
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