Getting Tax Help

[mike55]

I found this...I know a tax lawyer can save you even more. But this is supposed to be a year or so old. I don't know how many, if any, changes may have occured since. I'm still getting a tax expert and pay them well to keep me out of trouble with Uncle Sugar....:drunk:
http://www.moneychimp.com/features/capgain.htm

[Crazynorman]

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I found the following information recently while doing research on off-shore bank accounts. Apparently the I.R.S. is cracking down on such accounts.
According to one article I read the I.R.S. requires that people having such accounts file form TD F 90-22.1 by June 30th each year, if their maximum value in such accounts excedes $10,000.

Norman

[BRYAN]

[QUOTE=
to one article I read the I.R.S. requires that people having such accounts file form TD F 90-22.1 by June 30th each year, if their maximum value in such accounts excedes $10,000
that's is what I was looking for ... Thanks Norman for being a team player ..


When the NID ripens Account holders will need this form if the amount exceeds 10,000.00 USD value

I cant wait to fill this form out !!!! because it would mean we were correct in our venture !!!! :huge:

[Edmond]

Just left my tax person.

I told her about the Dinars and surprisingly she didn't roll her eyes.

She did explain the Federal tax as this.

short term cap gains is taxed as income. :(

Long term is a maximim of 15% and a low of 5%- not too bad

However, if you live in the state of Calif. like I do. When you convert your Dinars you are subjected to an additional 9.25% state tax. If you convert more than 1 million US dollars there is an additional wealth tax which is determined based on the amount over 1 mil you convert. : :( :(

Thinking I should move before I convert them.

Ed

[Wolverine]

if you live in so. CA and haven't moved already, stay there and pay the tax ! :happy26:

[stayfrosty5]

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I found the following information recently while doing research on off-shore bank accounts. Apparently the I.R.S. is cracking down on such accounts.
According to one article I read the I.R.S. requires that people having such accounts file form TD F 90-22.1 by June 30th each year, if their maximum value in such accounts excedes $10,000.

Norman

The IRS can require it all they want. They will have a difficult time proving it though. The Swiss government does not recognize our laws therefore they do not have to acknowledge whether or not we have accounts. Unless you are running guns or drugs, our gov't can't do squat.

The trouble with Swiss accounts is, unless you plan on living there, you can't get the money back to the US without a paper trail.

http://swiss-bank-accounts.com/e/index.html
"Swiss bankers are under obligation to keep any information about you or your account strictly confidential.

This bank secrecy is among the strictest in the world and stems from an age-old historical tradition. It is established in Swiss law. Any banker who reveals information about you without your consent risks several months in prison.

The only exceptions to this rule concern serious crimes such as gun smuggling and drug trafficking.

Bank secrecy is not lifted for tax evasion. This is because failure to report income or assets is not considered a crime in Switzerland. As such, neither the Swiss government, nor anyother government, can obtain information about your bank account. They must first convince a Swiss judge that you have committed a serious crime punishable by the Swiss Penal Code."


frosty