what would be the best move?

[logan]

should you keep the dinars at home then when it opens go to the bank.

should you put them in the bank now?

should you put them in a bank out side the country then cash them there when it opens?

What do you think is the best thing to do to save the most money from the tax eating it up?

[Alphamystic]

I'm sure you will find that many of the replies you'll get will say to do a little of each.

[iamrealdreamer]

alittle of each :wave:

[logan]

I was thinking that i would set up a small LLC out side the country and just have my self getting paid $9,990.00 a month from that company (dinars).

What are your thoughts?

[Roll The Bones]

Put your money in a bank in the Grand Caymans, then simply withdraw what you need one time a year. This way you only pay taxes on what you use, which if you play it smart could be nothing but the interest collected each year keeping the principal intact.

This plan will take a couple million dinar and no drastic change in your lifestyle, but could possibly provide a way for never having to have a 9-5 ever again.

Just a thought...:lmao:

[BABYBULL24]

should you keep the dinars at home then when it opens go to the bank.

should you put them in the bank now?

should you put them in a bank out side the country then cash them there when it opens?

What do you think is the best thing to do to save the most money from the tax eating it up?


Keep in mind putting currency in a safety deposit box is a no...no. Hate to see you get it taken away.

Anyone remember Katrina....what happens when your bank is underwater and so are your Dinars???:crying:

[lance]

Hold the dinar a year for starters reducing the taxes from short term capital gains tax 28% to long term capital gains 15%, then hire a professional to help you make use of all legal means to keep as much of the money as you can legally, perhaps family foundations are a consideration, charity always makes good buisness sense. Pay some taxes and enjoy living without worries. Lance

[thmgroup]

Much of this was discussed at length a few months ago:

Dinar Exit Strategies

Tax Avoidance vs. Tax Evasion

http://www.investorsiraq.com/dinar-exchange-tax/11203-tax-avoidance-vs-tax-evasion.html

Subject to Capital Gains or Income Tax?

http://www.investorsiraq.com/dinar-exchange-tax/13321-capital-gains-income.html

Creating a Self-Directed IRA

http://www.investorsiraq.com/dinar-exchange-tax/14789-dinar-exit-strategies-self-directed-roth.html

Creating a Family Foundation

http://www.investorsiraq.com/dinar-exchange-tax/13941-dinar-exit-strategies-create-family-foundation.html

Does AMT Apply?

http://www.investorsiraq.com/dinar-exchange-tax/14572-dinar-exit-strategies-does-alternative-minimum.html

Creating a Charitable Remainder Trust

http://www.investorsiraq.com/dinar-exchange-tax/13901-dinar-exit-stategies-charitable-remainder-trust.html

Creating a Charitable Lead Trust
http://www.investorsiraq.com/dinar-exchange-tax/13939-dinar-exit-strategies-charitable-lead-trust.html

Hope this helps.

[v1rotv2]

The first line of defense is what Lance said. Wait one year. That is the best and by far the easiest to do. 15% tax is chump change as compared to 35%. Best of all it's legal. Something to remember. Say that you are audited done the road, 5 years from now. The IRS can go back and audtit 3 or 5 years forgot which it is. But, and this is a huge but, if they find something they feel is suspiciously close to illegal intent, they can go back forever. No limitations as to how far back in time they can go. Even upon your death they can go back and end up taking everthing in back taxes, ineterest on those taxes and penalty fees. Your family will get nothing if they take it all. When considering that, 15% is really cheap.

If you can't wait, cash in just enough at the 35% rate to make good for the rest of the year you need to hold.

[Dinar Duchess]

Put your money in a bank in the Grand Caymans, then simply withdraw what you need one time a year. This way you only pay taxes on what you use, which if you play it smart could be nothing but the interest collected each year keeping the principal intact.

This plan will take a couple million dinar and no drastic change in your lifestyle, but could possibly provide a way for never having to have a 9-5 ever again.

Just a thought...:lmao:

Just curious, why the Grand Caymans ?, how would that benefit a dinar investor. :wave:

[Dinar Duchess]

Hold the dinar a year for starters reducing the taxes from short term capital gains tax 28% to long term capital gains 15%, then hire a professional to help you make use of all legal means to keep as much of the money as you can legally, perhaps family foundations are a consideration, charity always makes good buisness sense. Pay some taxes and enjoy living without worries. Lance

Is that for the US? How does that work for the UK?:wave:

[onenomad]

Just curious, why the Grand Caymans ?, how would that benefit a dinar investor. :wave:

One of the tax free havens along with Jersey, Dubai, Panama etc anyone know can you go to one of these places with say a letter of credit (That warka provide) to open an account and then just wire all you want to your tax free account? I dont mind moving to any of these places (Though the ones with hot temp are more favourite) Any advice cheers

[taxmama]

The IRS came out with pronouncements sometime in the last 3 months saying that they now have working agreements with Panama, Grand Cayman, Jersey, Isle of Mann, etc regarding "off-shore" accounts and a cooperative sharing of s.s.#'s, etc of American citizens.

I would tred lightly in this area.

Remember that as a U.S. citizen, you are taxed on all your "wordly" earnings, meaning any income that you generate anywhere in the world.

And let's take a real close look here - 15% long term capital gains rate is pretty sweet. When I first went into business 29 years ago, it was closer to 50%!!

[Panther]

And let's take a real close look here - 15% long term capital gains rate is pretty sweet. When I first went into business 29 years ago, it was closer to 50%!!

So true!!

Another method to save on taxes that has been widely discussed, is to move to and establish residency in a tax free state before selling any NID.

[Sporter]

Keep in mind putting currency in a safety deposit box is a no...no. Hate to see you get it taken away.

Anyone remember Katrina....what happens when your bank is underwater and so are your Dinars???:crying:


Great point!, for those who live in the Gulf region!.

[Panama Corp]

One of the tax free havens along with Jersey, Dubai, Panama etc anyone know can you go to one of these places with say a letter of credit (That warka provide) to open an account and then just wire all you want to your tax free account? I dont mind moving to any of these places (Though the ones with hot temp are more favourite) Any advice cheers
Yes but if you wanted to do it quietly I would look for another way besides a direct bank wire, if not, Opening an account in Panama for the purpose is good.