Winning the Tax game

[Old Man]

What is the best way to win the tax game if you are going to cash in at the bank? :happy26:

[Dinar Duchess]

What is the best way to win the tax game if you are going to cash in at the bank? :happy26:


Its a no win situation.. sorry

[LakewayDaze!]

Here is an idea.

Pay your taxes and be happy you have been given such a great opportunity. :drunk:

[New Hampshire Ned]

What is the best way to win the tax game if you are going to cash in at the bank? :happy26:

It depends...

If you are cashing in now, without an RV, you'll likely show a loss if you bought from a dealer.

If you are planning on cashing in IF there is an RV, you'll want to wait until you've held for at least a year so the impact on the capital gains tax won't be as harsh.

If your plan is to cash in after a possible RV, don't play games with taxes. Get yourself an accountant and PAY THE TAX THAT IS DUE. You may think you've outsmarted the IRS by cashing in little by little at the bank, but guess what? 5 years from now, they may be knocking on your door asking questions about the Dinar they found out you had via the records the bank keeps.

I'd be more than happy to send Uncle Sam 6 figures if the Dinar RVs at 10 cents or higher. And then 5 figures each year after thant on the interest I'll earn on the principal.

[INRI]

It depends...

If you are cashing in now, without an RV, you'll likely show a loss if you bought from a dealer.

If you are planning on cashing in IF there is an RV, you'll want to wait until you've held for at least a year so the impact on the capital gains tax won't be as harsh.

If your plan is to cash in after a possible RV, don't play games with taxes. Get yourself an accountant and PAY THE TAX THAT IS DUE. You may think you've outsmarted the IRS by cashing in little by little at the bank, but guess what? 5 years from now, they may be knocking on your door asking questions about the Dinar they found out you had via the records the bank keeps.

I'd be more than happy to send Uncle Sam 6 figures if the Dinar RVs at 10 cents or higher. And then 5 figures each year after thant on the interest I'll earn on the principal.

When you say to wait and hold the dinar for at least 1 year. Does the year start at the time I first bought the dinar? The time I deposited it into Warka? The time of the RV? I'm not understanding when the time starts to help avoid larger taxes?
Thanks

[LakewayDaze!]

When you say to wait and hold the dinar for at least 1 year. Does the year start at the time I first bought the dinar? The time I deposited it into Warka? The time of the RV? I'm not understanding when the time starts to help avoid larger taxes?
Thanks

It starts from the time you purchased or took possession of it in case you happened to find a few million in your yard or something.

You will pay 35% if held less than a year and 15% after a year. :wave:

[Jeffro]

Here is an idea.

Pay your taxes and be happy you have been given such a great opportunity. :drunk:

It's a novel idea :) ....and I like it!

[jcav]

It's not a game.

But I have heard some people say they will exchange them into euro (in America) since you don't have to pay taxes until you cash out in USD.

Then let the euros appreciate before cashing into USD at which point, you still have to pay taxes, but may of made money off the euro before the inevitable.

Whether or not it would be enough to cover the cost of the taxes w/o this, I don't know, but would suspect that it would at least cover it partially.

Then again, I may be wrong.

You still have to pay taxes regardless.

[itchibon]

DO YOU EVER FEEL THAT THE I.R.S. HAS PLANTED SPYS ON THIS WEB SITE TO ASK THESE KINDS OF QUESTIONS JUST TO FIND OUT HOW WE PLAN TO CHEAT THEM???? I WISH TO COMPLEMENT MOST OF YOU FOR GIVING THE RIGHT ANSWERS. PAY YOUR TAX AND GET ON WITH YOUR LIFE. :happy64: :happy64: :happy64:

[Kash Munny]

Trust me, after taxes you will still have plenty left for yourself.
Don't be a Westly Snipes; Do the right thing.

[Okie]

What is the best way to win the tax game if you are going to cash in at the bank? :happy26:

Consult a real good tax attorney before you cash in. He will give you many options to minimize your taxes and still keep you in good shape with the IRS. BTW, good tax guys will save your enough money to justify their fees.

[fbrant]

Why convert to USD? Convert to Euros and spend as Euros. Lots of nice places to live or travel permanently where Euros can be spent. Just sayin' . . . not trying to open a can-o-worms.


It's not a game.

But I have heard some people say they will exchange them into euro (in America) since you don't have to pay taxes until you cash out in USD.

Then let the euros appreciate before cashing into USD at which point, you still have to pay taxes, but may of made money off the euro before the inevitable.

Whether or not it would be enough to cover the cost of the taxes w/o this, I don't know, but would suspect that it would at least cover it partially.

Then again, I may be wrong.

[Just_Sayin]

Why convert to USD? Convert to Euros and spend as Euros. Lots of nice places to live or travel permanently where Euros can be spent. Just sayin' . . . not trying to open a can-o-worms.

Sure, but if you've held your basis for over a year, you'll pay as much or more in VAT than you would if you just get a sharp tax guy: http://en.wikipedia.org/wiki/Value_added_tax#European_Union

Best advice is:

1) hire the best tax geek you can find
2) render up to Caesar
3) PARTY!

Just_Sayin

[makedinar]

Help pay for the war....pay your taxes!

[jimbo]

Here is an idea.

Pay your taxes and be happy you have been given such a great opportunity. :drunk:
I HAVE A BETTER SUGGESTION ASK YOUR CONGRESSMAN TO CO-SPONSOR HR25 THE FAIR TAX ACT OF 2007!!! UNDER THIS PLAN YOU WILL NOT HAVE TO PAY ANY TAXES ON YOUR EARNINGS ONLY ON WHAT YOU CONSUMED:happy64: :happy64:

[COACH JACK]

I HAVE A BETTER SUGGESTION ASK YOUR CONGRESSMAN TO CO-SPONSOR HR25 THE FAIR TAX ACT OF 2007!!! UNDER THIS PLAN YOU WILL NOT HAVE TO PAY ANY TAXES ON YOUR EARNINGS ONLY ON WHAT YOU CONSUMED:happy64: :happy64:
But, that would be just too easy and you know our leaders disdain easy, simple & fair approaches.

[Cowboys82288]

What if you bought your Dinar in Iraq with cash? How can they prove what price you paid? And couldn't you just go out of the country and set up an offshore bank account? Just wondering....

[Old Man]

Thanks for all the feed back. Just waiting for the RV now.:huge:

[oil4$]

It starts from the time you purchased or took possession of it in case you happened to find a few million in your yard or something.

You will pay 35% if held less than a year and 15% after a year. :wave:

THAT'S VERY INTERESTING INFO----BUT DID YOUR TAX MAN TELL YOU THIS--AS I ALWAYS THOUGHT 15% WITH THE NEW LAW REGARDLESS OF TIME EXCEPT WHERE HOUSES WERE CONCERNED WHERE THERE IS 2 YEARS YOU HAVE TO LIVE IN A HOUSE AND PAY NO CAPITOL GAINS--AT LEAST THAT'S THE WAY IT IS IN CALIFORNIA.

[richsoon]

The 15% rate only applies if you have held the initial investment for more than 12 months. Otherwise, depending on your tax bracket, the cg tax could be as much as 28% (federal only).:crying:

[baz]

It's not a game.

But I have heard some people say they will exchange them into euro (in America) since you don't have to pay taxes until you cash out in USD.

Then let the euros appreciate before cashing into USD at which point, you still have to pay taxes, but may of made money off the euro before the inevitable.

Whether or not it would be enough to cover the cost of the taxes w/o this, I don't know, but would suspect that it would at least cover it partially.

Then again, I may be wrong.
You might end up waiting a long time if you plan on Euros to appreciate, its a pretty stable currency...a cent here a cent their, but not many big gains now.

[Okie]

What if you bought your Dinar in Iraq with cash? How can they prove what price you paid? And couldn't you just go out of the country and set up an offshore bank account? Just wondering....

The IRS places the burden of proof on you. If you don't have proof of what you paid for your Dinar, the IRS will tax you at the highest rate when you convert it. I bought a lot of Dinar for cash in Iraq but kept a very good written record of my purchases. You can prove you were in Iraq from your contract, airline tickets, stamps in passport, etc.

It's OK to open a foreign account but remember the IRS has a worldwide reach so you have to assume they will know when you open up a foreign account. Also, if the account is over $10,000 you have to report this to the US treasury Dept.

[Grizzly Bear]

Ways to avoid taxes:
#1 Become a citizen of Ireland b4 cashing in
#2 Turn around and invest 100% into tax free municiple securities and live tax free on the interest
#3 Cash in amounts less than $10,000 for any given month
#4 Cash in in Iraq and invest in the ISX
#5 Hold dinars for now (?)
#6 Go to a casino
#7 Put it in your dogs name, he can't go to jail!:no: :no:
#8 Out of possible solutions pay you tax!!!:D :D :D :D

[Grams]

Wouldn't be suprised if they had an IRS rep at the participating banks, just waiting on people to cash in.:crying:

[435613422]

where can i find a good tax man?

[richsoon]

where can i find a good tax man?

Why does it have to be a man?

[geowhiz]

Why does it have to be a man?

I hear you a little something about taxes?

[mailman17]

It depends...

If you are cashing in now, without an RV, you'll likely show a loss if you bought from a dealer.

If you are planning on cashing in IF there is an RV, you'll want to wait until you've held for at least a year so the impact on the capital gains tax won't be as harsh.

If your plan is to cash in after a possible RV, don't play games with taxes. Get yourself an accountant and PAY THE TAX THAT IS DUE. You may think you've outsmarted the IRS by cashing in little by little at the bank, but guess what? 5 years from now, they may be knocking on your door asking questions about the Dinar they found out you had via the records the bank keeps.

I'd be more than happy to send Uncle Sam 6 figures if the Dinar RVs at 10 cents or higher. And then 5 figures each year after thant on the interest I'll earn on the principal.
capital gains on currency no longer exists. IRS changed the law in dec07. pay the 35% and be happy to do so. currency is now considered income. read the threads and links for confirmation..thanks, mailman

[mailman17]

What if you bought your Dinar in Iraq with cash? How can they prove what price you paid? And couldn't you just go out of the country and set up an offshore bank account? Just wondering....
they will find you, hunt you down, and prosecute..just pay the fair share..

[v1rotv2]

Don't count on offshore banking to stash your cash. The new laws on international accounts because of terrorisum makes this no longer feasible. By the way, the tax laws require you to report all income no matter where in the world it was earned.

Holding the dinar for a year is a very good idea. Proof of purchase times are not limited to reciepts. Travel logs, journals, passport stamps, eye witness of travel partners almost anything can be used. But one sure way would be to hold dinar for one year after the rv. The IRS can't have it both ways. Meaning that if you held it for a year after the rv, you could not have possibly bought the dinar at the lower rate, if they think you have held it for less than a year. So either they will say you paid the higher rate for the dinar, which in that case you would not have much capitol gain to be taxed on or you bought it at the lower rate and that would have been over a year ago so the long term cap gains would apply.

Another point to ponder would be state income tax. If you truly beleive that a big rv will be comming, you might want to set up residency in a state with no income tax. This could save you a ton of money. But make sure you do it legally. Reporting that you have a state residence that you have not legally qualified for is a good way of losing a lot of cash and maybe your freedom.

[geowhiz]

What happens if you keep your money (millions of dollars worth of dinar we hope) in Warka and withdraw a little at a time out using a debit card?

[tesla]

What happens if you keep your money (millions of dollars worth of dinar we hope) in Warka and withdraw a little at a time out using a debit card?

If your a US citizen, you should still be paying taxes on interest earned annually on all bank accounts foreign and domestic, so the government already knows about these accounts. If it revals your transactions will be monitored, I heard that Homeland security monitors transactions even as low as and around 3000 USD domestic, so I would completely believe that someone would be monitoring foreign transactions also.

Just pay your taxes, thank god for this opportunity, and give Uncle Sam his Vig:wave:

[creationworks]

The IRS places the burden of proof on you. If you don't have proof of what you paid for your Dinar, the IRS will tax you at the highest rate when you convert it. I bought a lot of Dinar for cash in Iraq but kept a very good written record of my purchases. You can prove you were in Iraq from your contract, airline tickets, stamps in passport, etc.

It's OK to open a foreign account but remember the IRS has a worldwide reach so you have to assume they will know when you open up a foreign account. Also, if the account is over $10,000 you have to report this to the US treasury Dept.

Guilty until proven innocent.

[Wantabee]

Has anyone heard of a law that the IRS passed in 2007 that all capital gains will be taxed in 2008-09-10 at the rate that you are paying for that year, like 15% and below no tax, if in the upper tax brackets you would pay capital gains equal to income. I've read that somewhere or heard it.

Hey thanks for all the good work and information out there you'll have posted even the naysayers. because they bring you back to earth and get you started to thinking again.:happy: :happy:

[435613422]

Why does it have to be a man?
where can I find a good tax woman? or make that hot tax women.:clapping:

[Nufsed]

The way it's going your un-rv'ed dinar will be worth more than the $ soon

[richsoon]

I hear you a little something about taxes?

That'w why I have been doing them all day today!:sweating: Think I will need another PV trip when it's all over.:party:

[geowhiz]

That'w why I have been doing them all day today!:sweating: Think I will need another PV trip when it's all over.:party:


This time we will go look at some rocks (the little ones in the sand) and take the writeoff, right? :wave:

[VacationSpot]

What happens if you keep your money (millions of dollars worth of dinar we hope) in Warka and withdraw a little at a time out using a debit card?

New to this forum, what is Warka?

[Sponson]

New to this forum, what is Warka?

Warka Bank for Investment and Finance. It's where most of us hold dinar-denominated accounts which are used to purchase stocks by proxy from the ISX, buy CDs, or just hold on account and accumulate at a savings rate of 11%.

Located in Baghdad with several branches.

:wave:

[Nufsed]

New to this forum, what is Warka?

Warka is the bank that many people on this forum have accounts with, it's main office is in Bagdad.