Tax on money in Warka ? ?????

[AJOB]

I have a question about money in Warka.

First of all I can see paying tax on dinar you are holding as an investment. after and RV
I can see paying tax on money earned in the ISX.
I can see paying tax on interest earned in the Warka savings account.

But if you wire dollars to Warka and then convert to dinar and then then there is an RV what is that considered. Or what if it takes 3 years for the dinar to grow to 1 to 1 , at what point does the IRS tax you?

[cowpoke]

A profit is a profit is a profit!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!

They keep it simple in this area, you pay on the PROFIT. Therefore, you claim every expense because you are NOW AN INTERNATIONAL INVESTOR!!!!!!!!!!:D

[MrAustin]

anything over 10k overseas you have to declare.

[cowpoke]

anything over 10k overseas you have to declare.

DECLARE YES!!!The problem is that people FORGET to declare the DEDUCTIONS that precipitated the gain in the first place...

TAKE YOUR DEDUCTIONS PEOPLE!!!!!!!!!!!!!!!!!!!!!!!!!!!:wave:

[AJOB]

anything over 10k overseas you have to declare.

So until there is a significant rv I would not have to report any holdings oversees.

[cowpoke]

So until there is a significant rv I would not have to report any holdings oversees.

HERE IS THE THE CLUE...... INCOME TAX!!!!!!!!!!!!!!!!!!!!

What was you income MINUS DEDUCTIONS????????????

Did you cash out of the dinar and profit and MAKE INCOME?????


Uncle sam wan'ts his cut of the pie. If you made money you can spend, chances are you owe him. If not, chances are he owes you..:wave:

[INRI]

DECLARE YES!!!The problem is that people FORGET to declare the DEDUCTIONS that precipitated the gain in the first place...

TAKE YOUR DEDUCTIONS PEOPLE!!!!!!!!!!!!!!!!!!!!!!!!!!!:wave:


Can you name a few deduction that are applicable with this investment?

Does mental anguish and stress count as deductions?

[cbailey_369]

That's a good question. What is something that could be deducted? The new house I'm going to buy (or just pay my house off), and the new car that I'm definitely going to buy? Food? Gas? Do we save all receipts and claim it all? This is confusing to me.

[Michelleirs]

The US has no tax treaty with Iraq. That does not mean that you don't have to pay taxes on your "capital gain" or interest earned. You should not have to pay taxes until you turn your Dinars into US Dollars or are earning interst in dollars. The $10,000 limit is in US Dollars, which is alot of dinars at the bargain price of 1235 to 1. Uncle Sam will hit you when you turn those dinars into good ole greenbacks and then you will hit with "capital gain" taxes!

[cowpoke]

Can you name a few deduction that are applicable with this investment?

Does mental anguish and stress count as deductions?

For starters, the internet bill, Fedex, millage to and from relatives and friends homes, with whom you have discussed the dinar investment with.
A portion of your home, utilities, ect.. Just be prepared to pay some back if you sell the house with in a certain time frame.
These are just baby things that you can legally deduct. There are more if a person wants to dig.
You may even need to fly to Jordan or Dubai for business..:D

[MrAustin]

The US has no tax treaty with Iraq. That does not mean that you don't have to pay taxes on your "capital gain" or interest earned. You should not have to pay taxes until you turn your Dinars into US Dollars or are earning interst in dollars. The $10,000 limit is in US Dollars, which is alot of dinars at the bargain price of 1235 to 1. Uncle Sam will hit you when you turn those dinars into good ole greenbacks and then you will hit with "capital gain" taxes!

If you read the latest tax code, you have to pay taxes on ANYTHING OVER 10K in USD value even if it is in another currency. Including anything in accounts of any sort, this is all according to my tax lawyer.:emo:

[Michelleirs]

If you read the latest tax code, you have to pay taxes on ANYTHING OVER 10K in USD value even if it is in another currency. Including anything in accounts of any sort, this is all according to my tax lawyer.:emo:

That is what I said. $10,000 USD worth of Dinars is quite a few Dinars. But you do not realize any gain on those Dinars until you actually convert it into US dollars hence my comment on when you trade your dinars for dollars. Has anyone made $10,000 profit on their dinars yet? I know I haven't and won't for a while the way things are going.

[Brown3824]

First of all let me say, a lot of info on this site is pretty informative. But let me also say this...

I, NOR ANYONE ELSE, SHOULD EVER TAKE ANY TAX ADVICE FROM ANYONE ON THIS WEBSITE. THIS ALSO APPLIES TO INVESTMENT ADVICE ON "WHAT TO DO AFTER THE RV"

For all you people that have tax questions, call your accountant. For all the non - dinar related investment questions, call a CFP. There is a post above mine where some person suggest including deductions for personal use of the home and utilities as a way of reducing your taxable profit related to the dinar. THAT IS ABSOLUTELY LAUGHABLE. I have been a member for a while now, and it kills me how every time a topic like this arises people throw tax and "non dinar" related investment around like its nothing.

I could ramble on for hours,

So please, my point is, take everything non related to the dinar with a grain of salt and that includes tax advice.

* I do taxes* so please understand why i get so mad, its just because some people might actually go out and heed what they actually read on this site, which is scary.

[Michelleirs]

First of all let me say, a lot of info on this site is pretty informative. But let me also say this...

I, NOR ANYONE ELSE, SHOULD EVER TAKE ANY TAX ADVICE FROM ANYONE ON THIS WEBSITE. THIS ALSO APPLIES TO INVESTMENT ADVICE ON "WHAT TO DO AFTER THE RV"

For all you people that have tax questions, call your accountant. For all the non - dinar related investment questions, call a CFP. There is a post above mine where some person suggest including deductions for personal use of the home and utilities as a way of reducing your taxable profit related to the dinar. THAT IS ABSOLUTELY LAUGHABLE. I have been a member for a while now, and it kills me how every time a topic like this arises people throw tax and "non dinar" related investment around like its nothing.

I could ramble on for hours,

So please, my point is, take everything non related to the dinar with a grain of salt and that includes tax advice.

* I do taxes* so please understand why i get so mad, its just because some people might actually go out and heed what they actually read on this site, which is scary.

If and when this thing hits, everyone should consult someone they trust to advise them on how to handle everything related to their new found wealth and every issue that goes along with it, especially taxes!

Just be aware, that alot of people have already done that and there are numerous interpretations of the tax law between "people who do taxes", CPA's and tax attorneys. Somewhere on this forum is a Private Letter Ruling that the IRS has supposedly issued on the capital gain question of this investment. Each individual will have to do what they feel is correct and believe in the person they are getting advice from.

[INRI]

For starters, the internet bill, Fedex, millage to and from relatives and friends homes, with whom you have discussed the dinar investment with.
A portion of your home, utilities, ect.. Just be prepared to pay some back if you sell the house with in a certain time frame.
These are just baby things that you can legally deduct. There are more if a person wants to dig.
You may even need to fly to Jordan or Dubai for business..:D

Thanks for the helpful response. I will note all of this, and much more.:happy64:

[cowpoke]

First of all let me say, a lot of info on this site is pretty informative. But let me also say this...

I, NOR ANYONE ELSE, SHOULD EVER TAKE ANY TAX ADVICE FROM ANYONE ON THIS WEBSITE. THIS ALSO APPLIES TO INVESTMENT ADVICE ON "WHAT TO DO AFTER THE RV"

For all you people that have tax questions, call your accountant. For all the non - dinar related investment questions, call a CFP. There is a post above mine where some person suggest including deductions for personal use of the home and utilities as a way of reducing your taxable profit related to the dinar. THAT IS ABSOLUTELY LAUGHABLE. I have been a member for a while now, and it kills me how every time a topic like this arises people throw tax and "non dinar" related investment around like its nothing.

I could ramble on for hours,

So please, my point is, take everything non related to the dinar with a grain of salt and that includes tax advice.

* I do taxes* so please understand why i get so mad, its just because some people might actually go out and heed what they actually read on this site, which is scary.

So you do taxes and do not understand how someone can take part of their home office space as a tax deduction??
That's why people SHOULD NOT seek advice from a professional..:rolleye03

[lglwzrd]

For starters, the internet bill, Fedex, millage to and from relatives and friends homes, with whom you have discussed the dinar investment with.
A portion of your home, utilities, ect.. Just be prepared to pay some back if you sell the house with in a certain time frame.
These are just baby things that you can legally deduct. There are more if a person wants to dig.
You may even need to fly to Jordan or Dubai for business..:D
or maui.......

[LMO]

The FBAR is not to be filed with the filer’s Federal income tax return.
The granting, by IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR. There is no extension available for filing the FBAR.
http://www.irs.gov/businesses/small/article/0,,id=148849,00.html:call:

[Brown3824]

Cowpoke,

My friend, you can't reduce your taxable profits on the dinar investment by home office expenses. Sorry. I know you want to believe thats possible, but it isn't. The home office deductions generally apply to business owners whom use there home as a place from witch they operate there business. The only type of person who could deduct the home office expenses(related to the Dinar investment) would be a Dinar Dealer who works out of there home. Thats as clear as I can get on this issue.Good luck with your turbo tax buddy, hope you don't get audited.

[RoyalBeluga]

LOL Pay your taxes or risk going to jail!

[Jeffro]

Cowpoke,

My friend, you can't reduce your taxable profits on the dinar investment by home office expenses. Sorry. I know you want to believe thats possible, but it isn't. The home office deductions generally apply to business owners whom use there home as a place from witch they operate there business. The only type of person who could deduct the home office expenses(related to the Dinar investment) would be a Dinar Dealer who works out of there home. Thats as clear as I can get on this issue.Good luck with your turbo tax buddy, hope you don't get audited.

You'll have to forgive Mr. poke....he's somewhat an expert on finances, dinar, foreign stock markets, taxes, shuffle board, investment strategies, carp fishing, prison rodeos, square dancing, line dancing, chick romancing, low budget video production, sheep herding, turbo tax, world politics, musket loading, Dallas Cowboys, mountain climbing, and knot tying. But his main Target is HVAC. :rock:

[cowpoke]

Cowpoke,

My friend, you can't reduce your taxable profits on the dinar investment by home office expenses. Sorry. I know you want to believe thats possible, but it isn't. The home office deductions generally apply to business owners whom use there home as a place from witch they operate there business. The only type of person who could deduct the home office expenses(related to the Dinar investment) would be a Dinar Dealer who works out of there home. Thats as clear as I can get on this issue.Good luck with your turbo tax buddy, hope you don't get audited.
My esteemed investor friend, if you spend as much time on this investment researching, reading, studying, buying you can BE a dealer, investors, trader, what ever you want to be. If you claim that you made 6 million profit from Dinar investing and were going to take a 20 thousand dollar deduction for your home office space of which allowed you this ability, it is HIGHLY unlikely that Uncle Sam will question anything when you send him a check 1+ Million Dollars and claim a few thousand here and there for deductions.

If you deal with this everyday, you know this is a fact..



You'll have to forgive Mr. poke....he's somewhat an expert on finances, dinar, foreign stock markets, taxes, shuffle board, investment strategies, carp fishing, prison rodeos, square dancing, line dancing, chick romancing, low budget video production, sheep herding, turbo tax, world politics, musket loading, Dallas Cowboys, mountain climbing, and knot tying. But his main Target is HVAC. :rock:

I am also trying to be good at forgiveness of those that are definitely wrong about my employment position..:lmao:
Sorry my friend you are wrong. But I Forgive you..;)

[Brown3824]

My esteemed investor friend, if you spend as much time on this investment researching, reading, studying, buying you can BE a dealer, investors, trader, what ever you want to be. If you claim that you made 6 million profit from Dinar investing and were going to take a 20 thousand dollar deduction for your home office space of which allowed you this ability, it is HIGHLY unlikely that Uncle Sam will question anything when you send him a check 1+ Million Dollars and claim a few thousand here and there for deductions.

If you deal with this everyday, you know this is a fact..




I am also trying to be good at forgiveness of those that are definitely wrong about my employment position..:lmao:
Sorry my friend you are wrong. But I Forgive you..;)


Not going to waste my time with him. End of thread.

[cowpoke]

Not going to waste my time with him. End of thread.

Before you go, just a little tip for ya. If you Borrowed money to invest in Dinar, you can write off the Interest on the loan. :)

[doobiedude]

Not going to waste my time with him. End of thread.

Good idea, no sense in wasting time on bad advice.

[Jeffro]

I am also trying to be good at forgiveness of those that are definitely wrong about my employment position..:lmao:
Sorry my friend you are wrong. But I Forgive you..;)[/quote]

Hopefully you'll be more forthright on your taxes than you were on your stated employment. :wondering: :lmao:

[cowpoke]

Hopefully you'll be more forthright on your taxes than you were on your stated employment. :wondering: :lmao:

I DON'T WORK THERE ANY MORE...:giggle:

[Jeffro]

I DON'T WORK THERE ANY MORE...:giggle:


whatever.......:dull:

[TheDude]

The US has no tax treaty with Iraq. That does not mean that you don't have to pay taxes on your "capital gain" or interest earned. You should not have to pay taxes until you turn your Dinars into US Dollars or are earning interst in dollars. The $10,000 limit is in US Dollars, which is alot of dinars at the bargain price of 1235 to 1. Uncle Sam will hit you when you turn those dinars into good ole greenbacks and then you will hit with "capital gain" taxes!
Sounds good to me. I'm planning on paying taxes only when I convert back to Dollars.

[AJOB]

The US has no tax treaty with Iraq. That does not mean that you don't have to pay taxes on your "capital gain" or interest earned. You should not have to pay taxes until you turn your Dinars into US Dollars or are earning interst in dollars. The $10,000 limit is in US Dollars, which is alot of dinars at the bargain price of 1235 to 1. Uncle Sam will hit you when you turn those dinars into good ole greenbacks and then you will hit with "capital gain" taxes!

Can you transfer the profits from the Dinar into another capitol investment like Real estate and postpone the taxes?

[coffeedave]

So if I have a factory in china I have to pay tax here.... NOT you do not have to pay tax till you bring the money back here. If you go on vacaton out side the country you use that money there is notax....
I have alot of small notes and I plan on spending them on cruse ships it is international waters there is no tax there eather..

[Jeffro]

I've estimated with a lower wainscot I can wallpaper my entire master bath with large denoms. If the dinar RV's and I'm forced to purchase wallpaper, is it deductible? Somebody please help! :thinking: :worried: :sweating:

[coffeedave]

Jeffro

Here is the easy Tax Info if you own your Dinars for 1 year or less you pay all the Tax, what ever bracket you are in.. Own Dianrs more than a year and you only pay capital gains tax of 15%. Plus your state tax. ILL is 6% other states vary. Unless you move to Florida Tenn and some other states that have no state income tax. If you have several million it is worth moving.

Any money spent off shore like a cruise ship or other country NO TAX providing you are not bringanything back like jewelery men car ect.

[hockeynut]

Ok so if the Dinar RV and I cash them in and decide to go to a non extradation country with my cash say such as the Caman Islands do I still have to pay taxes. I am sorry I couldnt resist and Jeffro you had me laughing for about 15 minutes with your posts:happy64:

[coffeedave]

You do not have to pay tax on goods outside the country onless you bring it back and I don't mean memories. tangeable goods

[frank a bouchet]

A word to the wise; Mr. I has already stated that Warka Bank abhers to the Patriot Act, so all transactions over $10,000 will be reported to the proper authorities. So, it would be best to be upfront with the IRS, and pay all nesessary taxes.Now, it is perfectly legal, and very responsible to try to avoid as much taxes as you can legally do so,just don't attempt to evade them. My thoughts!!!

[cowpoke]

So if I have a factory in china I have to pay tax here.... NOT you do not have to pay tax till you bring the money back here. If you go on vacaton out side the country you use that money there is notax....
I have alot of small notes and I plan on spending them on cruse ships it is international waters there is no tax there eather..


Jeffro

Here is the easy Tax Info if you own your Dinars for 1 year or less you pay all the Tax, what ever bracket you are in.. Own Dianrs more than a year and you only pay capital gains tax of 15%. Plus your state tax. ILL is 6% other states vary. Unless you move to Florida Tenn and some other states that have no state income tax. If you have several million it is worth moving.

Any money spent off shore like a cruise ship or other country NO TAX providing you are not bring anything back like jewelery men car ect.


You do not have to pay tax on goods outside the country unless you bring it back and I don't mean memories. tangible goods

Thank You coffeedave for your insightful and enlightening input to this thread.
Please disregard others here who pretend to be someone they are not as well as others who blindly follow them.
Thanks Again for the input.

[Pharaoh'sVault]

I will find any and every way to avoid paying taxes to our greedy government. Taxes on income are illegal anyway. Does anyone dare argue with me about this subject? I cannot recall the government giving me money to invest in dinar-can you? Where were they when I first invested? We Americans are being "pimped out" by the US government. Why do they think they are entitled to a cut of my money? In case you people didn't know-the income tax law of 1913 was "never ratified" by the states back then or until this very day. This is the secret that the present day government does not want the average American to know. This so-called tax law (16th Amendent) of 1913 did not receive the required number of states votes to actually be ratified and made part of the constitution. At that time, there were 48 states, and it was said that 38 of the states voted to ratify the constitution by implementing the 16th Amendment. The truth is that only about 20 of the states were reported to have voted in favor of a tax law. The Sec. of State at that time submitted a false report to Congress saying that they had enough of the states for ratification for the 16th Amendment to pass. THIS IS A LIE. There are people today that were convicted of failing to pay taxes who were imprisoned, got out, and still don't pay taxes and the government will not touch these people again-Why? Because they are afraid to rock the boat. Those people have done the research and have discovered the truth. No public media forum has ever touched this subject, and they won't because the airwaves are also controlled by the fed gov (FCC). We must all DEMAND of the gov to produce the records of the states ratifying the 16th Amendment, or you can go to the capitals of each and every state and review the state records yourselves and you will see that everything I stated is the truth. I will not pay taxes to a corrupt government. I will not be pimped by the US Gov-PERIOD.

[Michelleirs]

I will find any and every way to avoid paying taxes to our greedy government. Taxes on income are illegal anyway. Does anyone dare argue with me about this subject? I cannot recall the government giving me money to invest in dinar-can you? Where were they when I first invested? We Americans are being "pimped out" by the US government. Why do they think they are entitled to a cut of my money? In case you people didn't know-the income tax law of 1913 was "never ratified" by the states back then or until this very day. This is the secret that the present day government does not want the average American to know. This so-called tax law (16th Amendent) of 1913 did not receive the required number of states votes to actually be ratified and made part of the constitution. At that time, there were 48 states, and it was said that 38 of the states voted to ratify the constitution by implementing the 16th Amendment. The truth is that only about 20 of the states were reported to have voted in favor of a tax law. The Sec. of State at that time submitted a false report to Congress saying that they had enough of the states for ratification for the 16th Amendment to pass. THIS IS A LIE. There are people today that were convicted of failing to pay taxes who were imprisoned, got out, and still don't pay taxes and the government will not touch these people again-Why? Because they are afraid to rock the boat. Those people have done the research and have discovered the truth. No public media forum has ever touched this subject, and they won't because the airwaves are also controlled by the fed gov (FCC). We must all DEMAND of the gov to produce the records of the states ratifying the 16th Amendment, or you can go to the capitals of each and every state and review the state records yourselves and you will see that everything I stated is the truth. I will not pay taxes to a corrupt government. I will not be pimped by the US Gov-PERIOD.

I am not saying I agree or disagree with you, I have heard this story for years! But good luck with not paying any taxes! There are an awful lot of people who feel the same way you do that are sitting in jail today and the news is full of stories every day of more that are headed that way. Tax Evasion is illegal and it is written in the law. And if after all these years noone has been able to overturn the "you must pay income tax on personal income" (thousands have tried and failed) issue, then I personally believe we will never see it happen in our lifetime. I for one will pay my taxes so that I can be free to enjoy the life I Have been waiting and hoping for for the last 3 years. This is JMHO! Good luck to you and more power to you if you can get away with it!! Maybe you will be the one to lead the way for all of us!

[ISX_TIME]

I say we bring in a church organ, setup a couple of pews and pass out a few black & white collar rings.......and change the name to "IIF Church of Good Shepard" and take some holy exemptions

[Fishindinar]

So if I have a factory in china I have to pay tax here.... NOT you do not have to pay tax till you bring the money back here. If you go on vacaton out side the country you use that money there is notax....
I have alot of small notes and I plan on spending them on cruse ships it is international waters there is no tax there eather..

That is not true, the USA is the only country that taxes is citizens on world income regardless of where you live.
It is true if you are British you are taxed only when the money is brought into Briton.

[Lookn4Gold]

Has anybody pulled up there credit report to see if "Warka" is listed ???

Just wondering ????

JustLookn4Gold

[frank a bouchet]

Move to a country that does not have an extradition agreement with the US and don't worry about the taxes.

[NewTexasgold]

Can you transfer the profits from the Dinar into another capitol investment like Real estate and postpone the taxes?
Buy Real Estate and make a few 1039 exchanges, it wont relieve you of the tax liability but it will delay it.

[wherbie]

I aint made a dime yet....

and if everything else is true...I might not for a while...and a round trip ticket to Kuaite is @ 1800 USD

.

[Jack2576]

Suppose your a person that does not have to file an income tax. How then do you claim capital gain? :itwasntme:

[Brown3824]

Buy Real Estate and make a few 1039 exchanges, it wont relieve you of the tax liability but it will delay it.


ITS 1031 EXCHANGE......


... do not take advice from this site regarding your taxes..