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Thu Jun 27, 2013 4:48 pm by MichaelG

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Something to think about

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Something to think about

Post by MichaelG on Sun Aug 14, 2011 9:55 pm

You Should Do Nothing Until You Know The Rules of The RV. The plan of action is based on the facts of the Rules, and after double checking to make sure that the plan is still appropriate according to the new rules we will have just received. The IRS does NOT allow anyone to restart or redo anything if you make a mistake on a tax filing, they will just make you pay the price. affraid

You know how many dinar you have in possession, so calculate different potential RV rates, and play with those hypothetical rates, so you can see the amount of money you will be working with. The smart money on the street say it will not be too low or too high. Shabibi has stated it will be strong, and maybe $3.50 is a good ballpark. Surprised

How much will I have to pay in taxes? There are several schools of thought on this one. I’ll try to give you a simplified version of each and the reasons behind them.

15% - Long Term Capital Gains… If you have held your Dinar for over 1 year, then it would be (under the current rules) considered a long term capital gain. Because the US government cannot pass a law requiring you to have a receipt for anything (in the case of an IRS Audit your receipt is undisputable proof), they certainly cannot pass a law today and consider it retroactive since 2003, and currency has an intrinsic value (a face value) it is worth what the market says it is worth which is not contingent upon when you bought it. Very Happy

33% - Short Term Capital Gains… If you have had your Dinar less than 1 year, then (under the current rules) it would be considered a Short Term Capital Gain. Some people believe that if you cannot prove (with a receipt etc) that you have had your Dinar for over one year that you would have to pay the Short Term Capital Gains Tax. This is because you have no proof that it is not Short Term and the burden of proof is on the taxpayer. Laughing

50% - Existing Taxes + Additional New Taxes… The current administration has stated repeatedly that it fundamentally believes that the wealthiest Americans should be heavily taxed in order to pay for the government, its debt, its programs and the “less fortunate”. There have been rumblings that they are considering additional taxes on this unprecedented financial event. Mad

15% Flat Tax… This would be a new “Rule” if they were to impose it. It would eliminate all of the red tape. It would prevent the majority of money laundering. It would allow them to collect their taxes quicker, because everyone would not have to wait to talk with tax accountants & attorneys, and find ways to try to protect their new money. In addition, a flat tax does not care if you are an individual investor, company, corporation, non-profit, charitable organization etc. It is a flat tax regardless. Rolling Eyes

When do I have to pay taxes on my monies made from my investment? There are several schools of thought on this one. I’ll try to give you a simplified version of each and the reasons behind them.

Next year… January 1st – April 15th of the following year… Under the current rules that could be when you would actually be responsible to pay your taxes. Neutral

90 Days… Due to the sheer volume of the taxes that they have to pay, corporations have to pay taxes every quarter (every three months), due to the size of the gains on our investment they could require us to pay taxes like a corporation. Immediately…Just like Lotto Winners, they could make new “rules” that state that Dinarians have to pay their taxes up front. This would mean under current rules that taxes would be due the 15th of the month following the end of the quarter in which you realized the gain. study

Should I get my LLC, S-Corp, Nevada LLC, 508, 501©3, Non-Profit, Trust, etc, etc, etc now? No

NO!!! We do not yet know the “Rules” because it would be pointless for the US Government to announce the “rules” before Iraq announces the RV. As you can see from reading all of the above, the “Rules” mean as much to our investment as the “Date” and the “Rate” ever thought about. Get your “Plan” ready based upon which set of the “Rules” you think will most likely apply to your situation. Then wait for the announcement of the “Rules” so that we KNOW the parameters that the US Government is going to make us play by, THEN, once we know the rules, adjust and execute your plan accordingly. bounce

Just wanted to share some thoughts that have been talked about and bounced around. Basketball

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Re: Something to think about

Post by rod-1097 on Sat Aug 20, 2011 6:18 pm

Michael-
Where do we obtain a copy of the "Rules" once they are announced?

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Re: Something to think about

Post by rod-1097 on Sat Aug 20, 2011 6:19 pm

Thank You,
Rod-1097

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Re: Something to think about

Post by MichaelG on Sat Aug 20, 2011 11:55 pm

The "rules" will be fluid in that we will see different tax codes from the IRS and how charitable donations, trusts, IRA deposits, etc. will be treated come tax time. As a Level 2 Tax Specialist, I receive notices from the IRS several times a day. These notices relate to tax code changes, new publications, and even proposed changes that are still being worked out. To date, no new codes have even been proposed relating to our investment. Post RV I know that the IQD post will stop and the Tax post will start to really build. I promise that any new codes relating to our investment will be posted here shortly after I am aware of them and can translate them from tech leagle talk to english.

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