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» Update 6/27/13
Thu Jun 27, 2013 4:48 pm by MichaelG

» Ready to start
Sun Dec 09, 2012 2:08 pm by MichaelG

» Tax Return time coming soon
Tue Nov 06, 2012 10:11 am by MichaelG

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Sat Feb 04, 2012 11:39 pm by MichaelG

» Info Update 1/17/12 @ 10:05pm
Wed Jan 18, 2012 2:13 am by bjm6961

» Closing TY2011
Fri Dec 30, 2011 11:00 am by Boopski

» Info Update 12/23/11 @ 11:05am
Fri Dec 30, 2011 9:16 am by MichaelG

» Info Update 12/15/11 @ 8:35am
Fri Dec 16, 2011 7:27 pm by Mlowe

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Taxation as of 8/13/11 on IQD

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Taxation as of 8/13/11 on IQD

Post by MichaelG on Sat Aug 13, 2011 5:54 pm

As of today, our investment will be taxed as a Schedule D Capital Gains/Loss investment. Simply put, after basis is calculated and removed from the investment, the tax percentage is then figured. Short term, less than one year, will be 35%. Long term, more than one year, will be 15%. If there is any change in the tax code I will update this thread accordingly.

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Re: Taxation as of 8/13/11 on IQD

Post by Boopski on Sat Aug 20, 2011 8:41 am

For investment purchased less than one year, would it be best to cash in only enough to get out of debt and have a little bit of money on hand and hold onto the remainder until it is past the one year mark to cash in? Or, as soon as you cash in a portion of your investment do you have to pay taxes on your entire investment? (I realize Uncle Sam is going to get his portion, but if I can make a smaller "donation" to his pot and keep more in my pot, then that is what I would rather do.)

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Re: Taxation as of 8/13/11 on IQD

Post by MichaelG on Sat Aug 20, 2011 9:58 am

I like your thinking on this issue, but there are several things to consider.

First - we are not sure at this time if we will have a time window for cash-in or if this will go beyond a 45 to 90 time frame. If there is no time limit on cash-in, then your patial cash-in would benifit you most.

Second - the Middle East is a powder keg. Iran has been shelling north Iraq for a few weeks now, claiming ther are trying to track some insurgents. Now, Turkey is doing the same thing. The whole reagion could go into civil unrest, or even war at any time now.

Third - everyone's situation is different. Each person will have to do what they feel is best for them on this issue. And the rate will dictate what each one of us will do at that time.

On a personal note, this is not advice, I am going to take mine and get out of the Middle East. Take the money and run so to speak.

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Re: Taxation as of 8/13/11 on IQD

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