Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Join the forum, it's quick and easy

Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


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lonelyintexas
ron-man
duck2000
jbigg
8 posters

Tax Question

jbigg
jbigg
Getting It Investor
Getting It Investor


Posts : 26
Join date : 2013-01-01
Age : 69
Location : Deep East Texas

Tax Question - Page 2 Empty Tax Question

Post by jbigg Thu 28 Mar 2013, 10:20 pm

First topic message reminder :

Does anyone know if, (if we cash in within the next few monts) we get the long term 15% or has Obama changed all that?
Neno
Neno
Admin
Admin


Posts : 10936
Join date : 2012-12-17
Age : 59
Location : Lone Star State

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Post by Neno Tue 28 May 2013, 6:25 pm

costar01 wrote:Cash in enough to wait and vote the current thiefs out of office, and try to vote in someone who wants the people of the USA to win and profit for a change! Twisted Evil
Best advise I heard in a long time. They going to have to produce a very high exchange rate before they get my dinars back and then yet, I may wait on the US Treasury Notes.. ;)

OS: Moved to the Tax Forum... ;)
mochasmom
mochasmom
Interacting Investor
Interacting Investor


Posts : 2993
Join date : 2012-12-19

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Post by mochasmom Fri 14 Jun 2013, 5:44 pm

Bringing to the forefront again
lonelyintexas
lonelyintexas
NNP TEAM
NNP TEAM


Posts : 4285
Join date : 2012-12-19
Location : San Antonio

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Post by lonelyintexas Fri 14 Jun 2013, 8:25 pm

The following is only informational and not ment to be advice. 

If the IRS says to us after the RV that this is indeed capital gains. It would be the following.

20% long term (1 year and 1 day) 

39.6% short term under (1 year and 1 day)

There are also two other taxes that come into play since the begining of 2013.  The Tax on healthcare 3.8%.   The millionaire tax which is .9%.  Bringing the total to either 24.7% or 44.30%, and then state taxes if you live in a state that has them.

If they tell us it is under Section 988, of the IRS code, then it will be ordinary income.  The best advice is to seek a tax attorney and possibly get a written opinion from the IRS for cashing in purposes. 

Otherwise we have to wait and see if the IRS will change the rule's on this windfall.
Thanks
LIT
Neno
Neno
Admin
Admin


Posts : 10936
Join date : 2012-12-17
Age : 59
Location : Lone Star State

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Post by Neno Sat 15 Jun 2013, 9:53 am

lonelyintexas wrote:The following is only informational and not ment to be advice. 

If the IRS says to us after the RV that this is indeed capital gains. It would be the following.

20% long term (1 year and 1 day) 

39.6% short term under (1 year and 1 day)

There are also two other taxes that come into play since the begining of 2013.  The Tax on healthcare 3.8%.   The millionaire tax which is .9%.  Bringing the total to either 24.7% or 44.30%, and then state taxes if you live in a state that has them.

If they tell us it is under Section 988, of the IRS code, then it will be ordinary income.  The best advice is to seek a tax attorney and possibly get a written opinion from the IRS for cashing in purposes. 

Otherwise we have to wait and see if the IRS will change the rule's on this windfall.
Thanks
LIT
If you believe, I suggest a additional reserve order to cover the TAX's you think are going to occur and what you already have or think you need.. ;)

OS: remember to ask that tax attorney or specialist and "Complex taking Issue". Was what my FA advised me several years ago but, please pay your tax's... ;)
ron-man
ron-man
All In Investor
All In Investor


Posts : 1295
Join date : 2013-01-19

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Post by ron-man Sat 15 Jun 2013, 10:01 am

Thanks Neno.

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