Thread: "Taxes", Anything Related To It In Here

Originally Posted by Cyberkhan

Estate tax is what the Gov. imposes on you when you die. If your estate is worth over $2m you will be assessed up to a 50% tax. That is why you should consult an estate attorney sometime after this RV's. You can shelter the assets through various trusts.

When you cash any investment out within one year of purchase any and all gains are considered ordinary income for the purpose of tax reporting.

Hope this helps. As always do your own research to verify this information for your state.

One way to handle the estate taxes is to purchase a Variable Universal Life Insurance Contract. Say you pay in $50,000 and get say, $8million covereage.
It's a 2nd to die policy, so whoever goes last (you or your spouse), then the beneficiary gets the proceeds of the contract and pays the estate tax with it.
That is what my husband and I are going to do.
The proceeds are kept OUT OF THE ESTATE, so they are not taxed.
You have to have it in place for 3 years prior to death, so put the policy on the healthiest (and maybe youngest) spouse of the couple.

fyi

Okay,

I was doing a bit of research and I have a question to pose to any tax attorney's, accountants, and experienced tax professionals.

If I was to cash in a certain portion of my dinar into euros and held a CD or the like for a certian period of time am I required to pay the taxes for that transaction or am I able to wait until the cds (Euro) mature and I decide to convert that to USD?

Any and all information that can be backed up by either a court ruling or Tax Law would be greatly appreciated. I am currently in the process of locating any reference to the like.

Everyone seems to be going around in circles over the question of whether the (anticipated) revaluation gain on NID will be taxable or not, and if so at what rate.

This, in my opinion is a complete waste of time!

It is almost certain that if you miss on paying capital gains tax then you will almost be caught with income tax. So don't worry about it - either accept that you will have to be paying tax on those lovely profits, OR take steps to ensure that no tax will ever attach to the 'capital' gained from selling your RV'ed NID!

There are a number of very simple ways of doing it.

Uncle Sam might not like it, just as my own government won't like it, but the simple fact is avoidance is possible and it can be done in a legitimate way that gives you access to your new found wealth while only payiing income on the earnings from the investment of the capital (and not necessarily on all of that!)

Now there is a much better direction for all that mental and emotional energy!

GrahamB

Mr. B

I have every intention of using my time in other facets of my life for more productive ventures.... This is one of the reasons that I have challenged our fellow members to locate any information pertaining to tax issues. If you have no interest in this please feel free to remove yourself from this discussion.

I have been in the financial industry for a number of years now and this is one area that does not have much documentation on for the treatment of taxes.

I am interested in the US TAX CODE. As for other countries I hope that you are able to locate what is needed.

Thank you for your posts Mr. B. I, as well as many others appreciate them. This is in no way an attack on your opinion. I am utilizing a thread that has been designated for this sole purpose.

Thank you all for the PM's in regard to this subject. As I am able to compile what is needed and official with proper documentation, god willing, when this hits I will be able to assist in the proper actions to be taken without risk or fear of the IRS.

Cheers to all and to all a good night.

My uncle and aunt are from Taxes...

Originally Posted by Frank Rizzo

My uncle and aunt are from Taxes...

Awwwww

Having worked at the IRS for the last 15 years, I have seen where financial advisors have saved alot of people alot of hassles and money. With that being said, a financial advisor will help you to pay the least amount of tax that you legally can. No reason anyone should pay more than they have to. Be careful of offshore accounts and setting up trusts. They are 2 very hot topics with the IRS right now. I work in the division that audits these trusts. We have a huge project going right now looking at many of these nationwide. Offshore accounts would probably fall under our Criminal Investigation Divisions responsibility as a lot of people that use them are looking for ways to avoid paying taxes. If your money is in a country that the U S has a tax treaty with, they CAN find out about your money, and if you are not paying taxes on the interest it is earning there, can you say "interest compounded daily" on the unclaimed amount of interest, plus penalties. Not something I would like to see anyone here have to deal with. Be careful of scams and make sure that your financial guru is someone you can trust! Pay as little tax as is legally possible!!

Originally Posted by Lady Dinar

Having worked at the IRS for the last 15 years, I have seen where financial advisors have saved alot of people alot of hassles and money. With that being said, a financial advisor will help you to pay the least amount of tax that you legally can. No reason anyone should pay more than they have to. Be careful of offshore accounts and setting up trusts. They are 2 very hot topics with the IRS right now. I work in the division that audits these trusts. We have a huge project going right now looking at many of these nationwide. Offshore accounts would probably fall under our Criminal Investigation Divisions responsibility as a lot of people that use them are looking for ways to avoid paying taxes. If your money is in a country that the U S has a tax treaty with, they CAN find out about your money, and if you are not paying taxes on the interest it is earning there, can you say "interest compounded daily" on the unclaimed amount of interest, plus penalties. Not something I would like to see anyone here have to deal with. Be careful of scams and make sure that your financial guru is someone you can trust! Pay as little tax as is legally possible!!

I have been saying this for years. I will pay my taxes with a smile and keep my money right here in the US.

Once I have paid my 15% I will not have to worry about the IRS. I will be able to relax and live my life without worrying or looking over my shoulder.

The way I see it is that the US government allowed me to get in on this investment. I will reward them for giving me the opportunity, just as I have been rewarded. I see it as a win win situation for us all.

I'm basically dumb when it comes to taxes and I hope this isn't that stupid of a question. What taxes will we have to pay on our dinar exchange and what percent. Thanks guys.

Originally Posted by boxiedoxie

I'm basically dumb when it comes to taxes and I hope this isn't that stupid of a question. What taxes will we have to pay on our dinar exchange and what percent. Thanks guys.

Right now that is still up for debate. What I have been able to locate is that this will be treated as a capital gain. Meaning that if you hold this investment for under a year it is considered a short term capital gain and you are required to report all gains as ordinary income for tax purposes. Meaning that anything over 300k (and change) is subject to a 35% federal tax. If you have held the investment for over a year (with proper documentation) you are subject to a long term capital gain which is 15%. BIG difference.

Depending on your state of residence you state tax can be anywhere from 0% to almost 9%.

Hope this helps. And remember that the only stupid question is the one you don't ask.