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

Originally Posted by MOM2TWO

My husband just called a Tax Manager. When he told her about our investment in the NID; she immediately said "you must be a finance major, or have a terrific financial advisor". LOL

She also said that even though we live in TX (no state tax) we pay 35% right off the top. It will be due April 15.

She said that if we would have held on to it for over a year, we would only have to pay 15%. My question is how does the IRS know when/how we purchased our dinar?

Not sure about this, but if thats the case, big brother in the States has a lonnngggg reach.

Originally Posted by MOM2TWO

My husband just called a Tax Manager. When he told her about our investment in the NID; she immediately said "you must be a finance major, or have a terrific financial advisor". LOL

She also said that even though we live in TX (no state tax) we pay 35% right off the top. It will be due April 15.

She said that if we would have held on to it for over a year, we would only have to pay 15%. My question is how does the IRS know when/how we purchased our dinar?

It's an honor system, so to speak.
Many people who have purchased a large quantity probably have bank statements and/or cancelled checks showing when they withdrew funds from their accounts.
I kept a spread sheet from the very beginning showing what the source was for the Dinar I purchased (as in which bank account), the date, how much I purchased, etc etc.

If you just purchased it from cash sitting around, then write down the date. It's your word against theirs if you are audited as to the original purchase date.

Originally Posted by MOM2TWO

My husband just called a Tax Manager. When he told her about our investment in the NID; she immediately said "you must be a finance major, or have a terrific financial advisor". LOL

She also said that even though we live in TX (no state tax) we pay 35% right off the top. It will be due April 15.

She said that if we would have held on to it for over a year, we would only have to pay 15%. My question is how does the IRS know when/how we purchased our dinar?

You need a reciept for proof of purchase that should have the date on it.
I purchased mine through a credit card so there would be two different trails to follow as to the date of purchase.

Originally Posted by MOM2TWO

My question is how does the IRS know when/how we purchased our dinar?

Well... they don't know, but if they come-a-knockin on your door you better hope you can prove you held it for a year if you said you did. You will wish you paid 35% if not. Once you add in your penalties and interest 35% would've been a bargin. With this kind of money don't play games with them.

Originally Posted by DinarDarling

It's an honor system, so to speak.
Many people who have purchased a large quantity probably have bank statements and/or cancelled checks showing when they withdrew funds from their accounts.
I kept a spread sheet from the very beginning showing what the source was for the Dinar I purchased (as in which bank account), the date, how much I purchased, etc etc.

If you just purchased it from cash sitting around, then write down the date. It's your word against theirs if you are audited as to the original purchase date.

....and if it comes down to your word against theirs, guess who's winning. Guilty until proven innocent.

Originally Posted by MOM2TWO

My husband just called a Tax Manager. When he told her about our investment in the NID; she immediately said "you must be a finance major, or have a terrific financial advisor". LOL

She also said that even though we live in TX (no state tax) we pay 35% right off the top. It will be due April 15.

She said that if we would have held on to it for over a year, we would only have to pay 15%. My question is how does the IRS know when/how we purchased our dinar?

They're going to want to see purchase date. I have copies of invoices with the purchase date. For big money, they are going to want proof. No fooling around with the IRS.

Glad that the Tax Manager is upbeat about the NID! That is very reassuring!

Originally Posted by MOM2TWO

My husband just called a Tax Manager. When he told her about our investment in the NID; she immediately said "you must be a finance major, or have a terrific financial advisor". LOL

She also said that even though we live in TX (no state tax) we pay 35% right off the top. It will be due April 15.

She said that if we would have held on to it for over a year, we would only have to pay 15%. My question is how does the IRS know when/how we purchased our dinar?

I like this one. She is confirming that we are going to be rich!!

Originally Posted by MOM2TWO

My husband just called a Tax Manager. When he told her about our investment in the NID; she immediately said "you must be a finance major, or have a terrific financial advisor". LOL

She also said that even though we live in TX (no state tax) we pay 35% right off the top. It will be due April 15.

She said that if we would have held on to it for over a year, we would only have to pay 15%. My question is how does the IRS know when/how we purchased our dinar?

You need to have the receipt of the check you used to purchase the dinars. IE: your duplicate for the cashiers check or money order you used. Make sure you have the dates recorded and the amount of dinar you purchased that corresponds with the dinar you received. This will establish your "acquisition" date. One year from that date and you wll be able to pay just 15% on your capital gains. There is something you need to check out. Our accountant says the tax laws are changing next year. I believe the maximum tax rate is going to be just 5%. Ask for a verification, but I believe that is what is going to happen.

Would it be smart to hold on to most of it for a year? Let's just assume it goes on Forex for $1.47. What are the possibilities of a DEvalue???, within a years time?

I Have Checked With My Tax Accountant, And Have Been Told That On Currency Exchanges, There Is No Fed. Income Tax.