Thread: Smart Spending

Originally Posted by ChiefWealth53

You're wrong! If give a family member t6he actual dinar to cash in themselves, how in the heck is anyone going to know that they received it as a gift.

Her information was given in $$. and the max is $12,000 as a gift per person. I suppose if you give Dinar, do the math that would be it. How many kids do you have? Give each of them that and have them put it into a trust! Still your money but safe now for their future.

Originally Posted by ChiefWealth53

You're wrong! If give a family member t6he actual dinar to cash in themselves, how in the heck is anyone going to know that they received it as a gift.

You can give the dinar with a notarized statement that it is a gift. The gift value is determined by its worth on the date given, not a later date. So technically your could give someone 100,000 dinar or more at today's market value and it would equal very little USD. If you wait until it revals, the gift cannot equal more than $12,000 or txes are paid on the amount over $12,000.

Originally Posted by OrangeBlood

Someone correct me if I'm wrong, but I believe a PPP is a Private Placement Program that is only for the ultra rich!

You are correct, PPP is short for "Private Placement Program" and OMG the profit margins are just plain scary 20-70% weekly or over 100+% monthly. At first I was skeptical (If it sounds too good to be true it usually is.) But I looked on the web and Major players are HSBC, RBS, BofA and etc. Some programs you can get in at 2M. Other are 5M or greater. It will definately be something I will look into after this ship comes in. I guess you could say it's one way the rich become stinkin rich and the stinkin rich become ultra rich.

Also they "pimp" you on the commissions up to 30% on your pay out, but with those kinds of returns would you even care.

Originally Posted by DinarEngineer

Also they "pimp" you on the commissions up to 30% on your pay out, but with those kinds of returns would you even care.

(PM'ed you DE. )

Originally Posted by RfxLady

You can give the dinar with a notarized statement that it is a gift. The gift value is determined by its worth on the date given, not a later date. So technically your could give someone 100,000 dinar or more at today's market value and it would equal very little USD. If you wait until it revals, the gift cannot equal more than $12,000 or txes are paid on the amount over $12,000.

No, gift taxes are not paid by the Donor if the gift is more than $12,000. You have a lifetime limit of up to $1mil. usd. to gift. If you give more than $12,000in any one calendar year, you have to file a Gift Tax Return that is an INFORMATIONAL RETURN only telling the IRS of how much you gave that year. You can keep doing that informational return until you reach the million dollar mark. Then YOU PAY THE GIFT TAXES IF YOU ARE OVER THAT LIMIT. The recipient does not pay any taxes.
But, be careful of that $12,000 figure if the IRS decides to audit you. Watch out that Birthday and Christmas gifts do not take the annual limit over $12,000.

Also, someone mentioned that who would know if you got your Dinar from a family member or bought it yourself. Well, if you're audited and you don't have proof that you paid for it, you're in deep do do. Even if you write it down on a piece of paper and said it was from matress money or whatever, at least you've kept some sort of detail on the acquisition.

Originally Posted by tiffany

(PM'ed you DE. )

PM'ed you back tiff.

Originally Posted by DinarDarling

No, gift taxes are not paid by the Donor if the gift is more than $12,000. You have a lifetime limit of up to $1mil. usd. to gift. If you give more than $12,000in any one calendar year, you have to file a Gift Tax Return that is an INFORMATIONAL RETURN only telling the IRS of how much you gave that year. You can keep doing that informational return until you reach the million dollar mark. Then YOU PAY THE GIFT TAXES IF YOU ARE OVER THAT LIMIT. The recipient does not pay any taxes.
But, be careful of that $12,000 figure if the IRS decides to audit you. Watch out that Birthday and Christmas gifts do not take the annual limit over $12,000.

Also, someone mentioned that who would know if you got your Dinar from a family member or bought it yourself. Well, if you're audited and you don't have proof that you paid for it, you're in deep do do. Even if you write it down on a piece of paper and said it was from matress money or whatever, at least you've kept some sort of detail on the acquisition.

Thanks for clarification on who pays the taxes and the current limit. IRS can change the $12,000 amount next year of when ever they want so one would have to keep an eye on the amount.

The notarized letter of the gift will cover how it was obtained and when.

you have a pm DE

oh yeah well i pmed myself!