Thread: Smart Spending

PPP's....I'm almost positive that this is what we were talking about last year......Yes, there is a minimum $$ amount...like $5 or $10 million. From what I understood (because I was interested too!) is that you have the funds in an account and agree NOT TO TOUCH them. The Private Program would be given permission by you to check the account each month to make sure that the money is in fact still in the account and then pay you a substantial interest rate...like 40%......It does sound amazing, and it is something that I would like more information and guidance on...it was said 'why be a millionaire when you can be a billionaire?' and I was like "yeah! Why not?"

There was also mention of "Allocated Pensions" which would pay monthly payments at a higher interest rate also...but with a smaller initial deposit.

Either way, sign me up!

Originally Posted by cooldolphins

You and me, both, goes4ever!!! ONLY, I'm 36-and pretty much retired already-I only taught for 4 years! But, I would come out of retirement!!! Hubby would retire. If we want to stay married, one of us needs to work!

No Joke, two of you at home together spending all that time togethr, youmay get on each others nerves! Got to keep him working to make HIS (allowance)money.

The first thing I would do is buy a house. We lost our house to foreclosure on April 30th and have been living with a friend. We already have a house picked out that is brand new and has been on the market for about 6 months.
This is the house we will buy if the dinar revals above $1 and the house is not sold by then. Next we will give to the church. We do not need to help our family members as all of them are holding dinars. I told them about this investment over a year ago and I have my parents, both my brothers, other relatives, and several friends invested in this.

So sorry to hear that, Steakman. If not that house, there are plenty more.

Originally Posted by DinarDarling

If you cash it in first, you pay capital gains tax on the gain on your investment. Yes, you get to deduct it, but why pay the tax?
If you GIVE them your dinar, you get to deduct the current appreciated value at the time of the donation and not pay capital gains tax on it. Yes, your donation would be a deduction on your tax return, assuming your income wasn't too high where there would be no deductions allowed.
WE SHOULD BE SO LUCKY!!!!!!!!!!!!!!!!!!!!!

I have a question. Say I give Dinars to my church or to my kids, or whoever, does the person who receives my gift have to pay taxes on it?

Also, to be clear, you are saying that we do not have to pay taxes on what we give as a gift as long as we give actual Dinar. Is that correct?

Originally Posted by apwerner

I have a question. Say I give Dinars to my church or to my kids, or whoever, does the person who receives my gift have to pay taxes on it?

Also, to be clear, you are saying that we do not have to pay taxes on what we give as a gift as long as we give actual Dinar. Is that correct?

Apparantly, no, that is not correct. That's what I thought, too. Here's what I know so far:

• if you are giving to a Charity-or church, give them dinar and let them cash it in. You still get to deduct the value of what they are worth off of your income.
• If you keep your dinars to yourself, and cash them in, you can give up to $12,000 to family and friends as a gift without either of you being taxed. You and your spouse (if you are married) can each give this 12K to the same person without any one being taxed. If you decide to give OVER the 12K then the GIVER pays a GIFT TAX on any amount over the 12K.
• If you give someone dinar, they are responsible for their own capital gains on it, and supposedly something else like cost/value based on what was paid for the dinar by the giver
• someone can please correct me if I TOTALLY SCREWED THAT UP!!
  

Gift Tax Questions

Q: What is the gift tax?
The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not.

Gift Tax Law – Lawyers, Attorneys & Free Legal Information

Originally Posted by cooldolphins

Apparantly, no, that is not correct. That's what I thought, too. Here's what I know so far:

• if you are giving to a Charity-or church, give them dinar and let them cash it in. You still get to deduct the value of what they are worth off of your income.
• If you keep your dinars to yourself, and cash them in, you can give up to $12,000 to family and friends as a gift without either of you being taxed. You and your spouse (if you are married) can each give this 12K to the same person without any one being taxed. If you decide to give OVER the 12K then the GIVER pays a GIFT TAX on any amount over the 12K.
• If you give someone dinar, they are responsible for their own capital gains on it, and supposedly something else like cost/value based on what was paid for the dinar by the giver
• someone can please correct me if I TOTALLY SCREWED THAT UP!!
  

that sounds about right so far! Unless Gift tax rules have changed this past year.

Originally Posted by cooldolphins

Apparantly, no, that is not correct. That's what I thought, too. Here's what I know so far:

• if you are giving to a Charity-or church, give them dinar and let them cash it in. You still get to deduct the value of what they are worth off of your income.
• If you keep your dinars to yourself, and cash them in, you can give up to $12,000 to family and friends as a gift without either of you being taxed. You and your spouse (if you are married) can each give this 12K to the same person without any one being taxed. If you decide to give OVER the 12K then the GIVER pays a GIFT TAX on any amount over the 12K.
• If you give someone dinar, they are responsible for their own capital gains on it, and supposedly something else like cost/value based on what was paid for the dinar by the giver
• someone can please correct me if I TOTALLY SCREWED THAT UP!!

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.

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.

THAT'S what I thought, too. I don't know the answer to that one, only that it won't be treated as a gift, but they will have to pay their own capital gains just like you or I will.