BobTheTaxMan

  In BobTheTaxMan 

[Exchange tax scenario] You’ve got the IQD in your hot little hand…you run to the bank or an exchange location of some kind.  You hand them the IQD, they hand you dollars… Yay hallelujah! You’re automatically exposed to ordinary income taxes…if it’s under $400,000 it’s going to be treated exactly the way it has been under the Trump Administration but when you get over that $400K mark, it’s a new ballgame.

You lose more on schedule A. You have a higher tax bracket If you hit that million mark and particularly the 5 million mark in your exchange they whack the heck out of you. And now plant your butt in California and see what it does. I did a calculation today – 60 some odd percent between the fed and the state. 60%. [Dinar Detectives Notice: All posts are for informational/entertainment purposes only and are the opinions of the providers. They are not legal, tax or investment advice. We strongly encourage everyone to do their own due diligence and seek professional tax, legal, and investment advice.]

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