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Wait till inflation kicks in.......


Mine's a tale that can't be told, my freedom I hold dear.


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Wrong,
investment income including home sales will be taxed 3.8% if its over 250k (couples)or 200k single.


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One of the previous posts was incorrect. Financial institutions are only required to report CASH transactions of $10,000 or more.

And there are exceptions for businesses that regularly do so, such as supermarkets or liquor stores.

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Originally Posted By: jerry66stl
One of the previous posts was incorrect. Financial institutions are only required to report CASH transactions of $10,000 or more.

And there are exceptions for businesses that regularly do so, such as supermarkets or liquor stores.


There are situations requiring reporting below $10,000. Here's a link to one of IRS's web pages. IRS Web Page Note that many businesses and financial institutions report all amounts that "might" be suspicious just to avoid the trap of "you should have thought that it was suspicious".

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Gentlemen, In the Weimar Republic there was a rule which I see on our horizon, to whit. " Everything which is not expressly permitted is strictly forbidden."
David

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Originally Posted By: Dave K
Wrong,
investment income including home sales will be taxed 3.8% if its over 250k (couples)or 200k single.


Well actually you are wrong on this count. You are not alone, I have seen this bandied about several time by people who don't have a decent grasp on it.

If you make over 200k as a individual or 250k filing jointly & you sell your home for a profit above the Capital Gains threshold of 250,000 per individual or $500,000 per couple you will pay a additional 3.8% tax on the profit OVER that thresold. This is not a new tax that will generally affect the vast majority of people who buy and sell their homes. It will affect those that are very affluent or high earners.

Pretty sure this "rumor" came from a inaccurate written piece by a Paul Guppy of the conservative Washington Policy Institute. It has been debunked several times.

Last edited by sigmax; 09/06/10 08:38 PM.
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Originally Posted By: jerry66stl
One of the previous posts was incorrect. Financial institutions are only required to report CASH transactions of $10,000 or more.


It never ceases to amaze me that some people who have absolutely nothing to add, nevertheless, go ahead and post it anyway.

If jerry66stl had actually read and understood the previous post that he claims, with zero authority, to be "incorrect," he would find that the post, in material respects says:

"...Homeland Security put the onus on all banks to report 'suspicious transactions'...and the banks, to avoid lawsuits for 'profiling,' decided to shove it down the Fed's throat...thus all $3,000-plus [cash] transactions are reported to the Federal Government..."

So, jerry66stl, why don't you tell us what is actually incorrect about the above quote...or my original post taken as a whole.

The above quoted bank policy was recommended by the trade group to which my bank belongs here in Illinois. Homeland Security gave no "safe harbor" criteria by which the bankers are to judge suspicion, pro or con. So, as I said, the "...banks, to avoid lawsuits for 'profiling'..." instituted the policy to report all $3,000-plus transactions. I have not tested the system in NYC or San Francisco, where I don't bank. I am certain, however, as a former bank auditor (CPA), and as former legal consul for a banking group, that the Homeland Security-inspired/required reports of "suspicious transactions" have triggered similar responses nationwide. The only way you are going to know about it is to actually go to your bank and get a relatively large sum of cash.

This "red herring" is a good example of what is all too endemic to these sorts of websites: People with no original thoughts of their own feel that they must be heard, and the best they can do is inject silly statements about the probity of prior posts, when, upon scrutiny, it becomes apparent that they haven't read or understood.

As I said in my prior post, the $3,000 bank policy threshold is different from the Federally required $10,000 cash reports in re: the money-laundering regs. Now do you get it jerry?


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The banking regulations on this topic are very clear.

Any cash deposit or withdrwal of more than $10,000 must be reported -- except for those businesses that have a specific exemption; due to paperwork previously submitted and approved. The exception applies to businesses that deal regularly with that bank or credit union and regularly have high volume cash transactions such as supermarkets, liquor stores, amusement parks, etc.

There is a another federal requirement that these same financial institutions must report any "suspicous transaction" -- regardless of amount -- if the financial institution suspects illegal activity.

The supposed intent of these regulations was to help police catch drug dealers, money launderers, and tax cheaters. Most of the bankers I regularly work with have not found these regulations to be onerous. Likewise, we also haven't seen very many successful prosecutions result from these regulations. Crooks don't walk into our lobbies and try to deposit large amounts of cash.

While someone's ego may be tender, these banking regulations have very little to do with the purchase and sale of firearms by honest citizens.

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In my state of WA the Democrat/Comm-u-crat controlled legislature passed a law to collect sales tax on firearms transfers so that when buying a firearm that is transfered in from out of state the buyer is supposed to pay tax on the ENTIRE(!)amount of the transaction plus the cost of the transfer fee. In my view this tax is really and truly outrageousand and seems designed to kill firearm purchases and sales. Soap Box time: From my view these Dem bast**ds are all about killing business and taking total control of the economy. Paying a State Tax (9%) plus filing a 1099 on a Firearm sale leaves me with no incentive to buy or sale a firearm what-so-ever. What a croc. I for one hope the Dems are politically destroyed (at all levels) for ignoring the people of this country. I urge everyone to Vote in Novemeber if for no other reason to let the Dems know that the people do have power, do have a voice and do have a means (voting) to make change happen. To quote the former Govoner of AK: "How is that Hopey changey thing working for you?" For me...not so well and since my Democratic Rep ignored the majority and voted with Baaaaaracck (The name echos like a Parots chortle!)the people are going to boot him out of office. November can't come soon enough for me! (With apologies for the rant but my frustrations run deep!)

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I am not an accountant or tax expert. It looks to me after 1/1/12 if I see a nice doublegun for sale at a dealer say for $10,000 and I trade a gun I have had for years or a family gun and get $6000 in trade I will get a 1099 for $6000. So what is my cost basis for my trade? What if I don't have any receipts? What I spent money on some repairs or restoration? It seems suddenly I have a reportable capital gain I will taxed on. Since this law kicks in on 1/1/12 can one have an appraisal done establishing a cost basis prior to 1/1/12 for tax purposes? If this law goes through I see far fewer collectable guns showing up in dealers such Cabela's Gun Library due to the tax implications.

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