Adept1: Possibly NO tax on currency ex

Just received this from a reliable source:

FYI:  This has been going around. It is true that straight currency exchanges have not been taxed in the past. Worth keeping in mind and consulting with your tax attorney when the time comes, and do not sign away any rights just because a banks suggests it.

The pivotal question is, can we prove this was not just an investment? Will a straight exchange be enough in this instance? Better be sure about your professional advice and get more than one opinion.
…. 

I have been talking with a smart, savvy ex-member that is well connected to a UST source. She shared some info she recently got about the taxes on our upcoming exchange. Here is what she said:

“There is no tax for a currency exchange. This is from my UST contact. Just don’t sign the form saying your exchange is an investment. Ask the banker if you are required to sign it?

Obama is requiring the banks to give us the form to sign so he can collect capital gains tax ~ but we are not required to sign it by law. Be smart. READ the form and make sure there isn’t any reference to an investment or you’re stuck with taxes.”

I asked her to elaborate some because if a form is presented I wanted her to share a strategy or idea on how to handle this portion of the appointment….here is what she shared.

“There is no tax for a currency exchange. After you sign your NDA (there) will be this other form the bank will want you to sign regarding the dinar being an investment. Ask the banker if you are “legally required to sign it? Get the banker to say no and remind him you are there for a currency exchange.”

What I get from this is that we need to take control of the appointment when this comes up. The atmosphere of a banker appointment is usually a tone of “oh, sign here?, Okay”…..which is probably how they want us to be.

However, if this is the law it should be looked at as one of these traps we have been hearing about. I plan on trying to get the answer by researching the topic before I go on my appointment. I will share what I find.

If any of you choose to research the topic or have any info to support or counter this please share with me what you find out.

Please DO NOT take this as direct Tax Advice from me…I am not a CPA nor is the person I got this info from.

FYI:  This has been going around. It is true that straight currency exchanges have not been taxed in the past. Worth keeping in mind and consulting with your tax attorney when the time comes, and do not sign away any rights just because a banks suggests it.

The pivotal question is, can we prove this was not just an investment? Will a straight exchange be enough in this instance? Better be sure about your professional advice and get more than one opinion.
…. 

I have been talking with a smart, savvy ex-member that is well connected to a UST source. She shared some info she recently got about the taxes on our upcoming exchange. Here is what she said:

“There is no tax for a currency exchange. This is from my UST contact. Just don’t sign the form saying your exchange is an investment. Ask the banker if you are required to sign it?

Obama is requiring the banks to give us the form to sign so he can collect capital gains tax ~ but we are not required to sign it by law. Be smart. READ the form and make sure there isn’t any reference to an investment or you’re stuck with taxes.”

I asked her to elaborate some because if a form is presented I wanted her to share a strategy or idea on how to handle this portion of the appointment….here is what she shared.

“There is no tax for a currency exchange. After you sign your NDA (there) will be this other form the bank will want you to sign regarding the dinar being an investment. Ask the banker if you are “legally required to sign it? Get the banker to say no and remind him you are there for a currency exchange.”

What I get from this is that we need to take control of the appointment when this comes up. The atmosphere of a banker appointment is usually a tone of “oh, sign here?, Okay”…..which is probably how they want us to be.

However, if this is the law it should be looked at as one of these traps we have been hearing about. I plan on trying to get the answer by researching the topic before I go on my appointment. I will share what I find.

If any of you choose to research the topic or have any info to support or counter this please share with me what you find out.

Please DO NOT take this as direct Tax Advice from me…I am not a CPA nor is the person I got this info from.