{"id":16731,"date":"2019-02-28T19:16:44","date_gmt":"2019-03-01T01:16:44","guid":{"rendered":"https:\/\/www.dinarupdates.com\/observer\/?p=16731"},"modified":"2019-02-28T19:16:44","modified_gmt":"2019-03-01T01:16:44","slug":"bobthetaxman-3","status":"publish","type":"post","link":"https:\/\/dinarupdates.com\/observer\/?p=16731","title":{"rendered":"BobTheTaxMan"},"content":{"rendered":"<p><strong><span style=\"color: #c23b3b;\">BobTheTaxMan<\/span><\/strong><span style=\"color: #c23b3b;\">\u00a0\u00a0\u00a0<\/span>It does not qualify [reference post 2] \u2026I\u2019m going to make it real simple for you.\u00a0 My research has shown this\u2026<u><strong>It\u2019s going to be treated as ordinary income and that\u2019s that<\/strong>.<\/u>\u00a0 Now, what would happen if you elected to do it as capital gains and file your return?\u00a0 Here\u2019s what will happen\u2026if you are incorrect and it comes back it will take two years before you hear from them.\u00a0 The amount of penalties and interest that is going to be accumulated over that two year time frame is\u2026going to be big.\u00a0 So you have a choice.\u00a0\u00a0<strong>On my side I tell people treat it as ordinary income.\u00a0 Yeah you\u2019re going to pay more taxes.\u00a0 That\u2019s true you\u2019re going to pay more taxes on it but I do know this much, within 3 years, because you have three years to amend that return to get money back, within three years somewhere along the line someone is going to get a Letter of Definition from the IRS that definitively says this is how we\u2019re taxing it&#8230;and\/or there might be rule changes in the IRS that converts this from ordinary income to capital gains.\u00a0 That might happen.\u00a0 I\u2019ve seen it before.<\/strong> [Post 3&#8230; ]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BobTheTaxMan\u00a0\u00a0\u00a0It does not qualify [reference post 2] \u2026I\u2019m going to make it real simple for you.\u00a0 My research has shown this\u2026It\u2019s going to be treated as ordinary income and that\u2019s that.\u00a0 Now, what would happen if you elected to do &hellip; <a href=\"https:\/\/dinarupdates.com\/observer\/?p=16731\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-16731","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p8gMgY-4lR","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=\/wp\/v2\/posts\/16731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16731"}],"version-history":[{"count":1,"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=\/wp\/v2\/posts\/16731\/revisions"}],"predecessor-version":[{"id":16732,"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=\/wp\/v2\/posts\/16731\/revisions\/16732"}],"wp:attachment":[{"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}