Thread: Phone Call From A Freind.....

Originally Posted by neno

But I made call on the way to work and was told today is not over. Even if it ends, more will come out. Just hang in there. Something BIG is Going On..

Thanks Neno, I feel better than I did this morning about it all.
Regarding offshore, I guess there's always "offshirt", good old fashioned greenbacks and a good pocket. One just doesn't want to get caught with $90,000 say, in the freezer! Em' Feds are a tricky lot.

Originally Posted by jedi17

One very deligent poster here noticed that the CBI did not post the usual Rates will remain the same till the end of the business day Monday...." Every Thursday lately we have seen this....why not today? By the way, the person who deserves credit for this is DR. Mike.....thanks for the great find.

Actually the arabic side says, "3. يعلن البنك المركزي العراقي اعتماد اسعار بيع وشر اء الدولار ليوم الخميس المصادف 22/2/2007 حتى نه اية وقت العمل الرسمي ليوم الاحد المصادف 25/2/20 07.Declaring the Iraqi Central Bank to adopt selling prices Locher purchase of the dollar on Thursday, February 22, 2007 until costing any time the official work of the day on Sunday, February 25 / 20 07."

I believe this means same rate till the close of Business Sunday. But also the CBI is never locked to that declaration. so if they mean to do something big this tid bit won't stand in the way.

Originally Posted by RetMil

Jp is correct. As a US citizen you are required to report any and all income no matter where that income is earned. The stories we've all heard about people having off shore accounts are not what they seem. These accounts only hide income. These accounts do not remove your responsibility to report income. In recent years the US has gotten far better at finding these accounts as our government has been aggressively seeking new agreements with other governments to report accounts of US citizens.

Does anyone here remember the series of articles on off shorebanking etc by...hm...don't remember! from the program...don't remember that either! But I think it was FLO...and one person there wrote about offshore...anyone remember? Anyway, I have kept all those "lessons" and I think it could help. Of course it was a fewyears ago so many conditions may have changed but still... I remember that I thought they were very interesting and enlightening.
I have no problem in posting them - but do you think there might be a "copy right" issue? But they WERE open for all the people on the forum, + it was a long time ago...
If one of the mods gives me the ok, I will post them. (In the "normal" section, not "rumours")
/Karin

Ps. Plus the author of the articles EXPLICITLY adviced us to teach our children etc...so it wasn't exactly secret...

Originally Posted by jpadrino

Terry, be careful here. I'm a recovering attorney, and my understanding is if you are a US citizen, you owe income taxes on any income earned AROUND THE WORLD. The only way to do this legally is to give up your US citizenship. This is just what I know (or think I know). Can anyone else verify this? I'd hate to see anyone who makes a ton on this investment spend time in a federal "county club" for not paying taxes.

My name is Scott Paye and I too am a recovering attorney. Good advice JP. There is a slight twist to what you said, by engaging a Bahamian national as a trustee to one's IRREVOCABLE Bahamian trust and ceding all of one's property to him as trustee, one can 'argue' that the income is not his, but that of the trust. There is then, the "charge" card drawn on an off-shore bank to 'hide' the income. These are extremely dicey waters, as you wisely counseled. These waters, as with the overseas bank chargecards, are waters in which I will not tread. I think I'll just give unto caesar what is caesar's. Hey, it was caesar that gave it to us.

Scott Paye

Originally Posted by RetMil

Jp is correct. As a US citizen you are required to report any and all income no matter where that income is earned. The stories we've all heard about people having off shore accounts are not what they seem. These accounts only hide income. These accounts do not remove your responsibility to report income. In recent years the US has gotten far better at finding these accounts as our government has been aggressively seeking new agreements with other governments to report accounts of US citizens.

If this belongs here or not. But I want to make sure about the term --income. My question is this. Is our proceeds from any r/v called --income? I know we will face capital gains taxes. Are we facing 2 taxes if we have an offshore account? Income taxes AND capital gains taxes?
Any help from the forum is appreciated.

Originally Posted by scottpaye

My name is Scott Paye and I too am a recovering attorney. Good advice JP. There is a slight twist to what you said, by engaging a Bahamian national as a trustee to one's IRREVOCABLE Bahamian trust and ceding all of one's property to him as trustee. These are dicey waters, as you wisely counseled. These waters, as with the overseas bank chargecards, are waters in which I will not tread. I think I'll just give unto caesar what is caesar's

Scott Paye

Originally Posted by plb2

If this belongs here or not. But I want to make sure about the term --income. My question is this. Is our proceeds from any r/v called --income? I know we will face capital gains taxes. Are we facing 2 taxes if we have an offshore account? Income taxes AND capital gains taxes?
Any help from the forum is appreciated.

I agree whole-heartedly, Scott. Give the Feds their FAIR share. Remember, tax EVASION is a crime, but tax MINIMIZATION is the American Way! You don't want to mess with the IRS imo.

As to the question of income vs. capital gains, talk to a good tax accountant. Hey, I'd like to say I was merely exchanging currency for a trip so there would be no gain. Do you think it will fly? Not in tax court imo.

Originally Posted by plb2

If this belongs here or not. But I want to make sure about the term --income. My question is this. Is our proceeds from any r/v called --income? I know we will face capital gains taxes. Are we facing 2 taxes if we have an offshore account? Income taxes AND capital gains taxes?
Any help from the forum is appreciated.

Good question,

There is only one tax in U.S. we have to be concerned with, capital gains, no income tax on same gains, just one, thankfully, or at least not unless democrat is elected president. lol

Good luck to all, Mike

Originally Posted by plb2

If this belongs here or not. But I want to make sure about the term --income. My question is this. Is our proceeds from any r/v called --income? I know we will face capital gains taxes. Are we facing 2 taxes if we have an offshore account? Income taxes AND capital gains taxes?
Any help from the forum is appreciated.

find a tax lawyer that has experience in off shore taxation specific to capitol gains. Do not settle for someone that does not have such experience. But I think you will find that all income no matter what form must be reported in some fashion.

Originally Posted by plb2

If this belongs here or not. But I want to make sure about the term --income. My question is this. Is our proceeds from any r/v called --income? I know we will face capital gains taxes. Are we facing 2 taxes if we have an offshore account? Income taxes AND capital gains taxes?
Any help from the forum is appreciated.

As a U.S. Citizen, all income you earn worldwide is supposed to be taxed by the U.S. If you have an off shore account, you better be prepared to spend that money "off shore". When you exchange your Dinar into another currency, you then create capital gains tax in the U.S.

Nothing happen when there is a reval, tax wise, until you exchange the Dinar.

A lot of us have already done the best thing we can do to minimizes our tax burden. That is hold the dinar for a year or more. I can live very happy with a 15% tax hit. Our only trouble is if the Dems do away with it. Clinton's old labor secretary is already calling for the end of long term cap gains and have it taxed at the ordinary income rate. I really hope the dinar hits before long.