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

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.

Neat question, Plb. My arguement would sound in the arena of capital gains. Capital gains is implicated because the 'income' is the result of your sale or exchange of something you originally acquired for that very reason, appreciation. These are NOT TERMS OF ART, NOR ARE THEY THE RESULT OF SCHOLARLY RESEARCH - IT IS MY GUT FEEL AND THE ATTITUDE WITH WHICH I WOULD BEGIN SCHOLARLY RESEARCH, but I am also an accountant and did "major" in law school in that incredibly exciting discipline of tax law.

Scott Paye

Originally Posted by Offshore-Wealth.com

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

Hey Mike,
As far as you know don't we also have to pay state tax on this? If we do then I would wind up paying about 22% instead of just the 15%. That would make alot of difference. With my luck, I know I will have the state in my pocket too.
Thanks

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, 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

as a former asset protection atty-what you are discussing is not a viable option to avoid taxes. it takes a lot more sophisticated structure to do that. the cost is approx 250k for it to be proper and as bullet proof as it can be in this day and age. clinton closed almost all of the offshore loopholes. so my suggestion to everyone-pay your taxes-but not too much.

State yes, move to NV = no state tax.

Originally Posted by lglwzrd

as a former asset protection atty-what you are discussing is not a viable option to avoid taxes. it takes a lot more sophisticated structure to do that. the cost is approx 250k for it to be proper and as bullet proof as it can be in this day and age. clinton closed almost all of the offshore loopholes. so my suggestion to everyone-pay your taxes-but not too much.

Or leave the country of orgin, then change citizenship. Then cash out, this would be the only? Is this correct?

Originally Posted by goldraker

State yes, move to NV = no state tax.

or have the entity that owns your dinar be a nv corp or llc

Originally Posted by goldraker

Or leave the country of orgin, then change citizenship. Then cash out, this would be the only? Is this correct?

not really. the us has expanded its hold on those who renounce their citizenships. recent laws will still make you liable for us taxes.

PLEASE MOVE TAKE THE TAX TALK HERE

http://www.rolclub.com/iraqi-dinar-d...ated-here.html

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, 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

Thank you Scott! You see this is how family works to take care of each other. The advise that you and JP have provided did not fall on deaf ears or blind eyes. Thanks again!

Terry

Originally Posted by ronbo

Hey Mike,
As far as you know don't we also have to pay state tax on this? If we do then I would wind up paying about 22% instead of just the 15%. That would make alot of difference. With my luck, I know I will have the state in my pocket too.
Thanks

Good question old boy,

It will depend on your state's taxing structure. In Michigan, where I am, this would be a taxable event.

Scott Paye