U. S. Taxes on Worldwide Income

[Wild Walleye]

Is not so much for a blanket tax on said assets, as it is a red flag for finding people who have been harboring taxable income abroad.

[Wild Walleye]

I had lost this link but now found. This is where I read about the "asset" issue.

http://www.escapefromamerica.com/201...orking-abroad/

The article refers to "financial" assets which I believe are cash, securities, fungible investments and investment vehicles. Unless ownership of a home is through a vehicle that qualifies it as a "financial" asset, it should not be included, even if it is a rental property (although the income and or profits from renting or selling the property are taxable)

[El Perro]

I had lost this link but now found.

This is where I read about the "asset" issue.

http://www.escapefromamerica.com/201...orking-abroad/

[Westy]

I don't see anything about taxing assets on the IRS website. They do tax any income from assets you might hold offshore - such as banking or investment accounts, or rental income from any real estate you might own; and they do expect you to report any kind of offshore banking or investment account when you have an aggregate total over $10,000 in such accounts. But the "foreign assets" they're pursuing are the kind that are making money for you somehow.

At least that's the way I read it.

Something that you own - like a house, a car, a stamp or coin collection, or even a stash of Krugerrands - isn't "taxable" unless you're renting it out for a cash profit, or until you sell it for a cash profit. If you're going to live in that BsAs home, then it as an "asset" is not taxable; the IRS doesn't need or even want to know about it. But if you rent it out, then it's making money for you and the profits certainly are taxable; if you sell it for a profit, that profit is "capital gains" and so taxable.

(On the other hand, if you had a charmer living there "paying the rent on her back," that might be foolish but it would not be taxable.)

If anybody KNOWS different, please speak up! Thanks!

I read the other day in some expat site that for the 2010 tax year the USA will tax foreign "assets" of over $50,000. The "assets" weren't defined and maybe this is a work in process, something floated by somebody, or one hopes, complete bullshit. My guess is that there is probably some truth in it given the US's history of chasing their expat community all over hell and back for as much money as possible. The IRS has reportedly stepped up their monitoring of expats with foreign bank accounts over the past year, and some aspects of the Patriot Act make it easier for expats to be fucked with for no good reason, other than the IRS getting their hands on more dinero.

I wouldn't give much of a shit about this (just more of the same) but I've been thinking about buying a place here in BsAs. My guess is that real estate would be the "asset" most likely to be taxed by Unkie Sam.

Does anybody have some insights into this? Maybe the boring asshole who spent over 200 large on some hooker has some info about it.

Cheers,

Dogg

[Schmoj]

Does anybody have some insights into this? Maybe the boring asshole who spent over 200 large on some hooker has some info about it.

Ha ha, thanks for the laugh Doggboy. I just spit water all over my keyboard.

Talk about a steep tax. Stupidity can be very expensive.

[El Perro]

I read the other day in some expat site that for the 2010 tax year the USA will tax foreign "assets" of over $50,000. The "assets" weren't defined and maybe this is a work in process, something floated by somebody, or one hopes, complete bullshit. My guess is that there is probably some truth in it given the US's history of chasing their expat community all over hell and back for as much money as possible. The IRS has reportedly stepped up their monitoring of expats with foreign bank accounts over the past year, and some aspects of the Patriot Act make it easier for expats to be fucked with for no good reason, other than the IRS getting their hands on more dinero.

I wouldn't give much of a shit about this (just more of the same) but I've been thinking about buying a place here in BsAs. My guess is that real estate would be the "asset" most likely to be taxed by Unkie Sam.

Does anybody have some insights into this? Maybe the boring asshole who spent over 200 large on some hooker has some info about it.

Cheers,

Dogg

[Member #4112]

I too agree the narrative was very entertaining and required a bit of thought and cleverness to make the point.

It is a shame the majority of the American populace will fail to expend 10% of the effort required to produce this little gem in studying what they are about to receive in the "stimulus package".

Perhaps the Republicans (those poor fools wandering in the wilderness braying like a wild ass) can delay the bill in the Senate long enough for someone to pay attention to all the pork.

Didn't someone say trying to spend your way out of debt was like fucking for virginity or was that making war to preserve peace?

[Wild Walleye]

Sorry to veer off course here. Two quick points, 1) Kudlow, as I understand it, is a brilliant, *****-mongering, recovering coke-head (there is probably a physiological connection of those three things) and 2) the "stimulus" misnomer that has been foisted upon this colossus to deliberately mislead the lemmings into swallowing it. Stimulation is, by definition, temporary.

Consider, if you will, the following allegory, in which we shall consider the concept of stimulation. The biloche is the government, the chica represents the 'package' and the average monger's libido is the engine that drives the economy.

First, we shall explore stimulus in a free market system where information and money flow with relatively little governmental friction (think USA, pre-2009) The stimulation scenario is somewhat predictable, without guarantee of quality of results, based upon basic human want and desire. You are at one of many excellent biloches full of many beautiful chicas, from which you pick a real stunner (she hands you a laminated card showing that she is well reviewed on A / P -- both Exon and Dickhead gave her two thumbs up) and a majority of your friends think is a knock-out and a great choice and she agrees to go with you for exactly what you are willing to invest in the opportunity. The little guy starts doing the thinking, you make an educated decision, assuming the usual risks associated with golden pussy. You get back to your apartment or hotel. You have a drink, a little chit chat, she sidles up against you, clothes hit the floor. You get the picture. This mostly psychological 'stimulus' results in lots of endorphins (economic activity) and blood flow to strategic areas providing a turgid appendage (swelling tax coffers) Roused into action, said appendage (and dangling counterparts- corporate 'social investment' and charitable giving) continue to benefit from more direct 'stimulus' as the specifics of the package directly match the needs (ball washing, bbbj, f / s and completo) When the full effects of the stimulus package are visible (COF is my favorite) it is obvious that the stimulus has worked and, at that moment is no longer needed. Measuring results of the package are quite easy: 1) did it stimulate (yes); 2) was the response to the stimulation as expected (yes, simple 10th grade bio); 3) was the end result achieved (yes, at least once); 4) when the end result arrived, was the stimulus no longer needed (yes, she can't cook); and 5) when no longer needed could the package be retired or sent away (can you say "taxi!")

In the scenario now being forced upon the US, events will unfold on a different path. There is only one biloche in town, it is very dark (everyone knows that 'black lights' are destroying the environment and are the number one killer of gay whales) and you see only one chica. You think she is beautiful, because everyone tells you she is (how they can see in the dark is a mystery no one bothers to explore) Half of your friends (drunk with an inexplicable euphoria that makes them think they can see in the dark too) say, "dude, she's hot and she's the only game in town. You have to do it!" The other half of your friends say "it's too risky with too many unknowns (looks, weight, services, cost, etc) keep looking, worst case you can rub one out before you go to bed." The policy of the biloche is that the cost of your stimulation will be based upon your ability to pay, as determined by the biloche staff. At that point, swayed by uninformed friends and strangers, you are convinced that 'do nothing' isn't an option, that you really want this. You finish your drink and take her home, thinking "she'll stimulate me and make everything better." Once in the apartment, you feel a little funny and blackout. You come to disoriented and uncomfortable, to discover that you are chained over a barrel (like Zed in Pulp Fiction) and the Chica, you can now see, is not a beautiful chica but a large tranny packing a huge night stick. As your senses come back to you, you become aware of a painful rectum and in the mirror you can see a stitched up incision over a concave depression where one of your kidneys used to be. As you look around the room, you also notice that the safe is open and empty. The tranny gives you one last completo and facial and leaves with your laptop (with all of your most private information on it as well as access to your financial accounts) laughing and saying "I'll be back to stimulate you every time you need it (as determined by the biloche)" Again, looking to measure results of the package: 1) did it stimulate (clearly yes, however the stimulus was targeted to what the government wanted, not what you wanted); 2) was the response to the stimulation as expected, (clearly, you were thinking with your little head and susceptible to influence by people who don't know anything and let them make decisions for you); 3) were the end results achieved (absolutely, you got fucked, the government took all your money, gave you healthcare you didn't want, made you dependent upon the government for everything and they eliminated any previous expectation of the penumbra cast by the constitution (I can explain over drinks); 4) when the end result arrived, was the stimulus no longer needed (the end results manifest themselves into perpetuity, therefore the 'need" will never end—objective number one of the stimulus plan) and 5) when no longer needed could the package be retired or sent away? (see number 4 above)

[Jackjack1]

Larry K must be following the Kirchners. And, speaking of Kudlow, what do you think?:

1. Fag.

2. Pedophile.

3. Asexual

Perhaps all of the above.

Jack

[SanMichele]

It pays to have a dual citizenship, and you use the other passport to open an account, but then AGAIN keep the $ separate do not make transactions with that bank from the US.

[Jackson]

Good idea though especially since they're tweaking the stimulus package right now.

It's not a stimulus package. It's a liberal pork fantasy bill masquerading as a stimulus bill.

[El Perro]

Was watching MSNBC this morning and this exact topic came up. Larry Kudlow (love him or hate him, was throwing out the possibility that the Gov. Eradicate this foreign income tax plus lower tax rates in the States and that would allow about 500 billion of expatriate money to come back into the US markets. Pipe dream? Possibly. Good idea though especially since they're tweaking the stimulus package right now.

Jack

Larry K must be following the Kirchners. And, speaking of Kudlow, what do you think?:

1. Fag.

2. Pedophile.

3. Asexual

[Jackjack1]

Doing what you say would reduce the possiblity the IRS will find out you have undeclared foreign income and charge you penalties and interest or possibly put you in jail. If you have income anywhere in the world, you're supposed to declare it on your U. S. Tax return. You might get away without paying additional tax, depending on the circumstances. If you have over $10,000 stashed in foreign accounts, you should file Form TD F 90-22.1 with the U. S. Government. If you do not I believe the standard fine is $10,000 per year per account (plus penalties and interest) although failure to file or filing a false report can result in a fine up to $500,000 and imprisonment up to 5 years, according to what it says on the form.

I'm assuming here that the money you might have stashed in Argentina came from income you didn't report to the IRS. If you, say, took $9000 into Argentina and put it in a noninterest bearing bank account, and you don't have bank accounts in other countries outside the U. S. (so you don't have over $10,000 total outside the US then you wouldn't need to do anything or file any forms. That's assuming you reported the $9000 income to the IRS when you earned it.

Was watching MSNBC this morning and this exact topic came up. Larry Kudlow (love him or hate him,) was throwing out the possibility that the Gov. Eradicate this foreign income tax plus lower tax rates in the States and that would allow about 500 billion of expatriate money to come back into the US markets. Pipe dream? Possibly. Good idea though especially since they're tweaking the stimulus package right now.

Jack

[Tiny12]

If you have the $ in Argentina, or somewhere ELSE and you do NOT spend it and bring it into the US. Then you do not have to pay tax on that. But if you use a CC that is linked to that account in the us then you have to declare it.

As long as you keep it separate you should be ok, someone correct me if it's otherwise.

Thanks.

http://www.irs.gov/publications/p54/index.html

Doing what you say would reduce the possiblity the IRS will find out you have undeclared foreign income and charge you penalties and interest or possibly put you in jail. If you have income anywhere in the world, you're supposed to declare it on your U. S. Tax return. You might get away without paying additional tax, depending on the circumstances. If you have over $10,000 stashed in foreign accounts, you should file Form TD F 90-22.1 with the U. S. Government. If you do not, I believe the standard fine is $10,000 per year per account (plus penalties and interest) although failure to file or filing a false report can result in a fine up to $500,000 and imprisonment up to 5 years, according to what it says on the form.

I'm assuming here that the money you might have stashed in Argentina came from income you didn't report to the IRS. If you, say, took $9000 into Argentina and put it in a noninterest bearing bank account, and you don't have bank accounts in other countries outside the U. S. (so you don't have over $10,000 total outside the US) then you wouldn't need to do anything or file any forms. That's assuming you reported the $9000 income to the IRS when you earned it.

[SanMichele]

If you have the $ in Argentina, or somewhere ELSE and you do NOT spend it and bring it into the US. Then you do not have to pay tax on that. But if you use a CC that is linked to that account in the us then you have to declare it.

As long as you keep it separate you should be ok, someone correct me if it's otherwise.

Thanks.

http://www.irs.gov/publications/p54/index.html