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At 03:06 AM 05/20/2000 -0700, tradergirl wrote:
I have a better idea for a lot of traders. Go offshore, start trading at $0
commission forex brokers, or other markets. Europe is full of electronic
operations, and there is no reporting to the IRS.
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Sorry TG, you're way off the mark on this one. I've studied offshore
investments extensively for several years and some of the information that
you've been spewing into this group lately is simply inaccurate and dangerous.
You've obviously never been through an IRS audit or you would be well aware
of the hazardous nature of your comments. Any income received by a U.S.
Citizen from any offshore entity has to be reported to the IRS as
"worldwide income" -- If you have a simple a savings account in London,
Tokyo, or Bangladesh, etc., and it pays you as little as $1.00 in interest
in any given year, you have a legal obligation to report it to the IRS.
It is true that complex offshore structures can be established that will
legally allow certain operations to receive favorable tax treatment in
certain jurisdictions under special circumstances, but none are anywhere as
simple as "no reporting to the IRS", as you suggest.
They are expensive and difficult to launch and it is very difficult to find
honest agents who are capable of setting up these structures and who have a
verifiable track record. Simply put, most are scammers. Why? -- because
they know that most people who approach them are attempting to avoid paying
taxes and have no recourse when they suddenly discover that their advance
funds have mysteriously evaporated.
Don't be naive -- it would be nice if the world were as simple and bubbly
as your comments suggest-- but the truth is that it is nowhere near that
simplistic...
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