17 replies to this topic

[A-ha]

BTW I see OEX P/C below 1 now ...

[A-ha]

more BTW, Nasdaq composite topped out last week Thursday, Crude will likely top around 88-88.5 and I am gonna be the next president

[DraggdOut]

I think its a 15% withholding tax for non-US investors. Singapore is one of the best places for capital gains taxes...there is none, and I think Belize and a few other countries have that law too.

While it depends on the country, nonresident aliens typically are only subject to 15% backup withholding if they don't have a form W-8 filed with the IRS.

[MacRo]

more BTW, Nasdaq composite topped out last week Thursday,

Crude will likely top around 88-88.5

and I am gonna be the next president

What is this, "two truths and a lie"?

[fib_1618]

Not trying to pick on Fib, but with all due respect, he nailed them, unfortunately all wrong [my comments are shown in bold print in the above quote box].

Thanks for your input BS. To be sure, it's a complex subject.

Re: my first "wrong" - My comments were general in nature (as was the question) and based on the idea of being honest in the way you handle the situation. Many governments these days exchange information like this because of the current worldwide situation with regards to terrorism, so full disclosure will keep things from potentially "blowing up in your face". As far as the $10,000 threshold is concerned, I don't believe that's changed though I haven't exactly kept up with any possible changes made to the law in the last 18 months. The best reference source on this is the Treasury Department, but I'm sure that we're dealing with a higher amount based on the monies in question in the audit letter and wouldn't exactly matter.

Re: my second "wrong" - The word credit is a better descriptor than that of deduction. In any event, it keeps you from double taxation.

Re: my third "wrong" - here again, honesty is the best policy. You can't run away from taxation. In fact, I'm always happy to pay taxes for it means I'm making money. It is what it is until the rules are changed by Congress.

Re: my fourth "wrong" - it's only deductible if you are again honest and you've declared this same income. Try to hide your profits, and you can't offset your losses.

I have family members , non residents, visiting me from time to time. They can open brokerage account here I think... Lets say they opened one in IB.

You can not under any circumstances open a spread account in the UK unless you are a citizen.

They claim I understated my taxes in 04/05 and I owe them additional 137K which I believe completely delusional. I will dispute it. But at the moment I am trying to find out a better way to handle my individual account in order to minimize taxation in the future.

If you have the appropriate documentation on the disputed amount, you will have no problem in reconciling the situation. All they want is to match up what they show being reported and what you actually claimed on your return. No fudging, no problems...just a misunderstanding easily remedied. But if not....

If I transfer my individual account to theirs and trade there, do I get any tax benefit...

The answer is still no...but if you had a duel citizenship....oh, never mind.

And yes, get yourself a really good tax attorney who is well versed in international taxation laws before you do anything and let them do all the work, including any meetings with the IRS with the current snafu.

and I am gonna be the next president

With the current gang of hucksters running, you might have a good chance of succeeding.

Fib

[vitaminm]

Is there any benefit if I trade my personal stuff through a non-US person's brokerage account?

How much tax he pays compared to a single US person.

TIA

Foreign Earned Income

http://www.vernonjac...om/zero-tax.htm



http://tax.justanswe...CFRqwOAodGlF_eQ


http://in.rediff.com.../jun/22tax1.htm

http://www.taxfounda.../show/1410.html

http://www.articlesb...axes-14483.html

[A-ha]

Thanks for the info and your time folks, I really appreciate it.

[Russ]

I think its a 15% withholding tax for non-US investors. Singapore is one of the best places for capital gains taxes...there is none, and I think Belize and a few other countries have that law too.

While it depends on the country, nonresident aliens typically are only subject to 15% backup withholding if they don't have a form W-8 filed with the IRS.

Once that form is filled out what is the tax rate for offshore holders of US accounts?

Had a look on google this is what I found, looks like no tax payable just glancing at it, but if you ever worked in the US then it looks like the IRS has some claim to your gains.

http://invest-faq.co...non-us-nat.html

Edited by Russ, 16 October 2007 - 10:07 PM.