Quote from: Ale88 on May 18, 2024, 05:10:27 PM

Quote from: electronicash on April 30, 2024, 07:18:51 PM

Quote from: un_rank on April 30, 2024, 07:02:29 PM

The Uniited States tax laws are insane. Despite several attempts to try and wrap my head around it, I hit a brick wall every time. It seems like a design intended to indict people rather than make the process easier for them, you have to figure out what to do and when to do it, otherwise you'll face prosecution.

Let's see as more details unfold regarding this case.

- Jay -

i thought it was just a proposal still, they must have approved the bill on Sunday night session.
last news i heard it was 25% for unrealized gains so there it goes. it's official and Ver is the first to be set as an example. just look at how much effort he made to the extent of renouncing his U.S. citizenship but seems like he will be expatriated to pay.

not sure if he knows that he is required to report to the IRS even when he isn't a US citizen anymore. all the troubles seem nothing has changed. feel sorry for him. it's their law though.

I really don't understand one thing: he made all these efforts, like you say, to renounce to his American citizenship because of tax reasons, I understand it, it makes sense, but then why would you keep your American companies, so you are still tied to the US anyway, and, especially, why do you lie on the tax returns? A guy like Roger Ver was probably already flagged for different reasons, did he really didn't think that the IRS would find out? We are talking about huge numbers, this is not the average Joe trying to save a couple of hundred bucks. I really don't get it.

It's not even American companies it's any money earned in the US. If you are from someplace else and go to Vegas and win a jackpot that requires a W2-G (tax form for gambling winnings) casinos will withhold a percentage of your winnings and then you have to file a tax return to get them back. There are tons of rules around it but more or less that is how it goes. Same thing if I go to other countries and earn money there I have to pay the taxes there.

-Dave