After Uncle Sam sticks his hands in my....

[Can't get Right]

Newbie, here!

Here is a question for all investors big & small. Once uncle sam takes his cut, where will you guys "place" your new found wealth?


I was thinking that I would open an account in Panama at BoA. But will I have to pay taxes on the interest i would make? :o

And God said, "Let there be light!"

[cowpoke]

Newbie, here!

Here is a question for all investors big & small. Once uncle sam takes his cut, where will you guys "place" your new found wealth?


I was thinking that I would open an account in Panama at BoA. But will I have to pay taxes on the interest i would make? :o

And God said, "Let there be light!"

Coffe Can for me.:D

[Lord Dinar]

Coffe Can for me.:D

You mean coffee can(s)?

:D

[Roninvestor]

Mattress for me

[Gogovs]

Newbie, here!

Here is a question for all investors big & small. Once uncle sam takes his cut, where will you guys "place" your new found wealth?


I was thinking that I would open an account in Panama at BoA. But will I have to pay taxes on the interest i would make? :o

And God said, "Let there be light!"

Since your new, we have been over this 10million times I'll help you out ..... if you are a US citizen, you have to report everything you make to the IRS ... everything ..... Period.

Better to anyway, if they find you, you'll be poor again .. like we all are now ... better to give than to find yourself in an Orange Jump suit.

[Gluphus]

Panama (and the British Caymans) do offer some methods for shifting the tax burden.

Remember, they will be very complex (ie: many lawyers and accountants), so:
1. always consult a trusted finc professional
2. don't start counting theses chickens before they hatch. (it will drive you crazy)

[Dave]

i am still surprised by how many people are so hypothetically stingy with what is essentially "found money"

not meaning to attack the original poster in any way, but the topic got me thinking. in 3 years, i have read hundreds and hundreds of posts about taxes and the fear they cause.

am i a freak to be happy with keeping 80% of free windfall profits that i may someday gain?

report your money, pay the taxes and enjoy the rest.

[irons]

i am still surprised by how many people are so hypothetically stingy with what is essentially "found money"

not meaning to attack the original poster in any way, but the topic got me thinking. in 3 years, i have read hundreds and hundreds of posts about taxes and the fear they cause.

am i a freak to be happy with keeping 80% of free windfall profits that i may someday gain?

report your money, pay the taxes and enjoy the rest.


I'm not going to try to hide anything,but i will have my tax guy get it in writing from the feds and state that its a done deal and all taxes are paid.
Heck,look at the huge millionairs who get caught every year trying to get out of some taxes.
You can get out of many crimes if you are rich enough but tax evasion is not one of them.Like blockbuster,they will find you.:wave: