Pay Your Taxes or else

Discussion in 'Taxes and Accounting' started by Spectra, Feb 13, 2007.

  1. Does that mean you have to state total $$ for each individual stock or for all stocks

    i.e.

    1000$ buy aapl 1100$ sold aapl
    2000$ buy dell 1800$ sold dell

    or

    3000$ buy and 2900$ sold



    Also what if you long on a stock when the new year comes, do you state the profit/loss at close price of last year?

    i.e.

    1000$ buy dell 06/2006, 1100$ sell 02/2007
    but it was worth only 900$ at the end of last year
    would I file a loss on that?
     
    #11     Feb 13, 2007
  2. Corporations must be understating earnings to a large degree. The private ones anyway. If you have multiple sources of income. Capital losses domestically can be written off against earnings from another income stream.

    Those losses in reality may not be losses but hedged losses. So the income your asking, is a seperate source. Forming a LLC at a offshore sight, those gains arent taxed if it is a tax friendly haven.
     
    #12     Feb 13, 2007
  3. ahhh..so you need ANOTHER source of income to launder out losses with...


     
    #13     Feb 13, 2007
  4. For example if I owned a business that generated 1,000,000 dollars in profit. But that same business also was long 100,000,000 million in USD/JPY in a domestic bank account. That same business could form a LLC secretly offshore, and be short 100,000,000 million in USD/JPY. Then the market moves 1% down. The offshore account would be up 1% or 1,000,000. The domestic bank account would be down 1,000,000. Now the business has zero profit.
     
    #14     Feb 13, 2007
  5. All stocks. For example, suppose I made 1000 trades last year totaling 1mil shares at $10 mil buy amount total and $11mil sell amount (aggregates). Thats $1 mil in profit/income. Those are the numbers the IRS cares about.

    If you are holding over the course of a year you can elect mark to market. Look this up on irs.gov for details. This also depends on long term versus short terms capital gains/losses regulation.
     
    #15     Feb 13, 2007

  6. Yeah but it could go the other way, you make the profit in the domestic account and a loss in the offshore account.

    You end up paying additional tax, even though you didnt make any extra money.

    And you cant book a trade into an account after you make it either, as that is illegal.
     
    #16     Feb 13, 2007
  7. file traderstatus, i think its too late to do it this yr cause i think you have to do it 1 yr prior
     
    #17     Feb 13, 2007
  8. SteveD

    SteveD

    If the IRS determines that you owe taxes they will ask you to go get the money......regardless of where you "hid" it, in a "safe" tax haven.....they have seen every scheme you can ever think up...

    They will hold your testicles as a deposit until you return...


    There are some real "pea" brains in here......


    SteveD
     
    #18     Feb 13, 2007
  9. Tcbjx9

    Tcbjx9

    Whats this got to do with fraud?
     
    #20     Apr 19, 2007