As a trader you can make it to be earned income, if you do the market to market switch.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Living on a boat and avoiding taxes
- Thread starter Fishbird
- Start date
As a trader you can make it to be earned income, if you do the market to market switch.
Quote from Ankle Biter:
1. Trade through a corporation that you set up in a tax haven.
2. Transfer profits to an account at a major international bank in that tax haven country.
3. Access the money through a credit or debit card in your own country.
I wonder if US gov would get upset if the money on your debit card comes from overseas
Quote from protrader-2K5:
:eek:
. As soon as they see you tapping that money through a credit card (which is heavily) monitored... and if you did not claim that money in your Tax Returns... ceste' la vie!
I wonder if you can do that with a debit card on somebodyelse's name that is not US citizen
I am not a US Citizen neither a US resident but I trade with a US broker and do not pay taxes because I filled in a specific form W-8BEN which means that I should be declaring what I earn in my country but I don't as my country does not have a clue that I trade in the US.
An for living every day we use my wife salary. The earning from stock market will be used later.
An for living every day we use my wife salary. The earning from stock market will be used later.
But where to leave in an eastern europe country ? Are there any eastern europe residents posting here to give us some advice.
Quote from DT-waw:
What if you as an U.S. resident own an offshore company (managed and based outside US) and you don't pay yourself dividends? I guess that's perfectly legal...
ECI income is taxed by IRS, but: These ECI rules only deal with business income and they recognize "U.S. business activity is trading in stocks, securities, or commodities (including hedging transactions) through a U.S. resident broker or other agent," as being exempt from ECI. http://www.greencompany.com/EducationCenter/GTTRecTraTypNonResident.shtml
What about forex? What are currencies considered, if the forex broker is in the US?
Fishbird,isnt the EEC one tax bloc now.Otherwise no need for a boat.Just drive across a border every 180 days.
Europe is one big mess.
Denmark has 55%, Germany ( were i live ) 20%, Netherland 0%-50%, Belgium very high, Austria 25%-50%, Poland 16%, Andorra 0%, Spain 50%, France > 40%, Italy 13%, Norway/Sweden/Finland > 40%. And everyone has a different language too.
I dont think the registration of the boat has anything to do with your income taxes.
Even if you live permanently on a boat, you have to be a citizen of some country. But if you dont stay longer than 180 days this becomes unimportant anyway.
Europe is one big mess.
Denmark has 55%, Germany ( were i live ) 20%, Netherland 0%-50%, Belgium very high, Austria 25%-50%, Poland 16%, Andorra 0%, Spain 50%, France > 40%, Italy 13%, Norway/Sweden/Finland > 40%. And everyone has a different language too.
I dont think the registration of the boat has anything to do with your income taxes.
Even if you live permanently on a boat, you have to be a citizen of some country. But if you dont stay longer than 180 days this becomes unimportant anyway.
Quote from targus2000:
I am not a US Citizen neither a US resident but I trade with a US broker and do not pay taxes because I filled in a specific form W-8BEN which means that I should be declaring what I earn in my country but I don't as my country does not have a clue that I trade in the US.
An for living every day we use my wife salary. The earning from stock market will be used later.
US IRS might go to your gov and tell them that you trade with a US broker.