Pay Your Taxes or else

[Spectra]

I haven't done my taxes this year yet. i was thinking about doing them myself this year. A few people have mentioned not having to list buys/sells for stock trades. How do you go about doing this?

 

[dhpar]

else what?

 

[Spectre2007]

Anyone know about some rich buggers opening offshore forex accts, under a LLC. Then opening simultaneous retail accts domestically. Taking a hedge position that loses domestically, with a large loss, and the offshore transfer of wealth.

 

[dhpar]

is that how you do it?

 

[Spectre2007]

Well the only thing is, how can anyone argue with you, that you knew which side of the hedge would go in what direction.

I heard there is a law or code that prohibits simulataneous contrary positions in different accounts. If you wanted to shift wealth from regula accounts into retirement accts, this was one way to do it.

 

[Spectre2007]

ps.. you cant short in retirement accts, so retirement accts would be long always on the hedge side.

 

[dhpar]

too bad - maybe there is another way....

 

[Mike805]

Total Shares bought and Total Shares sold. Total amount ($$) bought and total amount ($$) sold. The IRS only wants the total amounts, you do not have to list every individual transaction.

Mike

 

[ElectricSavant]

and where did you get this money to lose sir?...do you think that the agent reviewing your return from the IRS is stupid?

You can only do this so long....

Quote from Spectre2007:

Anyone know about some rich buggers opening offshore forex accts, under a LLC. Then opening simultaneous retail accts domestically. Taking a hedge position that loses domestically, with a large loss, and the offshore transfer of wealth.

 

[Brucelee]

How to avoid paying ANY tax legally?

Denounce your citizenship and move to Panama.

And that is the only way a US citizen can avoid US tax.