Re: paying taxes
[ QUOTE ]
I actually read up on this after reading this thread the other day. The laws are actually quite severe. If you make over 100K per year or have assests of over 500K, it is assumed by the IRS that the reason you are renouncing your citizenship is to evade taxes, and your income is subject to taxation for the next ten years. It is possible to get around this if you present a case providing valid reasons why you are renouncing citizenship, and though I'm not entirely familiar with KKF's situtation I get the sense that these would not really apply to you.
[/ QUOTE ]
How about this for a work around.
Move to another country and set up a foreign company.
Work for the company on an hourly basis.
Have the proceeds of your winnings go to the company.
Say you make $300K and the company pays you $100k. You pay taxes on the $20k (100-80), and the company uses the rest of the money to pay for a house, etc.
By the book it seems legal, but I wonder if the IRS would have a way to come after your company.
|