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Re: Foreign bank account to \'hold\' poker winnings?
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Would this be illegal? Could this be used to not pay taxes (not my intent, worried it would look like my intent)? Is there anywhere on a tax form I'd have to declare foreign assets or something like that? [/ QUOTE ] I don't know a lot about the issue but I do know this. You are required to declare any income for the year whether or not you made the money in another country. Bringing the money back in would raise the same questions as directly depositing it in your account now. Now keeping the money in a foreign institution that allows you to have an ATM card or foreign credit card would be a good way around this. You could just get money out of ATM on a small scale as cash and never have it enter the US financial system. A lot of people did this with neteller and Im sure you know how that ended up. Again though this would be highly illegal form of tax evasion even though very hard to detect. |
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