|
|
#41
10-25-2006, 05:05 PM
|
|||
|
|||
Re: reinvesting poker profits to avoid taxes
[ QUOTE ]
[ QUOTE ] 4-Give up U.S. citizenship. [/ QUOTE ] It appears you missed the portion of the tax code that states if the IRS "believes" you relinquished your US citizenship to "in any way" avoid paying Federal taxes" you still owe them for the next ten years. [/ QUOTE ] QFT. Read about Anson/John Dorrance for further details. 
|
|
#42
10-25-2006, 05:51 PM
|
|||
|
|||
|
Re: reinvesting poker profits to avoid taxes
[ QUOTE ]
Err... Please read point 3. If you pay taxes owed, that's it. FWIW. I'm not holding and have never held US citizenship. [/ QUOTE ] Err, yourself, here is your entire post: [ QUOTE ] 1-Buy Dominica citizenship. (approx. $100K). Nice island in the caribbean with British type law. 2-Move there. 3-Pay this year's U.S. taxes. 4-Give up U.S. citizenship. 5-Start trading stock index futures, crude oil, and whatever else is moving, and make 2-6 points per day on average. 6-Continue playing poker on the side as secondary income, only if you enjoy it. 7-Send me $250,000 as a thank you gift for giving you all these tips for free. P.S.: Everything after 4, is legally 100% tax free. [/ QUOTE ] Your point 3 means squat as written, you may owe taxes for the next ten years as well. What is so hard to understand about that?
|
|
#44
10-25-2006, 07:44 PM
|
|||
|
|||
|
Re: reinvesting poker profits to avoid taxes
[ QUOTE ]
[ QUOTE ] you make it sound so easy... [/ QUOTE ] It's the most difficult thing I've ever accomplished. But I have had lots of experience, including losing almost everything twice, before I became consistent. I only became consistent after failing miserably at LHE 100-200. [/ QUOTE ] Your results sound like you might be next Victor Niederhoffer. He's only blown up twice, though he's do for another soon.
|
|
#45
10-25-2006, 07:47 PM
|
|||
|
|||
|
Re: reinvesting poker profits to avoid taxes
[ QUOTE ]
QFT. Read about Anson/John Dorrance for further details. [/ QUOTE ] Congress and the IRS regularly tighten the tax code against loopholes like this, not sure if Dorrance did it before or after the latest round. But my understanding is that besides paying taxes for 10 years after you give up your citizenship, you will have restrictions on your ability to visit the U.S.
|
|
#47
10-25-2006, 11:02 PM
|
|||
|
|||
|
Post deleted by Mat Sklansky
|
|
#48
10-26-2006, 05:16 AM
|
|||
|
|||
|
Re: reinvesting poker profits to avoid taxes
[ QUOTE ]
[ QUOTE ] Ok, I give up. What does "QFT" means? [/ QUOTE ] Quoted For Truth [/ QUOTE ] So let's say someone made a comment and I quoted it and wrote QFT. Does that mean that I want the person to find evidence of the comment for me? Or does it means I can offer a reference to it?
|
|
#49
10-26-2006, 06:19 AM
|
|||
|
|||
|
Re: reinvesting poker profits to avoid taxes
[ QUOTE ]
Your results sound like you might be next Victor Niederhoffer. He's only blown up twice, though he's do for another soon. [/ QUOTE ] Not a bad thought to keep in mind. Thanks.
|
|
#50
10-26-2006, 10:55 AM
|
|||
|
|||
|
Re: reinvesting poker profits to avoid taxes
[ QUOTE ]
Ok, I give up. What does "QFT" means? [/ QUOTE ]the site to answer all your slang questions: http://www.urbandictionary.com/define.php?term=QFT
|
 |
|
|
Linear Mode
