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US taxes IRS: 1040 Foreign bank?

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fareye:
Just wanting to see here if, once you get money out of the US into the PH, people report they have $$ in the PH to the IRS for taxes each year?

I\'ve talked to many who have said there not telling and that the US has no jurisdiction on the PH to go into a bank account and even look at it.

:
I\'ve just joined the loeona helmsley \"My Fair Tax Plan\" group







google \"leona helmsley taxes\" if you don\'t know who she is and what it\'s about

Gray Wolf:
You would only responsible for filing a return on income derived from the US and even then with some limitations.† Any \"foreign\" money you earn, is yours to keep.† You may however run afoul of the RP Tax Man, so be careful with what you report even on a forum like this.† You never know who could be \"lurking\".†

Jack

:

--- Quote from: graywolf on April 16, 2008, 09:14:30 PM ---You would only responsible for filing a return on income derived from the US and even then with some limitations.† Any \"foreign\" money you earn, is yours to keep.† You may however run afoul of the RP Tax Man, so be careful with what you report even on a forum like this.† You never know who could be \"lurking\".†

Jack

--- End quote ---

Uncle Sam\'ll probably give you a real whack following that philosophy Jack.........

He definitely wants to know about ALL your overseas earned income**

I believe interest earned abroad is considered income in those terms

Now if you\'re just talking non-interest funds........screw him


**overseas earned income must be REPORTED, however you can claim a substatial sum as being exempt from US taxes it was around the first $80-85,000 -
 definitely the case in \'81 when I spent 3 months working in Bahamas and 85-86 when I spent 18 months working in Bermuda

Don\'t think the rules have changed too much since then, maybe exemption amount

RUFUS:
If you are running a \"business\" ;) ;) in the PI..
Just about every centavo you spend over there shall become a deduction, so save your receipts.
People are so frightened of the IRS, but the burden of proof for your business expenses is on THEM not you.
You have the right to self govern your finances and justify your deductions, so everything you spend over there becomes a legitimate expense in producing your income.
It is up to the IRS to prove that your deductions were not warranted. The IRS uses scare tactics and threats to pressure people into doing their bidding...but resistance, my friends, is not futile.
Use their tax codes and tax laws against them and you shall prevail...† :)

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