From: James Wetterau (jwjr@ignition.name.net)
Date: Mon Jul 17 2000 - 07:55:15 MDT
Brian Atkins says:
...
> to open an account with a US stock brokerage, and again using the
> freedom software you could anonymously trade..
Umm, US laws don't generally permit this type of thing, I think,
though I'm not 100% positive. Certainly my brokerages wanted a *lot*
of information about me, including IRS good standing. I guess there
might be some that do it, but I think the SEC would take a dim view.
> ... transfer your profits
> occasionally back to the bank account, and from there to your US
> bank account. You could tell the IRS you don't know who these magic
> payments come from, perhaps a secret admirer :-) And voila, no more
> capital gains taxes. ...
Then, even worse, it's income! Even if it's an anoymous gift (yeah,
right, the IRS believes that) you still owe income taxes on it.
Income taxes are worse than capital gains taxes for non-trivial
incomes. At least with regular capital gains they're exempt from any
income taxes, municipal, state or federal.
Regards,
James Wetterau
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