427Re: [Panama_realestate_FSBO_rent] Re: USA TAXES UPON SALE OF PANAMANIAN PROPERTY?
- Mar 16, 2013Like I said, don't pay don't worry.....:)
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On Sat, Mar 16, 2013 at 10:05 AM, susanagg1 <susanagg2@...> wrote:
> "Don't pay any, don't worry?" Well...In the unlikely event that you
> actually HAVE a capital gain (if you actually made a profit on something in
> Panama, congratulations.....), the law requires you to treat the sale
> (assuming the property is owned by you, natural person tax payer) just as
> it would in the USA. I would not assume that the IRS has no way of knowing
> that you own this property or made this sale, but that's up to you. You are
> going to have to deposit the money somewhere, right? Do you think that that
> a large deposit to your USA bank account won't be reported to the IRS? You
> might want to re think that one. Are you going to deposit it into your
> Panamanian bank account? Your FBAR form will disclose this. What if you are
> audited? Of course, you could simply not file the FBAR but that's not so
> easy to get away with these days. Haven't you been following the discussion
> about FATCA in this group?
> If the property is owned not by you, natural person, but rather, by your
> corporation, you are required to disclose the transaction on your 5471
> forms. Not filing 5471 forms? That's getting harder to get away with these
> --- In Panama_realestate_FSBO_rent@yahoogroups.com, Charles Schuler
> <cschuler37@...> wrote:
> > don't pay any, don't worry....:)
> > On Fri, Mar 1, 2013 at 11:05 AM, tariqa1234 <rchapman111@...> wrote:
> > > **
> > >
> > >
> > > Does anybody have an idea as to what the US tax implications are, when
> > > USA resident sells a property he has owned in Panama?
> > > I am sure many will say talk to US tax attorney, but at the moment
> that is
> > > not an option.
> > > Just looking for others experiences in that type of transaction.
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