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  • C. Schuler
    Mar 16, 2013
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      Like 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
      > days.
      > --- 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
      > a
      > > > 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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