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428Re: [Panama_realestate_FSBO_rent] Re: USA TAXES UPON SALE OF PANAMANIAN PROPERTY?

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  • Randy Chapman
    Mar 16, 2013
    • 0 Attachment
      Rob, my phone has run out time again. So I can't call right back.
      R
      On Mar 16, 2013, at 10:10 AM, C. Schuler wrote:

      > Like I said, don't pay don't worry.....:)
      >
      > Thank-you,
      > CS
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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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