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Shooting the offshore jaywalkers
March 17, 2010
The Senate is about to pass a new offshore tax crackdown law. A key provision: penalties up to $50,000 for failure to report offshore accounts on 1040s, whether or or not any tax is due. Jack Townsend has the details.
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Comments
Under FACTA sec 533 do I understand correctly that if, I as the grantor of my Mexican trust or my immediate family, use the trust property without paying fair market value rent of the use, then the value of use is a distribution of the trust and is taxable income.????
Mexican realtors will not answer the question. If this is true, this is a big hit on Mexican real estate development in the Restricted Area..Appreciate your reply
Posted by: jerry williams | December 17, 2010 1:50 PM