{"id":4466,"date":"2016-05-24T01:52:16","date_gmt":"2016-05-24T05:52:16","guid":{"rendered":"http:\/\/www.escapeartist.com\/?p=4466"},"modified":"2020-07-09T11:11:29","modified_gmt":"2020-07-09T15:11:29","slug":"how-to-avoid-reporting-offshore-gold-and-real-estate-to-the-irs","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/how-to-avoid-reporting-offshore-gold-and-real-estate-to-the-irs\/","title":{"rendered":"How to Avoid Reporting Offshore Gold and Real Estate to the IRS"},"content":{"rendered":"

How to Avoid Reporting Offshore Gold and Real Estate to the IRS<\/strong><\/h2>\n

In this post, I\u2019ll tell you how to avoid reporting offshore gold, foreign owned real estate, and several other types of assets to the United States. The IRS has locked down most asset classes, but there are loopholes in the filing requirements.<\/p>\n

If you\u2019re an American living, working, or investing abroad, you\u2019re inundated with IRS reporting demends. The US government wants to know exactly what you have and where it\u2019s located. And some of the forms required, such as 5471 for foreign corporations with its myriad of schedules and subsections, are so complex that only an expensive CPA can prepare them for you.<\/p>\n

Adding insult to injury, the US has turned foreign bankers in to unpaid IRS agents through Foreign Account Tax Compliance Act. This highly controversial law requires foreign banks with American clients to report each and every transaction to Uncle Sam. The high costs of compliance, and fear of running afoul of FATCA, has caused the majority of offshore banks to close their doors to Americans.<\/p>\n

Finally, the US Justice Department has been on a marketing blitz for the last few years targeting offshore investors. They search out and imprison a few unlucky Americans with unreported offshore bank accounts each year around tax time – April and October 15. They hang these pelts on the wall and put out press releases on the capture.<\/p>\n

This has proven to be a very profitable fear based marketing campaign. From 2009 to 2014, over 45,000 citizens have come forward voluntarily, paying $6.5 billion to the Treasury in taxes, interest and (mostly) penalties. This is a great ROI on their advertising budget.<\/p>\n