IRS, Tax related strategies--Traders Message Board

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Strategies & Market Trends : IRS, Tax related strategies--Traders

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To: Manny who wrote (1202)	9/21/2000 10:53:46 PM
From: Colin Cody	Read Replies (1) of 1383

Manny, I don't do international taxes myself. If you are not a USA citizen, then you have some other-than-normal rules. A USA Domicile, Resident AND Citizen would be have IRS income taxes on ALL worldwide sources of revenue when filing form 1040. I don't know if there are special rules for a non-USA-citizen permanent resident regarding that type of investment. Documentation? It must be reasonable, and maintained in an appropriate manner. As you suggested, this might include the canceled checks, and other paperwork showing the legitimate, non-family related, investment you made in good faith, also bulletproof documentation as to exactly what year it went worthless (not necessarily bankrupt). Better is to sell it for $1.00 to a non-family party. Colin

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