SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Heinz Blasnik- Views You Can Use
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Joan Osland Graffius who wrote (3966)12/26/2003 2:25:37 PM
From: EL KABONG!!!  Read Replies (1) of 4905
 
Hi Joan,

My CPA has all the taxes I have paid to Australia identified as tax credits. If you read the instructions for form 1116, at least the taxes I pay can be identified as tax credits.

That may be true as well. I've never invested in any Australian debts or equities so I have no experience with them.

However, the difference in this instance (as I am led to believe) is that the IRS considers gold as a collectable, not an investment, and any profits derived from gold are treated as ordinary income, not capital gains. At least that's how it was told to me. I haven't yet spoken with my accountant, whom I won't see until about March. What I'm relating is what I heard from a trusted friend, one who has already consulted his accountant. And to me, it doesn't really matter one way or the other. The only foreign investments that I make are US$-denominated mutual funds (in a tax-deferred account with Fidelity) and/or ADRs traded in US markets in my taxable accounts. Either way, I completely avoid the issue of any foreign tax filings, though the mutual funds may be (or not) paying foreign taxes prior to distributions to shareholders.

Best wishes to you and your family for the Holidays...

KJC
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News