... in response to ? for JimC, Pete or others, posted by DavidMN on Oct 16, 2003Yes,I believe if the trip actually results in an investment you can write it off,with some limitations probably.I heard of a lady who owns property in several places in the world and basically writes of her trips there as an expense,checking on her property.
But,there are other ways to avoid taxes.The best is to live in a country that does not tax your investment income,like Panama.If you declare yourself a permanent resident of that country there is no US tax in most cases.
If your income is here and you live here its harder,but still possible.Thats where all the more complicated stratagies come in.
If your income is only from securities investments you can trade through a european bank who will give no imformation to anyone,including the IRS.Just don't buy US securities unless you doing it through a trust.Appartently when you live overseas and sell a US security the IRS assumes you made 30% on the selling price.You could have lost money,same asssumption.
Living overseas opens up all kinds of options.I really don't expect to pay taxes after this year.I can't avoid it on my US income.But most of what I pay has been social security.15 % if self employed,but that kicks up my benefit I can get before too long.
One of my friends wanted to start a small business in Colombia so he could write off his trips.The problem is,I think,if there are huge write offs and little income it could be disallowed.
I guess I should give the realtor cover your butt advice.Check with your tax proffesional.
Pete
