Will revenue find gains from US online brokers

A

Afterflood

Registered User
Messages
74
Hello all,

A friend has some modest invesmtents in a US based online broker.

They make very small profits (maybe $1000 per month).

It will make their tax affairs very complicated if they need to declare this income so it hardly seems worth it.

Are the Irish revenue ever likely to discover this US based online broker account?

Thank you,
Flood.
 
Seriously?! They can't be bothered to declare their gains?

Hopefully Revenue will find it (and they may well at some stage, given that the amount of information they have access to is constantly increasing, and analytical software to identify risky taxpayers will become more sophisticated), and then they'll screw them for interest & penalties, and rightly so. I mean, how complicated could it be to work out the gains for CGT purposes and file a CG1 if they're a PAYE worker, a couple of hours work. If they already file a Form 11 then it's just an add-on. More like they just don't want to pay their taxes...

EDIT: I notice about 2 posts ago you were recommending US online brokers who you've been using - I wonder now who this "friend" of yours is... ;)
 
Shocking behaviour, no wonder the country is in a mess, with people like that considering such evasion and asking for assistance from honest people on AAM

1,000 maybe very small to you but to a family who cannot afford a loaf of bread this would mean the world!

Revenue, if you are reading this please go after this person and screw them for every penny they have.
 
Afterflood-- your question has been answered. It's only a lunatic that would shield this information from the Revenue. IMO Tax rates for unearned income is going to shoot up big time, as well will penalties for non-disclosure. Cough up now before they break you. And if sympathy is been sought, those days are well over.
 
Thank you all. The query does not relate to me. I am so broke I cant afford a new pair of shoes which i badly need as the ones I have are worn out. Given my amount of negative equity if i lived 5 lifetimes I wouldnt get out of it. Thank you.
 
Afterflood said:
Thank you all. The query does not relate to me. I am so broke I cant afford a new pair of shoes which i badly need as the ones I have are worn out. Given my amount of negative equity if i lived 5 lifetimes I wouldnt get out of it. Thank you.
Click to expand...

Just like the rest of us. Pay your taxes- end of!!
 
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