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Originally Posted by El Viajero
Couldn't you simply cash a winning cheque into an offshore account? If I was that good at poker, I'd sure have a Swiss bank account.
And to further query what has already been said before: are you sure you have to pay tax on any money earnt on a yard (or car boot, as we call them) sale? Here in the UK you do not as income tax was paid on the money used to buy the item from new, then VAT @ 17.5% would have been when the item was sold. Tax has already been paid twice on that item so it does not need to be paid yet another time. The exception of course is if yard sales are your trade and you make a living off them.
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Good Point. The thing to stress here is understanding you particular federal and state tax laws. One thing you need to know is there are three forms of taxable income, regardless of where you are from:
1) Dividend - Tax Preferred with Tax Credits
2) Interest - 100% Taxable
3) Capital Gains - Only half of the gain is Taxable
If there was an original investment, only the GAIN when the item was resold at is applicable to taxes of course. The reason for this, is the above point made, which is all items are purchased with AFTER tax dollars (unless it is an Retirement savings plan, or Garnishment of wages)
Best o luck to whoever can sort out wehat they need and what they don't!
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