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Old 04.12.2012, 20:30
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Phil_MCR Phil_MCR is offline
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Re: Foreign Property - Tax implications

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Yein.

If the tax authorities decide to take him to task over it, the implications would be a punitive fine due to tax evasion and tax audit over the past 10 years... don't ask how I know, I just do... OK?

If you willingly declare it and submit 10 years of returns, you will be let off with just a requirement to pay back-taxes (if any are owed). Funnily - or not - enough if they owe you money, they don't pay that back.

Any good tax lawyer should be able to advise on this.

How long has this property been ah... emm... gathering dust and if only recent, where did the money come from?
don't be shy. do share the details and level of punitive fines...
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