3 ms·
In parts of the EU, maybe. That's definitely not the case in the US. Do you generally have to report accounts for which there have been no taxable events?
by garmaine 5y ago
In parts of the EU, maybe. That's definitely not the case in the US. Do you generally have to report accounts for which there have been no taxable events?
- tinco 5y agoYou don't have capital tax? Here in The Netherlands we pay a tax over assets exceeding some value. If you have a million, whether it's sitting a bank, or it's stuffed in your mattress, you have to report it and pay (a small amount of) tax on it. Afaik we also don't have taxable events, we just have income tax.
- KirillPanov 5y agoThe US does not have a capital tax. The US does have a realized capital gains tax. Assets contained within a mattress are not realized capital gains, no matter how much their value increases while sitting there.
- garmaine 5y agoNo there is no wealth tax, just capital gains. No tax until you sell.