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I really think you are vastly underestimating how hard this is. How would you find out how much real-estate I held outside of the united states? To your point

I really think you are vastly underestimating how hard this is. How would you find out how much real-estate I held outside of the united states? To your point, What specific database would you just look it up in?

toomuchtodo 3y ago
> How would you find out how much real-estate I held outside of the united states? Form 8938 for reporting, treaties with other countries mandating reporting. Agreed while difficult, it would not be impossible to avoid fiat rails when transacting in foreign real estate (ie evading transaction reporting thresholds). You would likely want to employ a data team for ingesting public real estate ownership records out of country if you were going to get serious about this gap, maybe form a clearinghouse for all developed nation tax authorities to consume the aggregate data lake created. https://www.irs.gov/pub/irs-pdf/f8938.pdf https://www.irs.gov/pub/irs-pdf/f8938.pdf https://www.irs.gov/businesses/corporations/fatca-information-for-individuals https://www.irs.gov/businesses/corporations/fatca-informatio... https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar https://www.irs.gov/businesses/small-businesses-self-employe... https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca https://www.irs.gov/businesses/corporations/foreign-account-... https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance... ("Wikipedia: Foreign Account Tax Compliance Act") https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act#Intergovernmental_agreements https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance... ("FATCA Intergovernmental agreements") "FATCA is used by government personnel to detect indicia of U.S. persons and their assets and to enable cross-checking where assets have been self-reported by individuals to the IRS or to the Financial Crimes Enforcement Network (FinCEN). U.S. persons, regardless of residence location and regardless of dual citizenship, are required to self-report their non-U.S. assets to FinCEN on an annual basis. According to qualification criteria, individuals are also required to report this information on IRS information-reporting form 8938. FATCA will allow detection of persons who have not self-reported, enabling collection of large penalties. FATCA allows government personnel to locate U.S. persons not living in the United States, so as to assess U.S. tax or penalties." > I really think you are vastly underestimating how hard this is. The IRS has an annual budget of $12B-$14B and employs 79k people. Do they need more? We can do that if the ROI is favorable. They've only spent $2B of the $80B they've been allocated from the Inflation Reduction Act over the next decade. https://www.cio.com/article/220588/irs-combats-fraud-with-advanced-data-analytics.html https://www.cio.com/article/220588/irs-combats-fraud-with-ad... ("IRS combats fraud with advanced data analytics") https://thehill.com/business/4267708-irs-crackdown-on-wealthy-taxpayers-brings-in-160m-in-back-taxes/ https://thehill.com/business/4267708-irs-crackdown-on-wealth... ("IRS crackdown on wealthy taxpayers brings in $160M in back taxes")

toomuchtodo 3y ago

> How would you find out how much real-estate I held outside of the united states? Form 8938 for reporting, treaties with other countries mandating reporting. Agreed while difficult, it would not be impossible to avoid fiat rails when transacting in foreign real estate (ie evading transaction reporting thresholds). You would likely want to employ a data team for ingesting public real estate ownership records out of country if you were going to get serious about this gap, maybe form a clearinghouse for all developed nation tax authorities to consume the aggregate data lake created. https://www.irs.gov/pub/irs-pdf/f8938.pdf https://www.irs.gov/pub/irs-pdf/f8938.pdf https://www.irs.gov/businesses/corporations/fatca-information-for-individuals https://www.irs.gov/businesses/corporations/fatca-informatio... https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar https://www.irs.gov/businesses/small-businesses-self-employe... https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca https://www.irs.gov/businesses/corporations/foreign-account-... https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance... ("Wikipedia: Foreign Account Tax Compliance Act") https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act#Intergovernmental_agreements https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance... ("FATCA Intergovernmental agreements") "FATCA is used by government personnel to detect indicia of U.S. persons and their assets and to enable cross-checking where assets have been self-reported by individuals to the IRS or to the Financial Crimes Enforcement Network (FinCEN). U.S. persons, regardless of residence location and regardless of dual citizenship, are required to self-report their non-U.S. assets to FinCEN on an annual basis. According to qualification criteria, individuals are also required to report this information on IRS information-reporting form 8938. FATCA will allow detection of persons who have not self-reported, enabling collection of large penalties. FATCA allows government personnel to locate U.S. persons not living in the United States, so as to assess U.S. tax or penalties." > I really think you are vastly underestimating how hard this is. The IRS has an annual budget of $12B-$14B and employs 79k people. Do they need more? We can do that if the ROI is favorable. They've only spent $2B of the $80B they've been allocated from the Inflation Reduction Act over the next decade. https://www.cio.com/article/220588/irs-combats-fraud-with-advanced-data-analytics.html https://www.cio.com/article/220588/irs-combats-fraud-with-ad... ("IRS combats fraud with advanced data analytics") https://thehill.com/business/4267708-irs-crackdown-on-wealthy-taxpayers-brings-in-160m-in-back-taxes/ https://thehill.com/business/4267708-irs-crackdown-on-wealth... ("IRS crackdown on wealthy taxpayers brings in $160M in back taxes")