jseber1982
Junior Member
What is the name of your state (only U.S. law)? GA
I just posted to the tax forum, but for some reason my post shows up as the only one, yet it says there are over 5kposts..... so sorry for the double post.
My uncle died approx 10 years ago and my parents said that he left me some money over in switzerland. I was only 16 at the time, i didnt pay much attention to it. I am 26 now. He was a US citizen living in the US. All of the money that our family has, has been passed down generation to generation staying in swiss accounts from WW1. I just went over this year to do some paperwork on it, turns out i have $300,000 in stocks in swiss banks. My parents have been bringing me money back each year for the past 3 years.. like 30k a year, so i have sorta known about it, but i did not know any details or how much i had until now.
And of course they have never paid 1 cent of taxes on any of it, none of my family. Also it turns out that our family had a secrecy clause in it that has all paperwork destroyed. So i wont have any record on how much the stock was purchased for to calculate capital gain.I want to somehow wire transfer it over or something like that, the legal way. The bankers over there were making me feel guilty saying that once i tell the irs, the irs will go after my entire family pretty much.
If i have to pay back taxes on it, i dont care, even if i loose over 60% of it....it is now just a burden on my wife and I's relationship and i dont want to get in trouble with the irs and mess my life up. Of all the money that they brough back for me, only like 25k of it made it into the bank, so i am assuming that i should be smart and file back taxes on that
I am just worried that i have gotten so deep into it that there is no way out that wont put me in the hole.
And now the irs is getting into the ubs bank, which is where it is... So the money was dropped on me when i was too young to care, and now i need to hurry up and do something about it before the irs finds out and accuses me.... even though i have plans to do it the legal way
Any advice you have would be greatly appreciated.Thanks,
I just posted to the tax forum, but for some reason my post shows up as the only one, yet it says there are over 5kposts..... so sorry for the double post.
My uncle died approx 10 years ago and my parents said that he left me some money over in switzerland. I was only 16 at the time, i didnt pay much attention to it. I am 26 now. He was a US citizen living in the US. All of the money that our family has, has been passed down generation to generation staying in swiss accounts from WW1. I just went over this year to do some paperwork on it, turns out i have $300,000 in stocks in swiss banks. My parents have been bringing me money back each year for the past 3 years.. like 30k a year, so i have sorta known about it, but i did not know any details or how much i had until now.
And of course they have never paid 1 cent of taxes on any of it, none of my family. Also it turns out that our family had a secrecy clause in it that has all paperwork destroyed. So i wont have any record on how much the stock was purchased for to calculate capital gain.I want to somehow wire transfer it over or something like that, the legal way. The bankers over there were making me feel guilty saying that once i tell the irs, the irs will go after my entire family pretty much.
If i have to pay back taxes on it, i dont care, even if i loose over 60% of it....it is now just a burden on my wife and I's relationship and i dont want to get in trouble with the irs and mess my life up. Of all the money that they brough back for me, only like 25k of it made it into the bank, so i am assuming that i should be smart and file back taxes on that
I am just worried that i have gotten so deep into it that there is no way out that wont put me in the hole.
And now the irs is getting into the ubs bank, which is where it is... So the money was dropped on me when i was too young to care, and now i need to hurry up and do something about it before the irs finds out and accuses me.... even though i have plans to do it the legal way
Any advice you have would be greatly appreciated.Thanks,
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