Does anybody know if this is all correct or if there is a simpler less costly way of doing this?
- posted
9 years ago
14K exempt gift from US becomes a Loan in EU (Denmark)or else it is taxed at a high rate. Again it has to be a credible loan with proof of actual repayment or else it can be declared a taxable income/gift at any time. Now it becomes a tax problem in the US with foreign investment - automatic information notices to our IRS etc. How much of a tax paperwork chore does this become for me doing my own taxes with the help of TT or H&R software. The same person would likely inherit - tax free in 20-30 years hopefully :-)