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Is this evasion?

In the past I have transferred funds I inherited from Holland to my own US bank account. As I understand it I have to calculate and pay capital gains taxes since the US $ has devalued appreciably since October 2002. I have also gifted money to my grown children and to my grandchildren. Can I legally circumvent those capital gains if I send the Dutch funds directly to the children/grandchildren? This would be done by having the Dutch bank deposit dollars directly into their checking accounts. Thanks for any enlightenment!

Dick: Good luck with your computer problems!

-- Best regards Han email address is invalid

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Reply to
Han
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Do you mean that you kept the money AS Dutch Guilders and did not convert to US dollars???

Reply to
Rick Merrill

The funds were Euro-denominated, and I instructed ABN-Amro to deposit US dollars into my US checking account. To calculate capital gains, I took the number of $ transferred as the "sale price". Then I took the number of Euros debited (plus the transfer fees), and calculated as basis the number of dollar equivalents on the day of Dad's death as found for that date's Euro-$ exchange rate. Subtraction found the capital gains, which was considerable due to the ~50% devaluation of the dollar since October

2002.

-- Best regards Han email address is invalid

Reply to
Han

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