How do I keep Uncle Sam from knowing about some of my income?

Question

I am going to recieve a large sum of money, is there any way of hiding it from taxes and the government, such as off shore accounts or other countries.

Answer 1

if it's from an inheritance, you don't have to worry about that you would receive the money free from taxes. If it's from something else, whoever is paying you the money will be reporting it to the IRS, unless you are being paid under the table. And for that, I can't, and won't, give you any help.

Answer 2

You're saying you are looking for advice on how to evade taxes? Have fun in jail.

On the other hand, it depends on why you are getting the money. You just say you are going to receive a large sum. If it's a gift or inheritance, then you won't owe any taxes anyway so it doesn't matter who knows. But if it's income, something you did work for or you sold something of value for much more than your basis, then you owe tax on it.

Answer 3

Greedy bastard. You want us to tell you how to cheat our government? You want us to pay extra in taxes so you can pay less? If it is an inheritance, the IRS doesn't tax it anyway. Most other income is taxable.

Be thankful you are coming into "large sums of money" and pay Uncle Sam his fair share. Then you don't have to go through the rest of your life looking over your shoulder hoping the government doesn't find out and throw you in jail.

Answer 4

What you are talking about is not legal or ethical... just report the sum of money. Have a tax advisor help you out in order to work the system legally

Answer 5

Of course there ways, the ones you mention will work nicely. After you transfer your $ there are new rules for you:

Don't call the police, even if you are being robbed.
Don't call the fire dept even if you are on fire.
Don't drive on public roads.
Don't drink public water.
Don't visit a general hospital for medical care even if you are critical.
Don't send your kids to school, and pay back the cost of your education.
Don't apply for or accept social security even when you are infirm.
Pretty much pack your bags and follow your money.

Answer 6

If you are inheriting the money, you can inherit up to a million dollars and you're not required to report it as income.

If you are getting the money some other way, then you need to report it. It's not worth years of your life in jail.

Answer 7

There are lots of ways. They all come under the heading of income tax evasion.

Answer 8

My accountant once told me that if you don't want to report some money you should never deposit it in your bank account. But I think this works with a few checks. If this large sum of money comes from a company there's a good chance that they will report giving it to you.