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Thread: Writing off some expenses while living in the DR?

  1. #1
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    Default Writing off some expenses while living in the DR?

    Um, well I know where this is probably going to lead?
    OK, Im trying to figure out if I can write off any part of my 6 months of rent against my "stock trading"? I dont qualify for Cap Gains with the amount of trades I'm doing, so I file as "sole proprietor". And in my domicile I have "real expenses" I can write off..
    If I spend 6 months in the DR and Im still actively trading, can I write off anything? Or is the tax man going to say, "Why did you need to go to the DR and trade"? I guess I could say I wanted to study the coconuts on the actual trees before I bought Palm Oil futures... Or maybe I could get a temp licence for the Electronic Dominican exchange..
    Does anyone who trades while living in the DR write off anything?

  2. #2
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    You can "write off" legitimate business expenses (all "writing off" does is reduce that expendature at your tax rate; it's not Free Money.) .

    Or are you asking if you should cheat on your taxes and create some bogus reason for doing so?

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    Quote Originally Posted by cobraboy View Post
    You can "write off" legitimate business expenses (all "writing off" does is reduce that expendature at your tax rate; it's not Free Money.) .

    Or are you asking if you should cheat on your taxes and create some bogus reason for doing so?
    No Im not looking to cheat, dont need too..
    I dont think you understand my post..
    If you do? What Legitimate "write offs do I have" trading, while in the DR?
    I think its zero, because I could have carried on my biz in my own country.
    Im trying to see if other traders expense their rent in DR, but pay taxes in USA or Canada.
    Last edited by Contango; 03-20-2011 at 09:46 AM.

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    Quote Originally Posted by Contango View Post
    No Im not looking to cheat, dont need too..
    I dont think you understand my post..
    If you do? What Legitimate "write offs do I have"?
    If you're actually a real "trader" then you don't need anyone to answer that question. You already KNOW what qualifies as a legitimate business expense.

    That question is best answered by your CPA, and if you don't have one I question your legitimacy. You won't find the answers on DR1.


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    Where are you domociled?
    Do you write off office expenses at your principal office/residence?
    Are there more or less costly than RD?

    Half a year in RD and the other half in your domocile country?

    Which offers the higher expense?

    Ask a CPA ?

    WW

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    Quote Originally Posted by cobraboy View Post
    If you're actually a real "trader" then you don't need anyone to answer that question. You already KNOW what qualifies as a legitimate business expense.

    That question is best answered by your CPA, and if you don't have one I question your legitimacy. You won't find the answers on DR1.

    Do me a favour, dont respond to my questions if you are going to be "douche".. ok Douche?

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    Quote Originally Posted by Contango View Post
    Do me a favour, dont respond to my questions if you are going to be "douche".. ok Douche?
    I'm a specialist.

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    Quote Originally Posted by william webster View Post
    Where are you domociled?
    Do you write off office expenses at your principal office/residence?
    Are there more or less costly than RD?

    Half a year in RD and the other half in your domocile country?

    Which offers the higher expense?

    Ask a CPA ?

    WW
    Yes, its a question for a CPA, just wondered what others were doing.

  9. #9
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    Quote Originally Posted by cobraboy View Post
    I'm a specialist.
    Thats ok, I know you have a good side too...

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    Quote Originally Posted by Contango View Post
    Do me a favour, dont respond to my questions if you are going to be "douche".. ok Douche?
    T Boone:

    Totally uncalled for, Cobra Boy is a legitimate business man in DR, and actually knows what he is talking about, some of the time.

    Write off the entire trip, including suntan lotion, I write off T&A/E on Schedule C all the time, hard to remember where the expenses actually occured sometime with all those trades.

    Good Trading,

    ~tambo'

    **Hint: Set up an LLC in The Caymans.

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