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Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3719
Experience:  3+ decades of varied tax industry exp. Tax Biz owner
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Yes I am thinking of investing with the company pure income

Customer Question

Yes I am thinking of investing with the company pure income and on their site they say that they are exempted from paying taxes in the u.s. because they are off shore but as a u.s. citizen i know that i am required to pay i just need to know how do i go about filing my earnings
Submitted: 4 years ago.
Category: Tax
Expert:  Tax.appeal.168 replied 4 years ago.
Welcome. THANK YOU for choosing Just Answer. My name is Angela and my goal is to help make YOUR life, a little...LESS taxing.

In order to better assist you, I need to know what type of earnings you will be receiving. will you be receiving dividends? Please clarify.
Customer: replied 4 years ago.
this is what they say in their site. you can only gain on your shares and bonds, which in turn are limited in selling. Growth and dividends rely upon the total revenue of the stock exchange. Pure income is a virtual stock exchange where you can buy virtual shares and bonds and easily sell them all at a convenient time for you. Your task is to buy low and then re-sell the shares and/or bonds at a high price. As you will soon notice, everything is the same as in the usual stock exchange, except that you have much better chance to earning more money. This is possible due to the limited available of stocks and bonds from pure income. When you buy the shares and bonds, you can receive up to 2.3% profit every single day, 365 days a year.
Expert:  Tax.appeal.168 replied 4 years ago.
Hello again Joseph,

I sincerely apologize for the long delay in getting back to you. I was away from the computer the entire evening on Saturday. From what you have written, it appears that you will be receiving dividends. You will report the dividends on the Form Schedule B, the same as if you were receiving the dividends from a U.S. company. This information transfers over to the Form 1040.

Link to Form Schedule B/instructions:

Please let me know if I can be of further assistance to you regarding this matter.

Thank you again for using JUST ANSWER.