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In response to
"but surely overseas stuff wouldn't show up on this taxes? I thought that was the point. -- nm"
by
loosilu
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Legally, you're taxed on all of your worldwide income as a US citizen. That's the issue with Swiss banking accounts.
Posted by
spamlet
Aug 1 '12, 10:17
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I have little doubt that at least since he was Governor of Massachusetts he didn't do anything so blatantly stupid as have undeclared bank accounts.
I figure it's either a large loss from 2008 offsetting 2009 income (from the market crash) or something like the "not quite illegal" transactions from below.
The undervaluing gift tax/IRA stuff that JD talks about is another possibility but that might be too wonky to really be a scandal.
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