Posted on 08/19/2021 7:00:06 AM PDT by Kaslin
Have you owned your own property at anytime & sold it for whatever reason???
The calculations on the sale of your personal residence are two-fold.
There is the calculation for “Capital Gains”
Then: there is the calculation for “Walking away money”.
TWO entirely different calculations.
Review your data & your post.
>>Except it’s not worth $1.05 million. It’s valued at $1.05 million of overly inflated fiat dollars, brought to you by the same government that calls it an increase and wants to tax you on it.
Well true, except at least you get to pay your tax bill with those same inflated dollars....
>>Have you owned your own property at anytime & sold it for whatever reason???
Yes, many times, what is your point?
Are you being serious? As sure as the sun rises in the east, in the future they will impose taxes on the withdrawals. It doesn't matter what was promised, it's merely a law that can be changed.
Having too many idle rich is a big problem in this country. They are the ones who end up becoming radical socialists, because they didn’t earn their wealth.
>>Having too many idle rich is a big problem in this country. They are the ones who end up becoming radical socialists, because they didn’t earn their wealth.
I agree - the biggest leftist i know are those that didn’t earn their money - most of my kids started out as ‘leftists’ until they started working and paying taxes of their own; if there are tax breaks to be had, give them to the income producing people, not those living off of a inheritance.
OK with some amount of inherited wealth to help the average to slightly above average out - but letting ten’s/hundreds of millions of dollars keep passing generation to generation who pay no taxes and then vote for more government giveaways is not helping.
It is not some socialists money!
>>Incorporate. Outside of the United States.
Is there actually a way this can be done for a small business and without running afoul of the IRS? I know big companies can do it, and have teams of lawyers and tax accountants to keep them out of jail - but for the little guy, aren’t you just asking for trouble?
It’s a serious question, btw - not challenging the assertion.
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