I can sell some of my assetsand create a taxable event,and lose a lot of my moneywith a maximum of a 40% loss as a one time eventOr I can borrow against my assets,and pay off the interest of my debt with a mix of dividends and a tiny amount of selling, and pay no taxesI can literally get a mortgage, and write my mortgage payments off on taxesWhy does nobody ever talk about this?
>>62845032I'm already doing it.I live on margin and credit cards
And I have more money than 99% of people,and more money than my parents.and I just live on credit,I'm not paying interest on credit cards, but I am paying it on margin, but at a risk free rate. My brokerage is actually losing money to loan money to me after inflation.
Explain the mortgage thing a bit more in depth
>>62845027Most people dont have enough assets, thats why. Kind of a no brainer really.
>>62845105>>62845105I've seen people cash out their whole 401kand take a massive loss from taxes>>62845096when you file taxes, you fill out the mortgage deduction form with your mortgage payments for that year. It's deducted from the taxes they want you to pay.If you have a mortgage, every year at the end of the year your lender will send you the form which you file with the IRS when you do taxes.
Or (and this is extremely anti semetic) buy 100k+ of mixed assets (dividend heavy in my case) using cc/personal loan debt and just do that every 7 years once it drops off your record. Fuck em.
>>62845117Most people here don’t itemize their deductions and don’t have a house in which property taxes along with other itemizable deductions exceed the standard deduction rate.
cc/pl debt line is outlawed
fgsfds
>>62845027>and write my mortgage payments off on taxesthats not a real thing right? or that only works on your primary residence or something?
Seems a more appropriate thread... Why would someone sell their vanguard and Schwab only to get income taxed on their newfound mil if they relinquish citizenship and escape that loss?
>>62846944There is an exit tax you pay on unsold assets if they're valued at a certain threshold. That may now be above a million due to inflation but basically they don't care if you're low enough down there. I think you may still pay taxes on us based stock sales, dividens I know for sure but maybe thats because they count as income.
>>62845048You have negative money
Yes it was a mil in stocks and I don't know the rules either for revoking citizenship but it seems silly to me to get slammed on the mil if I could get setup elsewhere before I guess what is it march or April 2027? Oh well it will just be someone else's fault as always for making me wait this long already.
>>62845027>I can sell some of my assets>and create a taxable event,>and lose a lot of my money>with a maximum of a 40% loss as a one time eventhttps://www.youtube.com/watch?v=6Z1P8LGhsXU
>>62845027>borrow against my assetsno one's gonna loan you at interest rates better than the market, tardyou need $20M net worth to even start thinking about it
>>62847166Money is a receipt of labor, it's more of a liability than an asset in technical terms. It only derives value in exchange for labor or assets.
>>62845027delete this right now goy
>>62847166That's so sad. The government should give him some money to help him survive.
>>62845117Is this a us thing only, can I do this in Belgium?
