baerwaldt on Nostr: This is some bull shit I’m on the hunt for a faster airplane with a price tag ...
This is some bull shit
I’m on the hunt for a faster airplane with a price tag around $350,000.00 USD. I would pay upwards of $70,000.00 USD in taxes
Illinois sales tax - 6.25%
Long Term Capital gain tax - 15% ish
So what’s the workaround to avoid these taxes.
1. Create a Montana LLC (MT doesn’t have a sales tax)
2. Buy a cash flowing real estate investment property in Montana
3. Buy airplane in the MT LLC and register in MT.
4. Store airplane in another State (Iowa) to avoid Illinois “Use Tax”
This bypasses the IL sales tax, but I still have to pay Long Term Capital Gains Tax.
To soften the blow on the Long Term Capital Gains tax is accomplished on a longer timeline, I’d say 2 years.
1. Passive income from Rental
2. Depreciation on rental and airplane
3. Appreciation on rental
4. Tax advantages from Rental and Airplane (business write-offs)
The IRS creates the laws, but being educated to use the IRS laws in your favor is the golden ticket.
I’m on the hunt for a faster airplane with a price tag around $350,000.00 USD. I would pay upwards of $70,000.00 USD in taxes
Illinois sales tax - 6.25%
Long Term Capital gain tax - 15% ish
So what’s the workaround to avoid these taxes.
1. Create a Montana LLC (MT doesn’t have a sales tax)
2. Buy a cash flowing real estate investment property in Montana
3. Buy airplane in the MT LLC and register in MT.
4. Store airplane in another State (Iowa) to avoid Illinois “Use Tax”
This bypasses the IL sales tax, but I still have to pay Long Term Capital Gains Tax.
To soften the blow on the Long Term Capital Gains tax is accomplished on a longer timeline, I’d say 2 years.
1. Passive income from Rental
2. Depreciation on rental and airplane
3. Appreciation on rental
4. Tax advantages from Rental and Airplane (business write-offs)
The IRS creates the laws, but being educated to use the IRS laws in your favor is the golden ticket.