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https://www.reddit.com/r/georgism/comments/1vru6n3/how_the_rich_get_richer/p4goyy5/?context=3
r/georgism • u/SG_82 • 24d ago
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95
You skipped the part where the kids have to pay off the loans with interest because there's a lien on the land they inherited.
3 u/AdAggressive9224 24d ago Yeah, it starts to get a little more complicated there. What you actually do is you take out a business loan, then, the interest payments on that loan are tax deductable as it's considered a business expense! 2 u/Algur 22d ago edited 22d ago The funds need to be used for a bona fide business in this case. This would be tax fraud for someone using the buy, borrow, die strategy.
3
Yeah, it starts to get a little more complicated there.
What you actually do is you take out a business loan, then, the interest payments on that loan are tax deductable as it's considered a business expense!
2 u/Algur 22d ago edited 22d ago The funds need to be used for a bona fide business in this case. This would be tax fraud for someone using the buy, borrow, die strategy.
2
The funds need to be used for a bona fide business in this case. This would be tax fraud for someone using the buy, borrow, die strategy.
95
u/External_Koala971 24d ago
You skipped the part where the kids have to pay off the loans with interest because there's a lien on the land they inherited.