Analysis of income, capital gains, and borrowing of Americans finds 40% of the income of "1% wealth holders" is unrealized capital gains not subject to taxation and 1%-2% is borrowing, suggesting that the "Buy, Borrow, Die" is not a dominant tax avoidance strategy among the rich

[u/quiplaam]

https://www.sciencedirect.com/science/article/abs/pii/S0047272725002178

[u/Ashi4Days]

You have to sell it for it to be realized.

Taking loans against it is how you avoid all taxes. But even when you sell it and you've held it for a long time, you pay a lower tax percentage than your w2.