08-09-2011, 03:53 PM
If I knew how to shelter that kind of money, do you think I would be on this forum now? The people I know that pull down that kind of money to get these breaks have groups in place to get them what they have.
Here is an example of a loophole: buying yachts (as if anyone is thinking about that here). When buying a boat, the seller goes out to international waters with the buyer and signs all of the papers there. Since they sell the ship outside of the US, it is not subject to US tax on the sale; if you know the prices of boats, the tax savings can run to the hundreds of thousands of dollars. Why do you think that so many ships are registered in the Caribbean?
It is not that they are secretive, just that you have to have money to make money.
Here is an example of a loophole: buying yachts (as if anyone is thinking about that here). When buying a boat, the seller goes out to international waters with the buyer and signs all of the papers there. Since they sell the ship outside of the US, it is not subject to US tax on the sale; if you know the prices of boats, the tax savings can run to the hundreds of thousands of dollars. Why do you think that so many ships are registered in the Caribbean?
It is not that they are secretive, just that you have to have money to make money.