{ "media_type": "text", "post_content": "What are some methods by which wealthy individuals legally avoid paying taxes? Figured I would throw out the question since I'd imagine a number of tax pros are here on FB.", "post_id": "5a90c922bbc7f126772578f8", "reply_count": 5, "vote_count": 2, "bowl_id": "553769a790f5eebe1d2a0f92", "bowl_name": "Finance", "feed_type": "crowd" }

What are some methods by which wealthy individuals legally avoid paying taxes? Figured I would throw out the question since I'd imagine a number of tax pros are here on FB.

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For people who own shares in private busineses, contribute the shares (at a low appraised value) to a grantor retained annuity trust. And viola! Company goes to your heirs tax free.

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Own lots of real estate so you use the depreciation expense to write off lots of your income

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IBA1 nailed it. You can only write off real estate depreciation against your ordinary income if you classify yourself as a “real estate professional.” Your heirs also acquire a step up basis on your death, which is why you see so many dynastic real estate families out there. It’s an insane loophole

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It varies heavily depending on which country you’re in.
In the UK, the most common method is by setting yourself up as a limited company and doing “contract” work rather than working directly for your employer as then you end up paying about half the tax and you can expense things like your commute. You have to do it properly though with a proper accountant who knows what she/he is doing otherwise you could be committing fraud.

own equity and borrow off that equity. no taxes on debt so you’re good

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I'd like to offer some 🔆:

Keep going. Keep fighting. Keep trying things out. Keep taking your meds. Keep asking questions. Keep going...

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McKinsey 🐠,

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