TAXES and not paying them.

flexmore

Quack Quack Quack !

General

11 Jan 06 09:55

flexmore

Quack Quack Quack !

Chesstralia

Joined: 18 Aug 03
Moves: 54533

11 Jan 06 09:55

i am interested in the process of avoiding paying capital gains tax on shares that have been sold at a profit.

a friend of mine told me that you can borrow money and claim the interest as a loss ... this then counteracts your gain ...

does anyone know more details on the process?

(i live in australia ... u.s. situations may be similar, i am not sure)

Dr Strangelove

Joined: 22 Aug 05
Moves: 26450

11 Jan 06 10:09

1 edit

Someone's bound to say, "pay your bloody taxes"
Someone else will probably say, "ha, a sub trying to wheedle out of paying for something"
Personally I say good luck to you.
Can't you stick them in your kids names or if no kids maybe grandparents, or similar?
I'd also be a bit wary of taking advice from some of these jokers.

Bosse de Nage

Zellulärer Automat

Spiel des Lebens

Joined: 27 Jan 05
Moves: 90892

11 Jan 06 10:12

Originally posted by flexmore
does anyone know more details on the process?

I recommend paying a tax consultant referred to you by a trustworthy person in the same game.

Nemesio

Ursulakantor

Pittsburgh, PA

Joined: 05 Mar 02
Moves: 34824

11 Jan 06 10:14

Originally posted by flexmore
i am interested in the process of avoiding paying capital gains tax on shares that have been sold at a profit.

a friend of mine told me that you can borrow money and claim the interest as a loss ... this then counteracts your gain ...

does anyone know more details on the process?

(i live in australia ... u.s. situations may be similar, i am not sure)

I think it's a bad idea to solicit tax advice from anyone but a professional.
Even if they mean well (not a safe assumption on the internet), if they
are in error, you've totally screwed the pooch and are probably out big bucks.

Call a tax consultant or whatever they are called in Australia.

Nemesio

Bosse de Nage

Zellulärer Automat

Spiel des Lebens

Joined: 27 Jan 05
Moves: 90892

11 Jan 06 10:17

Originally posted by Nemesio
Call a tax consultant or whatever they are called in Australia.

Dingos, right, flex?

XanthosNZ

Cancerous Bus Crash

p^2.sin(phi)

Joined: 06 Sep 04
Moves: 25076

11 Jan 06 10:23

Originally posted by flexmore
i am interested in the process of avoiding paying capital gains tax on shares that have been sold at a profit.

a friend of mine told me that you can borrow money and claim the interest as a loss ... this then counteracts your gain ...

does anyone know more details on the process?

(i live in australia ... u.s. situations may be similar, i am not sure)

Do you trust your wife?

hopscotch

Joined: 09 Jun 04
Moves: 39731

11 Jan 06 10:24

Originally posted by flexmore
i am interested in the process of avoiding paying capital gains tax on shares that have been sold at a profit.

a friend of mine told me that you can borrow money and claim the interest as a loss ... this then counteracts your gain ...

does anyone know more details on the process?

(i live in australia ... u.s. situations may be similar, i am not sure)

You can claim expenses used in the procurement of the shares and the sale of the shares, like if you paid brokerage or whatever.
Regarding the loan, if you're deducting enough interest to square off the capital gain then you wouldn't be any better off.

kirksey957

Outkast

With White Women

Joined: 31 Jul 01
Moves: 91452

11 Jan 06 11:16

Originally posted by Bosse de Nage
Dingos, right, flex?

It's getting to be tax season again and I can honestly tell you that it is a tremendous relief to find a good tax preparer that you pay money to to get it right. I don't have to worry about getting it right. That is what I pay them to do.

Bosse de Nage

Zellulärer Automat

Spiel des Lebens

Joined: 27 Jan 05
Moves: 90892

11 Jan 06 11:20

Originally posted by kirksey957
It's getting to be tax season again and I can honestly tell you that it is a tremendous relief to find a good tax preparer that you pay money to to get it right.

I couldn't agree more.

Tago Mago

Joined: 17 Jun 05
Moves: 9211

11 Jan 06 11:22

Originally posted by XanthosNZ
Do you trust your wife?

Because if you do trust her, there's
no reason in the world you can't
keep every cent of that money.

stocken

Joined: 23 Sep 05
Moves: 11774

11 Jan 06 11:22

Originally posted by XanthosNZ
Do you trust your wife?

Watch it! You're about to have an accident!

stocken

Joined: 23 Sep 05
Moves: 11774

11 Jan 06 11:23

Originally posted by Will Everitt
Because if you do trust her, there's
no reason in the world you can't
keep every cent of that money.

Damn! You beat me to it. 🙂

orfeo

Paralysed analyst

On a ship of fools

Joined: 26 May 04
Moves: 25780

11 Jan 06 11:29

Originally posted by flexmore
i am interested in the process of avoiding paying capital gains tax on shares that have been sold at a profit.

a friend of mine told me that you can borrow money and claim the interest as a loss ... this then counteracts your gain ...

does anyone know more details on the process?

(i live in australia ... u.s. situations may be similar, i am not sure)

Pay your bloody taxes.

Nordlys

The sky

Joined: 05 Apr 05
Moves: 10385

11 Jan 06 11:30

Originally posted by flexmore
i am interested in the process of avoiding paying capital gains tax on shares that have been sold at a profit.

a friend of mine told me that you can borrow money and claim the interest as a loss ... this then counteracts your gain ...

does anyone know more details on the process?

(i live in australia ... u.s. situations may be similar, i am not sure)

Ha, a sub trying to wheedle out of paying for something!

Tago Mago

Joined: 17 Jun 05
Moves: 9211

11 Jan 06 11:39

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