IRS records reveal how the wealthiest avoid income tax

Re:IRS records reveal how the wealthiest avoid income tax by cableshaft on Tuesday June 08, 2021 @02:50PM (#27439265)

I'll at least check out the video. I can put that on in the background while I'm doing dishes later. Thanks for the links.

Also specifically for houses, at what point are you expected to make such a declaration? You don't really own the house until you've completely paid off the mortgage on it. Until then it really belongs to the bank or mortgage lender. So does that mean you're free to not make such a declaration until your 30 year mortgage is up? And what if you take out a second mortgage on the property during that time?

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Re:IRS records reveal how the wealthiest avoid income tax by ekelsen on Tuesday June 08, 2021 @03:02PM (#27439399)

We're designing the system, so I think we can choose what makes the most sense. I think regardless of whether or not you have taken out a loan (collateralized or not), you would still need to declare a value right away.

In a case where you have a collateralized loan to purchase the asset, I imagine the lender could require the value you set to be at least the value left on the loan. (But the lender probably shouldn't be allowed to set the value beyond that stipulation.)

I also want to say that I definitely do not have all the answers for all the possible policy issues that might or will come up. I enjoy trying to think them through, so the first attempt might have problems and the cycle of finding those problems and fixing them will eventually lead to something that hopefully works well.

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