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  1. #231
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    Quote Originally Posted by TeslaGod View Post
    Obviously you don't understand how the wealthy especially in the U.S manage to avoid paying a CGT .

    I'll give you a hint

    I do exactly the same which is why I or they do not sell off real estate and land, or company shares for that matter.
    If you're talking about 'generational wealth transfer' in the US, those days are numbered. You need to get your facts straight! The US tax code is entirely different to IRD so you have a gross misunderstanding.

    https://www.mpamag.com/us/news/gener...vestors/253650

    The US has estate death taxes or deemed disposition of assets upon death. Something that NZ does not have. All references for the US resident point to a lowering of CGT but not an entire elimination of CGT upon deemed disposition. So please point to some meaningful references before you make false claims.

  2. #232
    Senior Member TeslaGod's Avatar
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    Quote Originally Posted by SBQ View Post
    If you're talking about 'generational wealth transfer' in the US, those days are numbered. You need to get your facts straight! The US tax code is entirely different to IRD so you have a gross misunderstanding.

    https://www.mpamag.com/us/news/gener...vestors/253650

    The US has estate death taxes or deemed disposition of assets upon death. Something that NZ does not have. All references for the US resident point to a lowering of CGT but not an entire elimination of CGT upon deemed disposition. So please point to some meaningful references before you make false claims.
    No I'm not referring to generational wealth transfer.

    I'm referring to how they avoid a CGT and keep what they own.

    Like me, so a CGT if introduced into NZ would not affect me at all.

    Infact I get a tax rebate.

    Smart people don't earn there wealth by giving half of it away, I guess that's were me and you differ SBQ.
    Last edited by TeslaGod; 26-08-2021 at 09:22 PM.

  3. #233
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    Quote Originally Posted by TeslaGod View Post
    No I'm not referring to generational wealth transfer.

    I'm referring to how they avoid a CGT and keep what they own.

    Like me, so a CGT if introduced into NZ would not affect me at all.

    Infact I get a tax rebate.

    Smart people don't earn there wealth by giving half of it away, I guess that's were me and you differ SBQ.
    You have referred to nothing in how a US resident is exempted from paying CGT or income taxes. If you are referring to trusts, the IRS treats trusts no different to a separate entity and is taxed in the same way.

    https://www.wealthmanagement.com/hig...e-trusts-taxed

    Either the assets held by the individual or a trust or in a company, the IRS will apply taxation. The minute an asset such as a house or shares in a publicly traded company, is transferred, CGT does apply. But in NZ, IRD does not apply any tax on houses held for more than 10 years (and if demonstrated the intent is not for profiting).

    So Mr TeslaGod, show us some substance. You have a lot of waffle in your posts.

  4. #234
    Senior Member TeslaGod's Avatar
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    Quote Originally Posted by SBQ View Post
    You have referred to nothing in how a US resident is exempted from paying CGT or income taxes. If you are referring to trusts, the IRS treats trusts no different to a separate entity and is taxed in the same way.

    https://www.wealthmanagement.com/hig...e-trusts-taxed

    Either the assets held by the individual or a trust or in a company, the IRS will apply taxation. The minute an asset such as a house or shares in a publicly traded company, is transferred, CGT does apply. But in NZ, IRD does not apply any tax on houses held for more than 10 years (and if demonstrated the intent is not for profiting).

    So Mr TeslaGod, show us some substance. You have a lot of waffle in your posts.
    Well it looks like you spent all morning or all night searching Google to get your answer.

    That's what I pay my accountant and lawyer's to do.

    SBQ Wrong (as usual)

    I'll give you another hint

    It's impossible to be banned, taxed, or made illegal.

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