The end of Human Physical interaction?

[Tram]

[Dan Hiebert]

I've lived in two states now that insist you bought stuff out of state that you didn't pay enough sales tax on, on-line or otherwise. New York and Maine, I imagine there are others. NY requires you to either itemize what you bought out of state and pay the difference in sales tax, or pay an amount based on your income. You can't not pay without NY coming after you, even if you can prove you didn't buy anything out of state, NY tax law says you have to pay. You can't even challenge it in court, since "it's the law". Maine is not so bad, they just ask if you did or not, then ask you to pay an amount, again based on either what you bought, or your income, but you're not forced to pay. Maine is big on championing buying in-state, and many Mainers are rabidly proud to only buy stuff made in Maine, so it would not be wise for the state to be too zealous in collecting out of state sales tax.

[60ragtop]

[TDCTDI]

[heimlich]

Funny.

Tax is actually unconstitutional. People have tried to fight it. The government has to fund themselves somehow.
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[Fish]

[heimlich]

Watch out. They will lock the thread.
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[EverettB]

Posting how to avoid government taxes in a legal manner will not get the thread locked.

If you want your heirs to get your money, start gifting it to them before you die.
I doubt 99.99%+ of the people on this site have enough money to hit the legal limit on doing this.
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[skills@eurocarsplus]

[TDCTDI]

[heimlich]

[EverettB]

[Cusser]

[OB Bus]

[TDCTDI]

[heimlich]

[heimlich]

[KTPhil]

If you own real estate, then a living trust is the way to go.

Without one, although there may be no direct tax when an heir takes possession of RE after a parent's death, when the heir goes to sell it (often immediately following inheritance), the BIG tax bill comes. The tax due will be on the capital gain which is the difference between the eventual sales price and the cost basis; the latter will be based on the prior sales price, probably many years ago and therefore MUCH lower than today's value. If the RE went up $100K and you are in a 30% tax bracket, you pay $30K. Cash. Right now.

On the other hand, with a living trust, the RE is revaluated (stepped up) at the time of death to current market value, with no tax due. So if you then sell it, there is "no" capital gain and therefore no tax. The living trust has let the increase in RE value escape any taxation!

I believe this can be true of non-RE assets, too, but usually RE is the largest portion of an inheritance with the largest tax due otherwise.

If you have any RE and children, you really have to check into this. REALLY.

[OB Bus]

[OB Bus]