#taxlossharvesting — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #taxlossharvesting, aggregated by home.social.
-
CW: Long thread/18
For example, there's the wheeze whereby he has turned his NBA team into a bottomless sinkhole for the taxes on his vast fortune:
https://pluralistic.net/2021/07/08/tuyul-apps/#economic-substance-doctrine
Or his "#TaxLossHarvesting" - a ploy whereby rich people do a "wash trade," buying and selling the same asset at the same time, not so much circumventing the IRS rules against this as *violating* those rules while expecting the IRS to turn a blind eye:
https://pluralistic.net/2023/04/24/tax-loss-harvesting/#mego
18/
-
CW: Long thread/17
And then there's clowns like #SteveBallmer, star of *Propublica*'s #IRSFiles, whose creative accounting let him claim $700m in paper losses on his basketball team, allowing him to pay a mere 12% tax on $656m,, while the workers who made his fortune on the court paid 30-40% on their earnings.
https://pluralistic.net/2021/07/08/tuyul-apps/#economic-substance-doctrine
Ballmer's also a master of #TaxLossHarvesting, who has created paper losses of over $100m, letting him evade $138m in federal taxes:https://pluralistic.net/2023/04/24/tax-loss-harvesting/#mego
17/
-
‘Biggest mistake’ is not using tax loss harvesting: Koinly head of tax - Failing to utilize tax loss harvesting is one of the biggest mist... - https://cointelegraph.com/news/biggest-mistake-is-not-using-tax-loss-harvesting-koinly-head-of-tax #taxlossharvesting #unitedstates #dannytalwar #taxreturn #washsales #koinly #irs