Well, I have a 300k traditional IRA that I worked hard for years to accumulate. Converting it to a Roth will immediately put me into the 33% tax bracket. And that's before I even start to add in any trading profits and other income. I don't know that I am physically capable of writing a check of that size to the IRS, all at once, just like that. Is there a better way?
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Can I be an "ordained minister" and trade tax-free?
- Thread starter J.P.
- Start date
Well, I have a 300k traditional IRA that I worked hard for years to accumulate. Converting it to a Roth will immediately put me into the 33% tax bracket. And that's before I even start to add in any trading profits and other income. I don't know that I am physically capable of writing a check of that size to the IRS, all at once, just like that. Is there a better way?
Create a LLC in Singapore and trade through the LLC. Singapore = 0% capital gains tax. You can make a LLC in Singapore through a proxy. As long as your money is in the LLC, and you do not withdraw from it, you don't have to report any profits you make as income to the IRS.
There was a more extreme case of this preceding the facebook IPO, where Eduardo Saverin renounced his citizenship in the US so he did not have to pay capital gains tax.
If it's not one thing, it's another. But thanks, badnews, for that good idea.As long as your money is in the LLC, and you do not withdraw from it
Originally Posted by badnewsbear View Post
As long as your money is in the LLC, and you do not withdraw from it
you read it too fast, read it again slowly.
As long as your money is in the LLC, and you do not withdraw from it
If it's not one thing, it's another. But thanks, badnews, for that good idea.
you read it too fast, read it again slowly.
I see what you are saying. That opens possibilities. Let me think about this. Thanks, nkhoi.Originally Posted by badnewsbear View Post
As long as your money is in the LLC, and you do not withdraw from it
you read it too fast, read it again slowly.