Tax Write Off on a $550k Domain?

[Banned: adonivideo]

cayman corps are not tax evasion

it's how you hold assets and make yourself bullet proof to US courts and Taxes

let's see what is the address on frank schillings domains...

yep cayman islands

anyone with anything worth sheltering uses cayman corps

100% legit

and if you want to discuss it, i get 25K an hour

[RobM]

'and if you want to discuss it, i get 25K an hour'
And yet you post your shit here for free.....

[DomainsInc]

I believe he's referring to tax evasion.

The author of the domain tax guide used to be my accountant, she's since joined a large firm and no longer does my taxes, I did purchase the PDF and sent it to a local accountant, but it's really not that hard. I treat all of my revenue as capital gains.

capital gains are retarded. why should anyone have to give away over half of their profits to the government when selling certain things? just another way to screw people over it seems.

[Acro]

You sound very confused.

Frank Schilling is not an American citizen, he's Canadian.

Cayman island corporations are appealing because the country has no income tax.

US citizens are taxed on their worldwide income.

Good luck with the IRS audit if you think a Cayman corp is a place to stash your money and avoid paying federal taxes.

cayman corps are not tax evasion

it's how you hold assets and make yourself bullet proof to US courts and Taxes

let's see what is the address on frank schillings domains...

yep cayman islands

anyone with anything worth sheltering uses cayman corps

100% legit

and if you want to discuss it, i get 25K an hour

---------- Post added at 03:23 PM ---------- Previous post was at 03:19 PM ----------

capital gains are retarded. why should anyone have to give away over half of their profits to the government when selling certain things? just another way to screw people over it seems.

Actually the capital gains bracket is less than half of the average income tax bracket. E.g. for a domain you bought a year+ ago you deduct the cost upon selling it; the net is taxed at 15%.

[DomainsInc]

You sound very confused.

Frank Schilling is not an American citizen, he's Canadian.

Cayman island corporations are appealing because the country has no income tax.

US citizens are taxed on their worldwide income.

Good luck with the IRS audit if you think a Cayman corp is a place to stash your money and avoid paying federal taxes.




---------- Post added at 03:23 PM ---------- Previous post was at 03:19 PM ----------



Actually the capital gains bracket is less than half of the average income tax bracket. E.g. for a domain you bought a year+ ago you deduct the cost upon selling it; the net is taxed at 15%.

Right. I was a bit misinformed. In canada you are taxed on 50% of the gain at whatever tax bracket you fall into.