BonesOfTheMoon@lemmy.worldM to InsanePeopleFacebook@lemmy.world · 3 days agoSovcit has a random thought.lemmy.worldexternal-linkmessage-square15fedilinkarrow-up163arrow-down13
arrow-up160arrow-down1external-linkSovcit has a random thought.lemmy.worldBonesOfTheMoon@lemmy.worldM to InsanePeopleFacebook@lemmy.world · 3 days agomessage-square15fedilink
minus-squaresome_guylinkfedilinkarrow-up5arrow-down1·3 days agoCan I just generate income by loopholing the system? /s
minus-squareEndymion_Mallorn@kbin.melroy.orglinkfedilinkarrow-up1arrow-down1·2 days agoThis loophole is actually workable though.
minus-squareEndymion_Mallorn@kbin.melroy.orglinkfedilinkarrow-up2·2 days agoIt’s described up-thread, but basically, use an LLC, sell the house to it, update it, then let the LLC go bankrupt and have it sell the house back to you or someone you know.
minus-squareLumidaub@feddit.orglinkfedilinkEnglisharrow-up1·2 days agoAh. I see. (No I don’t, but thank you.) This kind of arcane fuckery is why sovcits and their international counterparts exist.
minus-squareEndymion_Mallorn@kbin.melroy.orglinkfedilinkarrow-up1·1 day agoBasically it has to do with the way that corporate debt is handled compared to personal debt.
Can I just generate income by loopholing the system? /s
This loophole is actually workable though.
DO tell.
It’s described up-thread, but basically, use an LLC, sell the house to it, update it, then let the LLC go bankrupt and have it sell the house back to you or someone you know.
Ah. I see. (No I don’t, but thank you.)
This kind of arcane fuckery is why sovcits and their international counterparts exist.
Basically it has to do with the way that corporate debt is handled compared to personal debt.