MILLIONAIRE EXPLAINS: How to cut your taxes in HALF (loopholes that are 100% legal)

7 unique methods to cut your tax expense down! It's and while you hopefully made some great gains this year, that also suggests your tax costs is higher! By the end of this video you'll understand where you're getting taxed and how to get that costs in half or even ascertain to absolutely no!

00:00 – Introduction
00:06 – Relocate
01:41 – Hold investments longer
03:00 – Conversions when market is down
04:48 – Crypto estimations
06:25 – Overhead
08:20 – Tax-loss harvesting
09:48 – Real estate
12:47 – Retirement



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: How to cut your in HALF (loopholes that are 100% legal)

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About the Author: Richard Money


    1. American citizens must file taxes with the IRS regardless of where they live. That’s why many give up their U.S. citizenship.

  1. Crazy! I was just telling my boyfriend about moving to state with no income tax, because that was only the reason i would stay in Texas forever.

  2. Can the depreciation and other real estate deductions be used on international investment property too?

  3. Is there anyway that I can have an HSA BUT good health insurance? Or should i seek to pay out of pocket for a while? It just seems like the two options are the same?

  4. “FREEDOM can never be found in a paycheck.” So true.
    People used to say “It’s not what you EARN, but what you SAVE.” But that doesn’t ring true anymore, in a high inflation world. We should replace that saying with, “It’s not what you earn, its what you INVEST in, that makes you wealthy. “

  5. I wish you had released the video earlier so I would have known this when I was actually filing my taxes 😭

  6. I’ve literally been thinking about doing this, and wasn’t sure how legal it was 😅

    I have some amount of an inheritance that I’m planning to sell (which is automatically considered long-term gains, as I learned from researching it), and I was planning to increase my contribution into my 457b by a pretty significant amount, which hopefully would put my AGI under the $41k limit to get a 0% capital gains tax rate, and not owe any money on the stock I sold…is this doable? 😁

  7. Great info. Please don’t give up on your lifestyle videos too – those are very interesting as well and your fans like to see what you are up to.

  8. Real estate warning. Not only should you deduct the depreciation. You MUST write off the depreciation. Otherwise when you sell a rental property the IRS will assume you wrote the depreciation off and you will pay tax on the depreciation you didn’t use. The depreciation you write off lowers your cost basis. Thus when you sell you pay tax on the depreciation. This is called recapture.

    One way around this is a 1031 exchange. Basically you roll the profit of the rental property into a new property and start depreciating it anew. When you die (Ouch) your heirs receive the property at the stepped up basis. Your heirs don’t pay taxes on the profit you didn’t pay taxes on. The rich get richer.

    Mask On Nurse Marty (Ret)

  9. I’m amazed how this all used to be gibberish to me in the past. Even when working independently in PR I didn’t understand any of it.
    Thank you for the video

  10. I would’ve really appreciated this video 2 weeks ago especially the house depreciation info and selling my loser stocks that have gone down 90% in value, because I think I could’ve used it. Next year, please repost it early.

  11. Cost basis tracking and sell choices are not exclusive to crypto. I think its broker specific. Its been available as long as I’ve been investing (and I’m a boomer) for traditional stocks, bonds, mutual funds at both Fidelity and Vanguard. And Fidelity even has a “tax sensitive” tracking method so you don’t have to worry about it.

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