“Strategic” Default Question

[briansd1]

I’ve not studied that particular tax code for specifics and dates.

But we could have something like this:

Dad (or dad’s company) could lend son the money to buy a house.

Son defaults.

Debt is forgiven but no foreclosure action is taken (nothing even need to gets recorded with the County).

Dad takes a bad debt write-off and son doesn’t pay any taxes.

Win-Win. Lose-lose for the government.

[Hobie]

[quote=walterwhite] with all your credit cards way maxed out. Boomer senior citizens seem to me more likely to really follow through on this strategy than the current set of elderlies.[/quote]

Great point. Sure be looking for future credit limits or some kind of collateralization when we are seniors.

[Hobie]

[quote=walterwhite] with all your credit cards way maxed out. Boomer senior citizens seem to me more likely to really follow through on this strategy than the current set of elderlies.[/quote]

Great point. Sure be looking for future credit limits or some kind of collateralization when we are seniors.

[Hobie]

[quote=walterwhite] with all your credit cards way maxed out. Boomer senior citizens seem to me more likely to really follow through on this strategy than the current set of elderlies.[/quote]

Great point. Sure be looking for future credit limits or some kind of collateralization when we are seniors.

[Hobie]

[quote=walterwhite] with all your credit cards way maxed out. Boomer senior citizens seem to me more likely to really follow through on this strategy than the current set of elderlies.[/quote]

Great point. Sure be looking for future credit limits or some kind of collateralization when we are seniors.

[Hobie]

[quote=walterwhite] with all your credit cards way maxed out. Boomer senior citizens seem to me more likely to really follow through on this strategy than the current set of elderlies.[/quote]

Great point. Sure be looking for future credit limits or some kind of collateralization when we are seniors.

[jpinpb]

[quote=briansd1]I’ve not studied that particular tax code for specifics and dates.

But we could have something like this:

Dad (or dad’s company) could lend son the money to buy a house.

Son defaults.

Debt is forgiven but no foreclosure action is taken (nothing even need to gets recorded with the County).

Dad takes a bad debt write-off and son doesn’t pay any taxes.

Win-Win. Lose-lose for the government.[/quote]

Brilliant thinking outside the box. Gotta keep this in mind.

[jpinpb]

[quote=briansd1]I’ve not studied that particular tax code for specifics and dates.

But we could have something like this:

Dad (or dad’s company) could lend son the money to buy a house.

Son defaults.

Debt is forgiven but no foreclosure action is taken (nothing even need to gets recorded with the County).

Dad takes a bad debt write-off and son doesn’t pay any taxes.

Win-Win. Lose-lose for the government.[/quote]

Brilliant thinking outside the box. Gotta keep this in mind.

[jpinpb]

[quote=briansd1]I’ve not studied that particular tax code for specifics and dates.

But we could have something like this:

Dad (or dad’s company) could lend son the money to buy a house.

Son defaults.

Debt is forgiven but no foreclosure action is taken (nothing even need to gets recorded with the County).

Dad takes a bad debt write-off and son doesn’t pay any taxes.

Win-Win. Lose-lose for the government.[/quote]

Brilliant thinking outside the box. Gotta keep this in mind.

[jpinpb]

[quote=briansd1]I’ve not studied that particular tax code for specifics and dates.

But we could have something like this:

Dad (or dad’s company) could lend son the money to buy a house.

Son defaults.

Debt is forgiven but no foreclosure action is taken (nothing even need to gets recorded with the County).

Dad takes a bad debt write-off and son doesn’t pay any taxes.

Win-Win. Lose-lose for the government.[/quote]

Brilliant thinking outside the box. Gotta keep this in mind.

[jpinpb]

[quote=briansd1]I’ve not studied that particular tax code for specifics and dates.

But we could have something like this:

Dad (or dad’s company) could lend son the money to buy a house.

Son defaults.

Debt is forgiven but no foreclosure action is taken (nothing even need to gets recorded with the County).

Dad takes a bad debt write-off and son doesn’t pay any taxes.

Win-Win. Lose-lose for the government.[/quote]

Brilliant thinking outside the box. Gotta keep this in mind.

[jpinpb]

[quote=walterwhite]in terms of estate planning, it does seem like it would be best to die with everything distributed pre-death and with all your credit cards way maxed out. Boomer senior citizens seem to me more likely to really follow through on this strategy than the current set of elderlies.[/quote]

Must remember this, also.

[jpinpb]

[quote=walterwhite]in terms of estate planning, it does seem like it would be best to die with everything distributed pre-death and with all your credit cards way maxed out. Boomer senior citizens seem to me more likely to really follow through on this strategy than the current set of elderlies.[/quote]

Must remember this, also.

[jpinpb]

[quote=walterwhite]in terms of estate planning, it does seem like it would be best to die with everything distributed pre-death and with all your credit cards way maxed out. Boomer senior citizens seem to me more likely to really follow through on this strategy than the current set of elderlies.[/quote]

Must remember this, also.

[jpinpb]

[quote=walterwhite]in terms of estate planning, it does seem like it would be best to die with everything distributed pre-death and with all your credit cards way maxed out. Boomer senior citizens seem to me more likely to really follow through on this strategy than the current set of elderlies.[/quote]

Must remember this, also.

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