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The SBLOC strategy is a great way to build wealth efficiently and achieve financial freedom earlier in life. However, you want to make sure you get a tax deduction for the interest expense you pay on your SBLOC. Watch this video to get a basic intro into how tax deductions work for SBLOC interest. I will explain when a tax deduction is available and help you understand how to report the interest expense on your tax return. Keep in mind most CPAs are not familiar with SBLOCs and may not know how to report the interest expense properly. Intro to SBLOCs ▶️ https://youtu.be/iURB5PbEUD4 Buy, Borrow, Die Tax Strategy Course ▶️ https://taxplanninghq.com/buy-borrow-die/ ⚠️ Exercise caution before using this strategy. Do your own research and make sure you fully understand the risks you are undertaking! 💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ https://sharonwinsmith.com/courses/ *The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.* Video Contents: 00:00 - Intro 00:35 - Don't Just Rely on Your CPA or What You Read Online 01:05 - Refresher on SBLOCs 01:20 - Rule 1: Deduction Depends on How the Borrowed Money is Used 01:40 - Rule 2: Only Get Tax Deduction if Use Money for Investing or Business 02:02 - Rule 3: Where to Report the Deduction on Your Return 02:44 - Investment Interest Expense Tax Deduction 03:14 - Quick Intro to Investment Interest Expense Rules 03:53 - Limitation on Investment Interest Expense Deduction 04:50 - Election to Avoid Limitation on Deduction 05:51 - No Deduction if Investing in Tax-Exempt Investments 06:22 - Do You Get Deduction if Not Paying Interest on SBLOC? 06:44 - Key Thoughts on SBLOC Interest Tax Deduction
How to Get a Tax Deduction for Your SBLOC Interest
So much of what we are taught about money and life is based on outdated conventional wisdom. Everything anyone talks about when it comes to money is based on Boomernomics. Boomernomics includes the ideas we are taught about how we should think about our careers, planning for the future, and investing our money. Most of the ideas are based on events that only happen to the financially irresponsible. If you want to get serious about achieving financial freedom, it's time to leave Boomernomics behind and focus on the wealth building strategies that actually work. ⚠️ Exercise caution before using this strategy. Do your own research and make sure you fully understand the risks you are undertaking! 💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ https://sharonwinsmith.com/courses/ *The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.* Video Contents: 00:00 - Intro to Boomernomics 00:22 - What I Mean When I Say Boomernomics 00:57 - What Is Boomernomics? 02:30 - Why Boomernomics is So Bad 02:50 - 1: Get a College Degree and Work at a Company 03:46 - 2: Build up a Savings Account 04:23 - 3: Make a Down Payment on a Home 05:08 - 4: Hire a Financial Advisor 05:59 - 5: Keep an Emergency Fund 06:45 - 6: Pay Down Your Mortgage as Quickly as Possible 07:52 - 7: Work Full-Time and Retire at 65 08:55 - What You Should Do Instead
Stop Falling for Boomernomics
The Buy, Borrow, Die strategy is a great way to access appreciation in your investments without paying tax on the gain. However, very few advisors or finance YouTubers really understand the ins and outs of how the strategy works. Watch this video to find out why it is usually better to use the Buy, Borrow, Die strategy instead of paying tax on the gain in your assets. In this example, I walk you through a situation where an investor has appreciation in a stock portfolio and elects to use an SBLOC to borrow against that portfolio. Crash Course on Buy, Borrow, Die ▶️ https://youtu.be/YZgPYFEwsww Intro to SBLOCs ▶️ https://youtu.be/iURB5PbEUD4 Buy, Borrow, Die: Double-Dip Approach ▶️ https://youtu.be/HDDk8YQ-bLU ⚠️ Exercise caution before using this strategy. Do your own research and make sure you fully understand the risks you are undertaking! 💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ https://sharonwinsmith.com/courses/ *The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.* Video Contents: 00:00 - Intro 01:37 - Example of Buy, Borrow, Die vs. Paying Tax 05:06 - Scenario 1: Taxable Sale of Share 07:04 - Scenario 2: Buy, Borrow, Die with an SBLOC 10:05 - Impact on Net Worth Between Scenario 1 and Scenario 2 10:19 - Why It's Better to Buy, Borrow, Die than Pay the Tax 11:44 - Double-Dip Strategy Increases Benefits of Buy, Borrow, Die 12:19 - Investment Returns Need to Outperform Interest Expense
Is It Better to Buy, Borrow, Die or Pay the Tax?
Watch this video to learn the best estate tax planning strategy. Estate planners will always advise you to set up trusts and suggest other techniques that are overly complicated and add significant costs. In reality, if you can start using this strategy early in your child's life, this may be the only estate planning technique you need to know. One key benefit is that it doesn't require you to work with a CPA or attorney. You can start using this strategy today. Using the gift tax exclusion to shift wealth down to your children is simple, free to implement, and a great way to start passing down a legacy while avoiding any estate tax consequences. ⚠️ Exercise caution before using this strategy. Do your own research and make sure you fully understand the risks you are undertaking! 💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ https://sharonwinsmith.com/courses/ *The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.* Video Contents: 00:00 - Intro 01:02 - What is the Strategy? 02:10 - Exclusion Applies Per Person and Per Child 02:30 - Key Benefits of the Strategy 03:18 - Example of How You Can Transfer $100M 04:15 - Key to Starting Gifts as Soon as Possible 04:34 - Removing Future Appreciation from Your Estate 05:51 - What If I Can't Afford to Gift $18k Per Kid? 06:23 - Implement the Strategy Without Using a Trust
How to Give Your Kids $100M Tax Free
LLCs are required to file a new form for 2024 called the Beneficial Ownership Information ("BOI") Report. If you own an LLC, you are required to file this report unless an exception for filing applies. Failure to file the report can result in hefty penalties and even criminal charges in some cases. Check out this video to see who needs to file, when you need to file, and how you can file your report online in just a few minutes. I walk you through the process so that after you watch this video, you can file your own report without having to use an accountant or attorney. File BOI Report Online ▶️ https://fincen.gov/boi ⚠️ Exercise caution before using this strategy. Do your own research and make sure you fully understand the risks you are undertaking! 💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ https://sharonwinsmith.com/courses/ *The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.* Video Contents: 00:00 - Intro 00:44 - What is the BOI Report? 01:11 - Which LLCs Require a BOI Report? 01:55 - When Do You Need to File the BOI Report? 02:51 - Where Do You File the BOI Report? 03:16 - Who Needs to File a BOI Report? 03:27 - What is a Beneficial Owner? 03:38 - What Does Substantial Control Mean? 03:51 - What Happens if You Don't File on Time? 04:20 - How to File a BOI Report Yourself 08:35 - Closing Thoughts
How to File Your BOI Report Yourself in 5 Minutes
Watch this video to learn about 7 assets that I would never own. Smart, disciplined investors take a long-term approach to investing and building wealth. This requires making sure you are not engaging in speculation, avoiding assets that are not tax efficient, and taking into account the returns each asset will generate. I also share the key metrics I look at before making any investment. This video is Part 10 of the asset allocation series on how to allocate your money to maximize profits. Asset Allocation Part 1 ▶️ https://youtu.be/eg7BJIBojA4 Asset Allocation Part 2 ▶️ https://youtu.be/DZuHUgs5LZI ⚠️ Exercise caution before using this strategy. Do your own research and make sure you fully understand the risks you are undertaking! 💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ https://sharonwinsmith.com/courses/ *The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.* Video Contents: 00:00 - Intro 01:30 - Key Metrics for Any Investment I Make 06:10 - 7 Assets I Would Never Buy 06:21 - 1. Annuities 07:15 - 2. Foreign Currency 08:17 - 3. Collectibles 09:02 - 4. Artwork 10:22 - 5. Commodities 11:23 - 6. Precious Metals 12:37 - 7. Derivatives (Options, Swaps, Futures, Forwards) 14:46 - End of Asset Allocation Series
Asset Allocation Part 10 - These are 7 Assets I Would NEVER Own
Watch this video to learn how you can build wealth faster by investing the same money twice. The Double-Dip Approach is a variation of the Buy, Borrow, Die Tax Strategy that allows you to use the same seed money to invest in two different assets. The video stresses how important it is to make sure you understand all the risks associated with this strategy. I also cover how to make sure you get a tax deduction for the interest expense you pay on the loan. Crash Course on Buy, Borrow, Die Tax Strategy ▶️ https://youtu.be/YZgPYFEwsww Ready to learn more about the Buy, Borrow, Die strategy and how you can use it yourself? Check out my course where I do a deep dive into the strategy and how you can implement it now. ▶️ https://taxplanninghq.com/buy-borrow-die/ ⚠️ Exercise caution before using this strategy. Do your own research and make sure you fully understand the risks you are undertaking! 💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ https://sharonwinsmith.com/courses/ *The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.* Video Contents: 00:00 - Intro 00:48 - How the Strategy Works 01:23 - Borrowing Against Your Stock Portfolio 02:50 - Using the Strategy to Fund a Business 03:29 - When the Strategy Works 03:40 - When You Get a Tax Deduction for the Interest 04:01 - Risks with Using the Strategy 04:37 - How to Repay the Loan 05:30 - 6 Assets that Are Great for the Strategy
The Double-Dip Approach: How to Invest the Same Money Twice
Many people make the assumption that they have to pay a lot of tax. That assumption is wrong! A lot of smart, wealthy people pay little to no tax on their income. There are plenty of legal tax strategies you can use to reduce the taxes you pay on money you make and returns from your investments. Check out this video to understand why you should never make the assumption you have to pay a lot of tax. ⚠️ Exercise caution before using this strategy. Do your own research and make sure you fully understand the risks you are undertaking! 💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ https://sharonwinsmith.com/courses/ *The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.* Video Contents: 00:00 - Intro 00:40 - How You Make Money Matters 01:56 - Formula for Building Wealth 02:45 - Hired a New Video Editor! 03:03 - What This Video Covers 03:32 - Example of Making Money Inefficiently 05:09 - Example of Making Money Efficiently 06:36 - Investing Your Money Side of the Equation 07:33 - Example of Investing Your Money Inefficiently 09:07 - Example of Investing Your Money Efficiently 10:14 - Importance of Reducing Taxes on Both Sides of the Equation
Stop Assuming You Have To Pay A Lot of Tax
Hedge funds have long been thought of as the coolest type of investment you can make. Watch this video to find out why I would never invest in hedge funds. I walk through the types of income hedge funds kick off and discuss the disadvantages of these types of investments. 🤚🏻 This video is likely only applicable to those with significant net worth (more than $5M assets). Hedge Fund, Private Equity, and Venture Capital Funds Explained ▶️ https://youtu.be/z_TrpVIT9FA Video Contents: 00:00 - Intro 01:21 - What is a Hedge Fund? 04:16 - Disadvantages to Investing in Hedge Funds ⚠️ Exercise caution before using this strategy. Do your own research and make sure you fully understand the risks you are undertaking! 💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ https://sharonwinsmith.com/courses/ *The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.*
Why I Would Never Invest in Hedge Funds
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