Taxes

Guys am a Eurofag, currently living in Texas. My parents are moving back to the “old country” because they can make better use of their money over there thanks to the exchange rate.

They already put our house up for sale and have agreed to give me 50% so that I can have at least something for myself before they leave. Am 21 years old and single, I'll be getting anywhere from $150,000 to 180,000 and I want to make sure Uncle Sam gets as little of it as possible. Also, I have never held a job in my fucking life and I’ll be joining the Navy soon as a result.

Anons, is there anyway I can lessen the blow from taxes, from my share of the sale? I know for a fact that the IRS is going to rob me silly if I don’t think of something.

What about putting the money in a trust or opening a company?
Should I get married?
Should I invest it?
Should I donate some part to charity?
I have no fucking idea frankly, am just saying what comes to mind and any help would be most welcome.

I know this should be on 4cucks /biz/ but their god damn servers keep blocking my proxy and I thought who’s more knowledgeable than Holla Forums?

I know some of you faggots work in Real Estate, help a nigga out.

I wish I knew OP, uncle sam is currently sucking 30% of my minimum wage income because I'M A FUCKING WHITE MALE.

thanks anyways user, at least you bumped

If you buy another home with that money, you pay no taxes. You still have to declare it, and fill the "appropriate" form(s)… But I wouldn't stress over it. Also, if you decide to NOT declare it, make sure you spend some of the leftover money on renovations/upgrades (check in your city if they subsidize that sort of thing) AND that you have enough money in case you get audited and have to pay something.

I also live in Texas btw, gl. I wouldn't recommend marrying because the American whore would get the house, in the BEST case scenario, you'll be forced to sell the property and "split" the difference.

I got 400K for my last house.

Call an accountant! There is almost certainly a way you can use a trust or some other instrument to minimize your tax burden, but the right way will depend a lot on the exact circumstances.

everyone pays that, don't be a special snowflake

depending where OP lives, he can invest that money on buying a home…

That's how I turned 130K into 400K

Hi

Really? My coworker pays 18%
He's not white though.

used to pay ~18% as accountant, but ~30% is either for people making upper-middle class and above or illegal immigrants

thanks for the input
At length, I've been thinking of investing in ETF's or bonds.


for real? I have to check that out, source on that info?

Second time someone mentions it

For one thing, I know that because I intend to join the military in Texas of all places the special Veteran loans the state offers are awesome for buying a new place so with the money that's on the way I might just save it if I consider buying a new property.

Am definitively going to research more on that matter.

you can look into it, but I did real estate for myself, that's how I know… Now I enjoy the NEET life; though lately I've been thinking about getting a job to pay for my Holla Forums weeaboo bunker (after I move)

thanks for the tip user, will do

I do want to clarify that my "bunker" will resemble a house but underground.

BTW, what part of Texas do you live in? If you live in the metroplex, you can get a decent 3/3 house with 150K if you head north

shit, forgot to tell you that you'll need enough money to pay property taxes (which can go up year by year)… Having a job is good, but make sure you have ~10K (for 2-ish years) in case you lose your job!

You really don't want to lose your house because you couldn't come up with 4-5K at the end of January.

in that case, does it really matter how much you pay? your life will be over soon regardless

so much winning

Was thinking of buying property more on the western part of the State near the New Mexico border.

people use old "shipping containers" to make those bunkers, it's cheap from what I've heard. I've looked into myself but long ago.


thanks again


haha good one, you really have no idea how the military works do you? Hell you don't even know my MOS

sure I do. you sign up, get sent to some shit place for several years and then come back as an empty shell of a man.

depends on the mos, some come out making a killing and loving life but who am I kidding, you don't even know what an MOS is anyways.

Google it if you must

test

It failed

FTFY

eurofag is where i stopped reading. get out of my country.