How do I create a tax shelter?

Question

I have enough money and an offshore account.

I didn't ask for an ethics lecture. I asked for help in creating a tax shelter.

Answer 1

It sounds like you are thinking about tax fraud, not tax shelters. Using it to hide money or failing to disclose it on a tax return are crimes. Having an offshore bank account makes no difference in a tax shelter, it is just a place to put your money. A tax shelter is a time bomb that creates an artificial tax benefit now but can come back to haunt you. Many tax shelters in the past have created artificial write-offs that don't survive an audit and have caused untold grief to, quote, investors who bought into them.

Answer 2

Although placing assets in international trusts and banks is not illegal, using such transfers to avoid federal, state and local taxes while retaining control of the assets is considered a possible tax violation, one that the IRS pursues.

If you're willing to turn over control of your assets to someone in Belize, go for it. If you retain control, you are a law violator.

Answer 3

Take a clue from "Office Space" and look it up in the Dictionary.