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BonesOfTheMoon@lemmy.worldM to InsanePeopleFacebook@lemmy.world · 1 month ago

Sovcit has a random thought.

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Sovcit has a random thought.

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BonesOfTheMoon@lemmy.worldM to InsanePeopleFacebook@lemmy.world · 1 month ago
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  • Endymion_Mallorn@kbin.melroy.org
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    1 month ago

    This loophole is actually workable though.

    • Lumidaub@feddit.org
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      1 month ago

      DO tell.

      • Endymion_Mallorn@kbin.melroy.org
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        1 month ago

        It’s described up-thread, but basically, use an LLC, sell the house to it, update it, then let the LLC go bankrupt and have it sell the house back to you or someone you know.

        • Lumidaub@feddit.org
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          1 month ago

          Ah. I see. (No I don’t, but thank you.)

          This kind of arcane fuckery is why sovcits and their international counterparts exist.

          • Endymion_Mallorn@kbin.melroy.org
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            1 month ago

            Basically it has to do with the way that corporate debt is handled compared to personal debt.

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