What you do is to start a tax free charitable foundation. It doesn’t cost you anything but can save you $$$. Next you declare your house as the office of the tax free foundation. Voila, you no longer are subject to real estate taxes in most jurisdictions but you can continue to live there tax free. In these hard economic times it is important to save every penny you can.
To show you that this is legitimate, it was done by none other than Rahm Emanuel, the former Democratic Congressman and now Obama Chief of Staff. See http://txazbee.blogspot.com/2009/05/rahm-emanuels-tax-loophole.html. You may want to read this blog because it shows other hints on saving taxes such as making donations to your charitable foundation so your children can go to a private school tax free.
The Rahm Emanuel and Amy Rule Charitable Trust was formed in 2002, when the Chicago lawmaker was first elected. The former Clinton White House aide and his wife, Amy Rule, are its only donors. Emanuel and Rule declared their 4228 North Hermitage home as the office location for their personal non-profit foundation. As the non-profit's headquarters, their home could be exempt from paying property taxes.
During the past three years, Emanuel's charity gave nearly $25,000 to the Anshe Emet synagogue and school [a private school that their children attend], and $15,000 to the foundation run by former president Bill Clinton. It also gave $14,000 to Marwen, a Chicago charity that provides art classes and other educational help to low-income children. Rule is on Marwen's board. He doesn't pay any property taxes and he gets income tax write-offs by donating $25,000 to the Synagogue and other amounts of money to his Foundation. This allows his kids to attend school tuition-free
and allows him to deduct some personal expenses on the house (water bills, gas, electric, insurance, etc.).
Submitted by Jim Pirretti
4 comments:
All animals are equal, but the Pigs (elite democrats) are more equal.
Yep, do as I say not as I do, as Liberals walk the planet of Hypocrisy.
Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator. Emanuel should have to pay back the money he raped from Freddie Mac
Just one of a long line of morally bankrupt dems who should be in prison.
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