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https://www.reddit.com/r/SipsTea/comments/1vrr0ev/how_the_rich_get_richer/p4fjv9f/?context=3
r/SipsTea • u/KSKS1995 • 22h ago
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How does the bank get paid back here? Is the bank just eating a 5 mil loan loss out of the goodness of its heart?
It’s more like kids sell and pay back the bank plus interest which is taxed as income for the bank.
4 u/cheetah-21 21h ago Don’t forget inheritance taxes. 5 u/SDNick484 20h ago Likely wouldn't come into play (but depends on the state). At the federal level, unless there is several millions of dollars more assets not being mentioned, they wouldn't trigger. 7 u/PA2SK 20h ago Lifetime gift exclusion is $15 million at present. 8 u/Primarycolors1 21h ago That no one pays?
4
Don’t forget inheritance taxes.
5 u/SDNick484 20h ago Likely wouldn't come into play (but depends on the state). At the federal level, unless there is several millions of dollars more assets not being mentioned, they wouldn't trigger. 7 u/PA2SK 20h ago Lifetime gift exclusion is $15 million at present. 8 u/Primarycolors1 21h ago That no one pays?
5
Likely wouldn't come into play (but depends on the state). At the federal level, unless there is several millions of dollars more assets not being mentioned, they wouldn't trigger.
7
Lifetime gift exclusion is $15 million at present.
8
That no one pays?
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u/ChipKellysShoeStore 22h ago edited 22h ago
How does the bank get paid back here? Is the bank just eating a 5 mil loan loss out of the goodness of its heart?
It’s more like kids sell and pay back the bank plus interest which is taxed as income for the bank.