By M Siddique
It suddenly occurred to us that we were very remiss in not pointing out that Gudrun was born and raised in Germany. While Tcat came into the world in the city of brotherly love, Philadelphia -- he has been based in México for some years. Both Tcat and Gudrun can clearly agree there is much more to transcend then language, or even culture or history... add philosophical approach differences to how government is run... you can trust us. It makes for finding the area of common reference a real challenge.
For example, Gudrun and Tcat were out listening to Bill Gatten in Los Angeles. It's certainly not the point that the incredible Mr. Gatten was presenting pearls of wisdom, as he always does. (He is a Great Magician, in more ways than one.) Anyway... and here is where it gets dicy...
Bill is doing a great job explaining the really cool twists of an Illinois-based land trust brings over other real estate transaction methods and getting a seller of full price offer... however that's another story... so anyway...
So we're taking a break from Bill Gatten's land trust seminar in Los Angeles, taking a working lunch break... and Gudrun says to me something to the effect of:
Okay, so the Illinois-based land trust from Bill Gatten creates a win-win-win, using a tripod of: time, tax code and not being piggy. Got it. What I don't get is why this is such a great deal? All it will take is the U.S. Congress changing the tax law making all this land trust stuff just go away.
Someone once said confession is good for the soul. Okay. I confess Tcat did a bad thing.
I laughed at my partner.
Thankfully, she did not get insulted. And we quickly discovered that despite years of working together, on many topics we figured out how the tax code works is so radically different "across the pond", from each other -- it just never occurred to her United States tax law looks so quirky.
Uncle Sam gives and takes -
The oddity that Uncle Sam extends its reach for taxes to its citizens on even foreign earned and already (locally) taxed income. Yet, Uncle Sam is so generous with tax credits on private home ownership and deductions on real estate. To Gudrun, Uncle Sam is so generous; it was beyond her tax scope. Note to self-Tcat. Remind yourself (again) to run down the punch list of assumptions and be alert for things normally taken for granted.
I laughed at Gudrun even entertaining the idea that the United States could just turn on a dime and change the way its economy is built on numerous tax incentives. It was then that we both realized that our long-standing joke, "it's different on the other side of the pond", is no joke.
This becomes a funny education on democracy. Because sure, Tcat and Gudrun are from democratic countries yet international details on tax are fundamental and easily overlooked or taken for granted. And that allows for a lot more freedom of expression than it first appears. So much so, it surprised your veterans on the topic.
So anyway... the take away on this is: It's not insulting to check all the assumptions when investing locally or internationally. It can be enlightening and entertaining. It can be a deal maker or a deal breaker. It always is, surprising.
Hey! We didn't do all this work and put it on ButterflyLister. Just to sit in it dark, stuffy and hot little box of electronics. Not only that, we cannot hear you when you talk to us. Send us an e-mail to tell us what topics you would like to hear about. Feedback@ButterflyLister.com
Siddique is real estate investor for over 22 years and President of ButterFlyLister. This article first appeared on http://www.butterflylister.com - a leading real estate website with a comprehensive property listings with owner financing and lease to purchase options. Now Sellers can sell their homes at full price in any market. Launched in 2007, ButterFlyLister now offers Home Listing service throughout the united States for buyers and sellers. ButterFlyLister attracts thousands of buyers, sellers and real estate investors a month. Download Free How to sell your Home for Full Price in any market. Article Source: http://EzineArticles.com/?expert=M_Siddique |  |
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