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      12-09-2023, 10:38 AM   #23
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Originally Posted by dgoldenz View Post
Wait until I tell you about all of the other tax loopholes that rich people exploit legally...
If you read the fine print of most state rules and regs, this would be considered tax evasion, hence the reason so many states are starting to crack down on this. It's just like EPA cracking down on ECU tuners that turn off emissions controls. It went on for years until it caught the attention of EPA. Same goes for this. MT is not doing anything wrong on their end as they have no skin in game regarding other state's registration and tax laws.

Then there's insurance. Many insurance companies will deny your claim if they figure out your car is registered in another state which you don't have residence or a mailing address yet you live and drive in a completely different state.

The fact that many of you can rationalize this because you "only" drive your expensive car only x% of the time in the state you live, thus the laws shouldn't apply to you speaks volumes of your character.

Yeah, I get it, we all pay a crapload in various taxes, registration, etc. Take up with your local and state representatives.
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      12-09-2023, 10:56 AM   #24
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Originally Posted by dreamingat30fps View Post
Is the bs that rich people use tax "loopholes" or that tax loopholes exist?

I'm certainly not buying a $203k car anytime soon, probably ever, but I'm sure my accountant uses plenty of LEGAL loopholes to save me money. At least I sure hope he does.

Are you telling me if your accountant or turbo tax or whatever you use tells you hey you can save $XXX by using this legal broke people tax loophole you are going to say nay nay I'm an upstanding citizen and wish to give the government all the money it would like to take from me? If you're answer is yes then you're a liar.
The loopholes need to be closed...
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      12-09-2023, 10:58 AM   #25
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Originally Posted by T3PO View Post
Iím upper middle class, by no means am I rich. This ďloopholeĒ is available to anyone, not just wealthy people. I live in Colorado, where we have shitty roads that are coupled with ridiculously high registration and insurance costs. Within reason anything I can do to save on these costs would be welcomed, for perspective the registration is going to run me around $2-$2.5K. Insurance with no accidents, an 800 credit score and bundled with my home is $3K per year. My taxes are actually not terrible as I live in an unincorporated part of the county I reside in.


I donít understand why there is hate for this? I donít know anyone in my circle of people who doesnít feel like Colorado has a shakedown scam with regards to reg/insurance costs, this includes people all over the income spectrum.
lol at thinking these loopholes benefit regular people the same as the rich. smh...
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      12-09-2023, 11:38 AM   #26
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What's legal in Montana may not be legal if your "real" residence is in a different state.

I'm a scoff-law in some cases, too, in my state. In Virginia a front license plate is a requirement but I don't have one on my own car. There is a posted speed-limit which I regularly exceed. But I do pay my property tax on my vehicles.

If you want to avoid property tax on vehicles in Virginia, just drive an old car. All of my BMWs older than 2002 get property-tax relief in the amount the tax would be. But I'm not worried about my county not squeezing enough money out of me. Can I register my home in Virginia . . . in Montana to avoid that tax? Believe me, I'm paying more than my fair share!
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      12-09-2023, 12:00 PM   #27
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Originally Posted by Donatello. View Post
The loopholes need to be closed...
But they are not. My point is you can't blame someone for using whatever legal means are available to save money. Broke people would do the same.
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      12-09-2023, 01:14 PM   #28
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Originally Posted by XutvJet View Post
If you read the fine print of most state rules and regs, this would be considered tax evasion, hence the reason so many states are starting to crack down on this. It's just like EPA cracking down on ECU tuners that turn off emissions controls. It went on for years until it caught the attention of EPA. Same goes for this. MT is not doing anything wrong on their end as they have no skin in game regarding other state's registration and tax laws.

Then there's insurance. Many insurance companies will deny your claim if they figure out your car is registered in another state which you don't have residence or a mailing address yet you live and drive in a completely different state.

The fact that many of you can rationalize this because you "only" drive your expensive car only x% of the time in the state you live, thus the laws shouldn't apply to you speaks volumes of your character.

Yeah, I get it, we all pay a crapload in various taxes, registration, etc. Take up with your local and state representatives.
Tax evasion is a crime punishable by prison time. Can you point me to the specific laws that say youíll be charged with tax evasion if you register your car legally in another state under an entity such as an LLC?

From what I can find regarding the most strict states (CA and GA) the worst case scenario for someone is being charged taxes and fees/penalties if caught and pursued by the DMV. To my knowledge nobody has been arrested or imprisoned for using a Montana LLC, ever.

GEICO will cover cars registered under a Montana LLC, you just have to notify them that the car is registered in another state to an LLC in which you are the owner. Obviously you should do your research, consult a lawyer, and keep everything above board. This is all a legal gray area and I have read a few stories of people fighting their state and winning when the state tried to sue them for back taxes and fees when they got caught.

Surely nobody here has even done any speeding before. How dare you rob the state of their hard earned fines for your reckless driving of 75 in a 65 zone?
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      12-09-2023, 01:29 PM   #29
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Originally Posted by Donatello. View Post
Keep posting online about going around the system. Just pay the $. You have it...
For real I can't believe I'm reading this and people have no shame in doing this. What is this society ahh man. Parasites everywhere
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      12-09-2023, 01:32 PM   #30
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Originally Posted by dgoldenz View Post
Tax evasion is a crime punishable by prison time. Can you point me to the specific laws that say you’ll be charged with tax evasion if you register your car legally in another state under an entity such as an LLC?

From what I can find regarding the most strict states (CA and GA) the worst case scenario for someone is being charged taxes and fees/penalties if caught and pursued by the DMV. To my knowledge nobody has been arrested or imprisoned for using a Montana LLC, ever.

GEICO will cover cars registered under a Montana LLC, you just have to notify them that the car is registered in another state to an LLC in which you are the owner. Obviously you should do your research, consult a lawyer, and keep everything above board. This is all a legal gray area and I have read a few stories of people fighting their state and winning when the state tried to sue them for back taxes and fees when they got caught.

Surely nobody here has even done any speeding before. How dare you rob the state of their hard earned fines for your reckless driving of 75 in a 65 zone?
Lmao equating speeding to doing tax loopholes with no shame that's a good one.
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      12-09-2023, 02:03 PM   #31
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Originally Posted by TheMidnightNarwhal View Post
Lmao equating speeding to doing tax loopholes with no shame that's a good one.
Youíre right! Tax loopholes are legal, thatís why itís a loophole and not a crime. Speeding is illegal. Obviously the illegal thing is way worse than the legal thing. Would love to see the court cases for someone charged criminally for using a Montana LLC.
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      12-09-2023, 02:26 PM   #32
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Quote:
Originally Posted by dgoldenz View Post
You’re right! Tax loopholes are legal, that’s why it’s a loophole and not a crime. Speeding is illegal. Obviously the illegal thing is way worse than the legal thing. Would love to see the court cases for someone charged criminally for using a Montana LLC.
No you're missing my point. I'm not talking about legality And by the way no, laws doesn't equate morality, not sure how old you are but should have learned this by now. If people do this loophole you're a parasite to society plain and simple.
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      12-09-2023, 02:56 PM   #33
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My guess is a bunch of these guys doing the MT LLC game likely cannot afford their multi-thousand dollar annual registrations for their 6 figure cars because they live beyond their means and have little equity in much of what they own, errrr the bank owns. That is likely much of it.

I can hear them now..."Debt is king!"
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      12-09-2023, 03:13 PM   #34
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Quote:
Originally Posted by TheMidnightNarwhal View Post
No you're missing my point. I'm not talking about legality And by the way no, laws doesn't equate morality, not sure how old you are but should have learned this by now. If people do this loophole you're a parasite to society plain and simple.
Oh weíre talking about morals for titling cars? lol ok. Should people feel the same guilt over taking tax deductions? How immoral!

Not that it matters but I never saved a dime in taxes with an LLC, I just used it to avoid smog testing on a tuned/SCíd e92.

We donít pay taxes on private party sales here anyway. Maybe out of the goodness of my heart I should write the government a check for all of the private party cars that I saved 8% tax on for the last 12 years, itís probably saved me around $75k vs buying from dealers. How immoral of me to take advantage of such a loophole!
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      12-09-2023, 03:20 PM   #35
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morality is not what we are talking about. thats a separate discussion. its whether creating an LLC in another state and registering your car there is legal or not legal. some places its completely legal. other places have caught wind of it like VA and amended their laws. obviously you shouldn't break the law where you live.

google, amazon, target, big pharma companies, etc all exploit tax loopholes. and have legal teams on retainer to defend them. i guess don't buy anything from them if you feel that strongly about it?
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      12-09-2023, 05:37 PM   #36
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Quote:
Originally Posted by dgoldenz View Post
Oh weíre talking about morals for titling cars? lol ok. Should people feel the same guilt over taking tax deductions? How immoral!

Not that it matters but I never saved a dime in taxes with an LLC, I just used it to avoid smog testing on a tuned/SCíd e92.

We donít pay taxes on private party sales here anyway. Maybe out of the goodness of my heart I should write the government a check for all of the private party cars that I saved 8% tax on for the last 12 years, itís probably saved me around $75k vs buying from dealers. How immoral of me to take advantage of such a loophole!
Lol. Way to many people thinking this is so horrible to do. If our Congressman and Senators can buy and sell stocks, I vote everyone in the country to take every fucking loophole they can. Fuck taxes!! Just like I buy a new car/ pay the tax. Then it sells 10 more times and everyone pays tax on it!?!! I know my guy hits tons of loopholes for my taxes. With 11 rental properties, I need a tax ninja doing my shit.
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      12-10-2023, 06:45 AM   #37
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Originally Posted by G MONEY View Post
Lol. Way to many people thinking this is so horrible to do. If our Congressman and Senators can buy and sell stocks, I vote everyone in the country to take every fucking loophole they can. Fuck taxes!! Just like I buy a new car/ pay the tax. Then it sells 10 more times and everyone pays tax on it!?!! I know my guy hits tons of loopholes for my taxes. With 11 rental properties, I need a tax ninja doing my shit.
Truly we need to focus on tax reductions that keep people from trying to do these things. My annual car tax is in excess of $4k a year, and that doesnít include my property taxes. I realize I have four cars that arenít exactly Corollas, but I still think thatís kind of high.
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      12-12-2023, 04:53 PM   #38
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Quote:
Originally Posted by XutvJet View Post
If you read the fine print of most state rules and regs, this would be considered tax evasion, hence the reason so many states are starting to crack down on this. It's just like EPA cracking down on ECU tuners that turn off emissions controls. It went on for years until it caught the attention of EPA. Same goes for this. MT is not doing anything wrong on their end as they have no skin in game regarding other state's registration and tax laws.

Then there's insurance. Many insurance companies will deny your claim if they figure out your car is registered in another state which you don't have residence or a mailing address yet you live and drive in a completely different state.

The fact that many of you can rationalize this because you "only" drive your expensive car only x% of the time in the state you live, thus the laws shouldn't apply to you speaks volumes of your character.

Yeah, I get it, we all pay a crapload in various taxes, registration, etc. Take up with your local and state representatives.
You sound like a youngster and very naÔve.

Did you know that pretty much ALL major banks are incorporated in South Dakota. A lot of major companies are incorporated in Delaware.

Having knowledge about laws in the US and how to leverage them is critical for business and personal success. This is why wealthy people have a team of lawyers and accountants.

I also find it hysterical that people feel that the government will put their money to better use then the person that earned it.
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      12-12-2023, 05:07 PM   #39
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Quote:
Originally Posted by Donatello. View Post
lol at thinking these loopholes benefit regular people the same as the rich. smh...
You do realize there is a cost to open and maintain an MT LLC.
Most folks that do it are regular people that have a car collection of more than 3 cars or a very expensive car. Regular Joe Smith doesnít know about it bec they are not into cars. Just like I donít know many other things that other people are doingÖ..
Also the benefits are not only for tax purposes but avoiding things like annual inspections, registration, front plate rules, tint laws etc.
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      12-12-2023, 05:22 PM   #40
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Quote:
Originally Posted by R N M View Post
Did you know that pretty much ALL major banks are incorporated in South Dakota. A lot of major companies are incorporated in Delaware.

Having knowledge about laws in the US and how to leverage them is critical for business and personal success. This is why wealthy people have a team of lawyers and accountants.

I also find it hysterical that people feel that the government will put their money to better use then the person that earned it.
Quote:
Originally Posted by R N M View Post
You do realize there is a cost to open and maintain an MT LLC.
Most folks that do it are regular people that have a car collection of more than 3 cars or a very expensive car. Regular Joe Smith doesnít know about it bec they are not into cars. Just like I donít know many other things that other people are doingÖ..
Also the benefits are not only for tax purposes but avoiding things like annual inspections, registration, front plate rules, tint laws etc.

Spot on with both points. Use what's out there like everyone else does.

I have a DE corp located in CA. I also have an MT corp for cars located in CA. I'm not a CA resident so it's the only legal way for me to have my cars at the office.
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      12-12-2023, 06:25 PM   #41
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The MT LLC only costs like $50/year to maintain once you've set it up.
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      12-12-2023, 08:43 PM   #42
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Quote:
Originally Posted by dgoldenz View Post
The MT LLC only costs like $50/year to maintain once you've set it up.
Thatís not accurate - they raised fees.
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      12-12-2023, 08:51 PM   #43
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Thatís not accurate - they raised fees.
I paid $49 this year
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      12-12-2023, 08:51 PM   #44
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Quote:
Originally Posted by XutvJet View Post
My guess is a bunch of these guys doing the MT LLC game likely cannot afford their multi-thousand dollar annual registrations for their 6 figure cars because they live beyond their means and have little equity in much of what they own, errrr the bank owns. That is likely much of it.

I can hear them now..."Debt is king!"
Uh oh sounds like someone is mad they are in the tax bracket they are in.

You do know that registration on oh, say a Senna is almost $20k a year right? I promise you that people who use this aren't using the banks money, unless they're doing capital leases and writing off the payments and all cap costs.

It is up to you and you yourself to use EVERY single legal tax break available. Do not be upset or mad that others have better accountants or are better off financially than you.

Other posters in this thread are correct, but a good forwarder is much more than $50 a year. I really like using Regus personally, as their forwarding and mail service is top notch.

https://www.regus.com/en-us/united-s...irtual-offices
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