LIVESTREAM – U.S. TAXES FOR INTERNATIONAL ENTREPRENEURS AND EXPATS – 13th October 2021

 

 

VOICE-OVER:

This podcast channel it's about you, successful international entrepreneurs, successful ex-pats, successful investors. Sponsored by HTJ.tax

DERREN JOSEPH:

Good morning. Good afternoon. Good day, depending on what time zone you're in. So, you know, thanks for sharing your time and thanks for joining us on zoom on Facebook, on YouTube, on LinkedIn. It's always good to see you guys. For those who have joined us before, welcome back and to those whom this is the first time, welcome. Good to see you and hopefully I look forward to some interesting questions at the end or comments as well. So historically what we would have done is started off with like a presentation and then go into Q and A, but I've found that the audience has become progressively sophisticated.

So what I just tend to do right now is just dive straight into it. So for those who sent you questions in advance, thank you. So I'll go through them in the order, which they received. I'm sure we will have time at the end of those. And those who have logged on to the various platforms feel free to type your questions in the boxes below. And again, I'll get to them in the order in which they submitted. So without further ado, let's jump right in. So the first question someone she's asked if a non-American so a non-US citizen and non-green card holder, they were working in the US and they've given up their, whatever their work permit, their work visa was.

So she surrendered her work permit or work visa, and she's since left the US she's she was awarded certain shares, which vested after she left the United States. So the question is, are those taxable as well there? Unfortunately there will be tactical by the US so the, and typically speaking, because the exceptions to every rule, but typically taxes are recognized and reported and taxes paid when shares have vested, not when they are awarded to you.

So when they actually vest, then you have the ability to liquidate them or do whatever you like with them, transfer them or whatever. So then they become taxable. So unfortunately bear bad news. But if you have worked in the US and you've sussed, but we see this a lot words in technology companies and, and you leave, and you return to your home country, your home jurisdiction, the shares of the US company that rewarded you while you and your soil working for that employer, they will still be taxable by the US even though you're not, you're no longer there, typically payroll teams are helpful in that they would make arrangements for you to help you with the withholding so that you, you can, you know, still be, they can basically go to the admin for you, deducting whatever the relevant amount in is and paying it to the internal revenue service, but that has not been done.

Then you should contact your preferred US tax professional and follow the relevant return. So, sorry, but yeah, moving on next question. Okay. This person is a social media influencer, and utuber, and they're asking where you going to be taxed if you are the two scenarios, right? So there's a scenario in which you are a us person when you're not right. And I'm assuming you outside of the us, if you're outside of the U S and you're a us person, then you will, you subject to taxes and worldwide income, no matter how long you remain outside of the US you cannot set a tax residency with the US until you surrender your passport or your green card.

So you still required to file us tax returns. And on that us tax return, you will declare the income that you make from the sponsorships or from the platforms, whatever the case may be, right? So it would be fully taxable, whether you're in the US, and depending on where you are, and depending on whether you trigger tax residency, wherever you are right now, outside of the us, you will be required to pay taxes. They, of course, the question is, well, you know, how is that jurisdiction gonna figure it out? Well, the enforcement that's another conversation, but legally, if you are tax resident in most jurisdictions, and you're working, even when you're working online, any attacks resident, you need to check with a tax professional because more times than not, you will be subject to tax by that jurisdiction.

Now, the second category, cause remember the said, the first one is if your us passport a US passport. So senior citizen or green card holder, that's how it plays out. If you are not a US citizen or green card holder, I E are not a us tax resident. You're not subject to US taxes. And you reside outside. Then you just need to think about where your tax resident, right? So where it is again, I said most times more times than not. If you are tax resident in a given jurisdiction and you're earning money there online or whatever, it would be subject to some sort of reporting, some sort of declaration. So you need to chat words, someone who is qualified tax wise in the jurisdiction, which you find yourself now, some platforms, for example, I'm more specifically as most popularly YouTube, which is perhaps the biggest of the group.

They have started making compliance easier in that they are looking at with where you as a, a creator or a content creator. Where's your content being consumed. And if it's being consumed in the United States, they can apportion the amount that is attributable to your viewers in the United States. So they will withhold 30%. Now, if you're in a jurisdiction with a treaty with the US like most of Europe, for example, most of Latin American, well, most of Latin America, you may be able to file a return and you may get some of that money back because of the double tax treaty, what it sometimes does.

It, it may make you subject to reduce withholdings. So you need to speak to a tax professional about that. So I hope that answers your question as a content creator, as a social media influencer, as a YouTuber, we're going to be taxed. The two scenarios being either you are US exposed and you reside outside, or you not, you as exposing any reside outside, if you US exposed and he reside outside, you're going to declared on your us tax returns, as you normally do, and be mindful whether you do trigger tax residency in whichever jurisdiction you reside outside of the US if so, it may need to be declared. And the second scenario you are not a US person.

Then you only need to be considering the jurisdiction which you reside, but also certain platforms. For example, YouTube, they will withhold the amount attributable to the US audience, because then it's deemed to have been derived from the U S so I hope that helps. Okay, crypto, you know, the, quite a number of you the, into crypto, hence the questions that we get on it. If I am a crypto investor, where am I taxed? So I'm going to assume that again, it's similar to the social media question. That's previously, there are two categories. I'm assuming that because you're on this live stream, or you've asked this question that you are US exposed.

So you have a US passport, you have a green card and your international rights. So you outside of the us. So where are you going to be taxed? You need to declare this on your tax return. So, as I mentioned earlier, no matter how much time you spend outside of the US if you are still in possession of that us passport, or you still in possession of that green card, even if the green card has expired, or even if you lost it, unless you surrender it in the right way, that green card, and you get the I four seven, unless you surrender US passport in the right way. And you get a CLN, a certificate of loss of nationality, you will be subject to tax any worldwide income.

And that includes your crypto investments, even if it's on an exchange, or if it's done outside of the US as a matter of your tasks, any worldwide income. Okay. Hope that helps. Yeah. That's where your tax. No. Okay. The next question is how a crypto investors tax. And again, I'm assuming that you are US exposed given when your staff live stream. So most accountants or tax professionals who work with crypto investors and crypto traders will tell you that from an investor perspective, we are guided by two IRS notices. One that was issued in 2014 and the other in 2019, the one in 2014, I think it's 2014, that 21.

And that notice 20 dash 1421, and then subsequently ruling 2019 at 24. So that's really where most people get that guidance. So the first one in 2014, basically tell tool all of us, as I'm sure you were, that crypto is not a currency. It is to be looked at as property. So therefore it would be subject to the rules attributable to property. You know, that I've always been an existence, right? So if you buy and then sell within a year, but short-term capital gains, which are basically ordinary tax rates, which top off at this point at 37%, if it is that you hold, and then you dispose, or you there's a liquidity event, or there's a taxable event, more specifically after a year of holding, then you're subject to taxes.

Then you're subject to long-term capital gains, please remain muted. Thank you. Then you subject to long-term capital gains. All right. So I'm just, so I'm just changing the, yeah. Okay. Then you're subject to long-term capital gains, just to be clear, the taxable events as disclosed in ruling 2019 next 24 would be when you convert crypto to Fiat, that's obvious. And everybody knew that, right? But also when you trade one crypto for another, so crypto to crypto, as a taxable event, if you spend crypto to purchase goddess goods or services, you need to be talking to your tax professional, because that may be a taxable event as well.

And when you earn crypto as income, because I, we have many clients that are paid in crypto, so it's all taxable under US tax rules. So hope that helps moving down to the next series of questions. And again, for those who've just joined, feel free to type in the box below what your questions may be, and we'll get to them in the order in which they are received. Thank you. So next question. What are acceptable ways of calculating capital gains in your crypto? Right. So that's assuming that you're an investor, not a trader. So it's about buying hold, basically.

You, everyone knew about . So like five Fu was seen first in, first out. So implicit in this is that I know it's really hard sometimes, but you have to keep track of each trade. There's no way around it. You have to keep track of each trade. Otherwise you're going to be in no end of hurt from a tax perspective when it comes to actually calculating and reporting. So everyone knew FIFO first in, first out. And I was seen as like being very prudent and that is completely acceptable as a universal standard Pfeifle. But since 2019, I think people have been comfortable with life on high-flow as well. So like for is last in first out or high for highest InfoScout.

So I think when you speaking with your chosen tax professional, you legally, you can use either of those three options for calculating what your gains would be, but depending on your trading strategy, one may work for you better than the other or market conditions or whatever. So again, speak to your tax professional and see what fits your specific situation. Next question again, lots of crypto questions. Thanks for asking. How can I keep be more tax efficient in my crypto activity, as I kind of hinted in, in response to the previous question, the major as, and I'm telling you stuff you guys already know, but just to point out the perfectly obvious you need to keep track of every trade.

So you're going to have a detailed spreadsheet or some sort of documentation that you, that, you know, you can keep track. You've sold something. When did you purchase, what was the value and Fiat at that point in time? So each trade, and that's not just crypto to Fiat, but crypto to crypto, you know, everything needs to be kept track up. And that includes drops in any sort of transaction forks drops, everything. Please keep track of them. Right? Hope that helps. Okay, next question.

Okay. This person is not an investor, but a crypto trader. Okay. So first of all, so they've identified themselves as a crypto trader. So just for those who may be unfamiliar with what he's talking about, the there's, when you look at the IRS, they, they, the revenue tax rules and the tax code, it's hard to really pick up what a trader is versus an investor. So, I mean, intuitively you know that someone is a trader. If there's some, this is not something that they're doing on this side, in addition to their nine to five, this is the full-time gig.

This is a full time focus. And that's what a trader is. And we know that intuitively, but in terms of the IRS rules, when you look at case law, because you have to rely on cases that have gone before the law courts, what they are like three industries that will indicate a trader someone who's a trader rather than an investor. And that's important because you may be able to treat your trading activity in a more tax. I mean, as a trader, you can still, if you want, you can still use the, you can treat your investments like the investor, right?

So someone who holds on a shorter P for longer periods, and they're not as focused as you are as a trader, but there's certain tax advantages to the trader election that makes it attractive. And it's not suitable to everybody. But if you do trigger trader status, it can work in your favor from a task perspective. This is why people are quite curious, including this person to ask this question, right. So what does it mean to be crypto trader versus an investor? First of all, you, there's an intent to carry on a trade or business. So again, it's not something you don't, we can, it's not something you do to after your nine to five, there's an intent to carry this out as, you know, you main trade or business.

Secondly, the buying and selling is frequent and continuous, so frequent and continuous. So we have people that do just like a few trades a day, and we have high-frequency traders that do hundreds of thousands of trades per day, algorithm, algo traders. So it has to be frequent and continuous. And that's relative. I know it's not definitive, but that's, that's what the, that gives you a sense as to what the rules are. Now. The third one is it must be profit seeking from short-term price swings rather than interest dividends and capital appreciation. So you're looking to benefit from, or you're looking, yeah, you're basically looking to make an income or derive a profit from swings or arbitrage between different in this case, in case of crypto different coins.

So yeah, so hope that helps. So once you triggered those three, you are considered a trader and you able to basically it gets taxes a business, especially if you do it incorporated. We normally advise our traders to use a company, some used companies in jurisdictions like central America, like Panama's pretty popular as well. Some use Puerto Rico. So Puerto Rico is super popular as you know, for crypto, but Cayman islands, or, you know, depending on whichever jurisdiction you are, because if you're outside of the us, you you're somewhere and you need to be conscious of their rules as well. And that may impact on your choice of jurisdiction for incorporation.

But yeah, so we, the point is that you normally do the trading through an entity rather than in your own name, but you can engineer your name, but normally through an entity. And you may benefit from lower taxes. Generally speaking, that, you know, that accrued to the entity, but it really depends on the jurisdiction, depends on whether it is a tax treaty in play. And it depends on how the money comes out, whether you, you check the box and it could be, it could just flow through onto your 10 40, or if you take it out as dividends or salary or whatever the case may be.

So then number of strategies that you'll speak to your preferred tax advisor, and normally it runs some scenarios to see what works best for you. I hope that helps. Okay. Scrolling down, scrolling down. Yes. I'm seeing you writing questions. I'll get to you. As soon as we work through these questions to answer those, we're still submitting questions. We seeing you. Thank you. So if I get a second passport or residency somewhere else outside of the U S and I'm an American citizen, can I stop paying us taxes now that surprisingly common question, and unfortunately, sorry to be the bearer of bad news, but you should not because even though you may have a second passport, and I know the Caribbean is super popular right now, while you have a second residency, whether you are in Barbados or you're in Panama, or you're in Portugal or you somewhere else in Bali, Indonesia, wherever you are, you still subject to taxes in the United States.

So you still must file and pay your tax system. Because Sam, as I mentioned before, the way around that is you must surrender your us passport. I know that's a huge step, but we help probably three or four clients every month give up their passport or green cards. So you need to surrender us passport and get a CLN, a certificate of loss of nationality to evidence this, and then you'll be free, except for us source income will still be task, but you will, that income would not be subject to U S taxes. Alternatively, if you have a green card, you're a lawful permanent resident. You need to surrender that green card and get an evidence that you have done this. And then you will several US tax residency, and then a lesson until that happens.

You under the, you know, under the US tax laws as they apply today. Sorry, another question. Can you recommend the future as dictions when non when? Okay, well, yeah, assuming that you give up your us passport or green card, right? And then you become a non-American, where can you live full-time and run a business without paying individual or corporate taxes? You know, I had insurance above the rest right now, and super popular with us so much so that we set up an office. There is United Arab Emirates and, and the most popular the seven Emirates is of course, Dubai, one of the seven, but you, by getting residency, you set up your company, you get a residency in one, you're entitled to move freely and live in any of the seven kind of like states within the same federal Republic, like the United States, right?

So Dubai and the Emirates are super popular. Speak to your chosen professional about which Emirates do you want to set up in which free trade zone? Because the way it works is that you pick not one of the seven Emirates, but you pick one of the 45 or so free trade zones. And you, you form your offshore company there to do, you know, yeah. To do your crypto or to do whatever it is you're doing online or internationally. And that company you're able to sponsor your own work permit and that of your, your colleagues, your family, or whatever the case may be. So, but it's a bit tricky, right?

Because you have like 45 free trade zones and the prices vary dramatically. I mean, it is a huge difference between the cheapest one and most expensive one. And you need to, you don't just automatically jump in, pick the cheapest one. I know, I know a lot of people who've done it and then they feel some pain afterwards because there's an implications as to where you form your company, a which free trade zone you choose to use. So speak to an advisor as always, before you jump in the deep end. So thank you. Go on to some more questions now, scrolling, scrolling, scrolling.

Okay. I'm going to hide, right. So I can see better. I am a us citizen and will soon begin working for non us company outside of the us. Okay. So us citizen working outside of the S for just a non-American company. I do not live in the U S right. Got it. I haven't worked since, before I was married. I am married to a non us citizen. Okay. So, gotcha. Does it make sense to just file as a single person? Okay. So legally you, that would probably not be the correct way because that will be misrepresenting your filing status.

So basically in terms of your filing status, it would be single, single, married, filing separately, married, filing, jointly head of household and widow, right? So let's stick with the first four. If it is you illegally, not single, you should not really be filing a single, you can elect to file jointly with your non us spouse, which some people do for strategic reasons. We invoke section 6013G for that, because it may be to your benefit as a couple, even though that prison is not American to bring them into the tax net, it is a radical choice that you should do in concert with a tax advisor, but it's sometimes works.

That's a card that you cannot ignore. It can be played, but ordinarily speaking, you will file married, filing separately. However, if you do have a child, whether biologically or by adoption, and if that child is a us person with a social, then you can also plan ahead a parcel. And of course had a parcel is you get the same tax bands as married, filing jointly. So from a tax efficiency perspective, you should be looking at head of household. If you have dependent kids, otherwise it's married filing separately. So blah, blah, blah. I have all my accounts separate from my husband.

Well, we also have two kids which are us citizens. So I think, again, you need to consult, consult your preferred US advisor, but typically head of household is way more tax efficient than married, filing separately and filing a separate is probably not the legal way. So hope that helps scrolling down to the next question. Hi, I triggered substantial presence in 2020 to 2021. So last year and this year due to the pandemic. Yeah. A lot of people did. We had some, yeah, we had quite a few clients who accidentally triggered substantial presence in the us because of the health situation, right.

This person's not American. And he, or she's asking, do I need to file taxes for the next calendar year? I don't have income in the US I was stuck there due to a lack of flights. Now, you, I mean, this happened all over the world. Now there have been, depending on jurisdiction, you're in this some allowances or whatever. So I think you should check with your tax advisor, but generally speaking, if you did trigger substantial presence last year, so 2020 and 2021, you should have filed a return for 2020 on your worldwide income. And if you also triggered substantial presence for 2021, then yes, in 2022, you should be filing a US tax return for 2021.

So yeah, probably not the answer you wanted to hear, but that's, that's the way U S taxes work, unfortunately, but it may be worth speaking with an advisor to see, you know, because the IRAs did issue some, some notices. I believe that mail allows some slight wiggle room. So please check with that. And don't forget if you're in one of the states that does have a state income tax, a state tax return may be due as well. So keep that in mind. Next question. Do you have a recommended tax professional as a task partner in the Philippines?

Yes, we do. We do have a affiliate office in our office in Metro Manila. So please feel free to contact us directly, just email help@htj.tax. That's help@htj.tax. And we will look after you make sure your requirements in the US and if needed Filipino perspective done properly. Okay, next question. So Joe's asking I'm a dual citizen, US and another country with a tax treaty. And thanks for indicating that Joe, that's really important. And I've been living outside of the US for many years. My income comes from a non US company. Do I still need to file US taxes, Joel, unfortunately, yes, you do. You will be required to find pay taxes, obviously in the country, in which you are resident, but also in the United States because you are a us citizen. And I think when you mentioned in your question that there's attached treaty in play, I can tell that you've been doing some reading. You've been checking this out. So you've been wanting to speak with a firm that understands the international tax rules, because sometimes when you just speak to a firm that's domestic to the US and no domestic taxes, as opposed to international.

So you want to speak to a firm that deals with international clients and who is aware of how to navigate the tax treaty. So that's not to just ensure that you are not taxed twice in the same income, because you should get automatically credits for taxes paid outside of the US you get taxes, which should, and to some extent, reduce your us taxes, do, but also the other articles in a treaty. And depending on the nature of your income, it may even bring the taxes down further. So again, speak with an international tax team. Who's familiar with international tax issues, including leveraging that tax treaty. Good luck, Joe.

Next question. Is it true that if I'm living and working outside of the US I make less than a hundred grand, I'm not taxed. I'm a US citizen. Sorry. That was a good question. It really depends. Now what I think that that's a popular misconception. That's a popular none, a misconception, but a misunderstanding. So I'll take you back to the source that it comes from section nine 11 of the US tax code. And that speaks about something called a foreign earned income exclusion on that. My emphasis was deliberate on earned, because if it is that if you're making a hundred grand less, but that is earned income, and you, you may be able to enjoy the foreign earned income exclusion, which to be honest is the best tax break available to US exposed person, US citizens, and green card holders who reside and work outside of the US, but it must be earned income.

So it does not include interest. It doesn't include dividends. It doesn't include, you know, basically unearned income. So, yeah, so it's very, very specific. So to be, to be honest, and really someone needs to sit with you and understand what is the nature of your income is the a hundred grand that you're earning. Is that like interest, is that dividends or is that earned income? So you performed a service or you're selling a product. You engage in some sort of business activity for which you you're getting that in return. So if it is earned income, then you may be able to trigger the foreign earned income exclusion.

And as the name suggests you would exclude that income from US taxes are the two ways of qualifying for that foreign earned income exclusion earned income. So the first is the one that everyone gets. So it's quantitative and objective. So that is a physical presence test. So once you stay out of the U S or you're not on US space for more than 30 days in any calendar year, typically you will qualify for the foreign earned income exclusion under the physical presence desk. The other one is subjective and qualitative, and that's the bonafide residence test. So that's more or less like a test of intent. Like where's your center of life, where's your heart.

And if your true home is in another jurisdiction, so your family's there, you know, you own, or you rent property there, you have a job there, you pay bills there, you belong to social clubs. You know, whatever the case may be, that is genuinely where your life right now, then you may be able to enjoy that. Even if you cross 30 days in the US so for example, you trapped because of a lack of flights or whatever, you still may be able to enjoy it because of that bonafide residents test. But however you qualify either physical presence or bonafide residence, once you do your first well, it's actually, it moves higher with inflation.

So I think for last year it was like 107,600 or something like that. So it goes up each year with inflation, but that income will be sheltered from us taxes. So yes, speak to your tax advisor, but you still need to report it. So even though no taxes are payable, you still need to file a us tax return. The filing threshold for return is pretty low. And then from married, filing separately, $5 to be made more than $5 outside of the us. Again, no taxes may be due, but you may still have to follow a return. Hope that helps. Okay. Next. Okay. Someone's asking. Yeah. So in order to find out, you need to, to email help@htj.tax that's help@htj.tax

Okay. And any of the questions we've gone through, all those that I have received, and I'm seeing what I'm gonna do is I'm just going to check on some of the other platforms I've been reading so far off of zoom, but I'm going to look at what people are asking. Okay. So for now, those who are on Facebook. So if you do rive income from US clients, but are not tax resident in the US you're not a US citizen, you're not green card holder, but you derive income from US clients who live outside of the US can you qualify for the foreign earned income exclusion?

Kevin, that's a good question. So if you are not resident in the US and you have no, so you're not a US tax resident. So if it is that you are not a tax resident, so you don't have a green card, you don't have a passport, you don't trigger substantial presence. Then you're not a US resident. You're not subject to taxes. So if it is that you derive income from US clients, assuming that it's for services rendered. Oh, I'm sorry. So sorry, Kim you've corrected me. Okay. So you're not resident in the US but you are a US citizen. Okay, fine.

So you're a US citizen you're outside. And your clients are in the US yes. You still subject to, you can still enjoy the foreign earned income exclusion. If it is the qualifying aside to section 911, by virtue of the physical presence test, which we described before, or the bonafide residents test. So yes, you can, you can use form 25 55 and make sure that you exclude the first 107,000. Plus you get a housing deduction as well. So in some jurisdictions, we see that go up to like $150,000 to the first 150K of your income can be shielded from us. Taxes stands to a combination of the foreign earned income exclusion plus the housing deduction, which is, I mean, bond.

This is the best deal for US persons who work outside of the us. So hope that helps Kim, another question as a Canadian investor investing in US real estate, what taxes do I have to consider? So great question, Lauren Lauren, sorry, Lauren. Well, I'm assuming you're resident in Canada. So obviously a Canadian task is to think about that. Obviously, I'm assuming that you'd be familiar with that. Otherwise we have a affiliate office in Toronto that we can introduce you to. And we work hand in glove with them to deal with clients that are exposed to both Canada and us taxes, but from a US real estate perspective, assuming that you just a real estate investor, then you'll be subject to state taxes if you, and one of the states in which it's going to be taxed.

So you'll be subject to taxes and the state level, and you'd be subject to taxes at the federal level. So, yeah, and you'll also probably have local taxes that are like local property taxes as well, which depending on which jurisdiction you'll be in, it will be a calculation based on property values. So you have local taxes or property taxes. Then you have state taxes. If you're in one of the states that does have a state income tax, and then you have the federal taxes, you'd be looking at all three of those taxes. The best advice I can give you is, do speak with someone who's us qualified is familiar with international taxes, but also the default is that the rental income is in it's treated as what we call it income, which is fixed determinable annual and periodic. So it will be subject to a certain percentage withholding, which will be 30% plus reduced by the US Canada treaty. But you can get around. It's probably nine times out of 10, at least in our experience, it's more tax efficient. If you elect to treat the rental property as a trader business, you, so you make the requisite election fit to be treated as ECI income effectively connected income effectively connected with a trade or business, speak to your tax advisor, because that's an easy way of getting real savings.

And in addition to which you can have a cost allocation studies and with a view to really leveraging the appreciation to further bring down the taxable income. So you can do it on your own. But I strongly advise that you use speak with a tax team that can help you through real estate investments tank. Okay. Then now she's asking, does it matter if we're in an LSU and individual? That's a good question from a us tax perspective, an LLC does not confer any tax benefit. You know, I'm going to save money, despite what people say on YouTube people without a license on the line, of course, you're not going to save any money from an LLC.

An LLC is probably more for asset protection. So as you know, the U S is a very litigious society. So, you know, someone slips and falls on finding worst yet finds more than your property, you know, more than this gold. So if something unfortunate happens, they have the right to come after to come after you and whatever other assets you may hold. Right? So to limit liability, we use what is called a limited liability company. As the name implies it's about protection as well, protecting you. So that, that is the real benefit asset protection from a tax perspective, the default tax treatment fund LLC, is that it is treated as a pass through.

So if you investing on your own through an LLC, it's, you know, it just flows on it's once they would shed you it's on, but you're going to be taxed in the same way as if you do a new LLC. So, no, th th there's, there's no benefit to it. It's purely about asset protection, but it is good principle. Don't whole investments like that in your own name, seek the protection of a limited liability company, get advice. All right. And any more questions, I'm just going to look on some of the other platforms.

So what else people are asking? Okay, great. It's nothing there. Okay. Great stuff again. Any last questions? Otherwise we can call it an early night, early day, early morning, depending on which times when you were in. Okay, great. So I guess that's it.

Thank you for your time and thank you for your attention. We do these live streams probably every week, so, yeah, sorry, there's a question. Okay. I guess it's a false alarm. All right. Yeah. All right. Okay. Gotcha. All right. Thank you. So, right. So we do these live streams every week, different topics and with different speaker as well together with myself.

So please feel free to have a look at HTJ.tax and join us anytime. The topic is of interest to you. If you want to follow up with us directly in any of the opportunities or the issues raised, please feel to email help@htj.tax This has been recorded, and it will be available on Facebook, LinkedIn, YouTube, and probably 20 other podcast platforms, iTunes, SoundCloud, Google play, wherever it is, you get your favorite podcasts. This recording will be available there so you can listen to it again, or you can recommend it to any of your colleagues or friends.If you think it is appropriate to their situation. But nothing we said here should be construed as advice. This was just a general conversation about general principles. If you want advice that's specific to your situation, there's no shortcut to speaking to a qualified professional. Again, thanks for your time. Thanks for your attention. And we'll see you next time. Bye-bye

VOICE-OVER:

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