The Finance Buff

The Finance Buff - 2021年10月17日

今年早些时候，ProPublica 对超级富豪如何缴纳相对较少的所得税进行了曝光。他们的技巧之一是靠借来的钱生活。当他们不出售升​​值的资产时，他们就不会实现资本收益。没有实现收益，没有税收。与此同时，他们的资产不断增长，银行越来越愿意借给他们更多的钱用于他们的支出。《华尔街日报》将这种策略称为“买入、借入、死”（音频从 7:27 开始）。

我们小投资者也可以通过同样的机制做到这一点。我们的余生不能靠借来的钱生活，但是当我们使用基于证券的借贷时，我们可以暂时使用借来的钱。

Earlier this year, ProPublica did an exposé of how the ultra-rich pay relatively little income tax. One of their techniques is that they live on borrowed money. They don’t realize capital gains when they don’t sell their appreciated assets. No realized gains, no taxes. Meanwhile, their assets keep growing, and banks are increasingly comfortable lending them more money for their spending. Wall Street Journal called this strategy “Buy, Borrow, Die” (audio starts at 7:27).

We the small-time investors can do it too through the same mechanism. We can’t live on borrowed money for the rest of our lives but we can use borrowed money for a short while when we use securities-based lending.

什么是证券借贷？

当您使用基于证券的贷款时，您使用您的证券（股票、债券、共同基金、ETF 等）作为抵押品借入资金。原则上，这与使用您的房屋作为抵押品获得 HELOC 并没有什么不同。

由于您的投资比您的房屋更具流动性且更容易估值，因此与 HELOC 相比，您可以获得贷款更快、利率更低。你不需要证明你的收入。目前的利率可能略高于 1%，而 HELOC 的利率通常接近最优惠利率，即今天的 3.25%。

What Is Securities-Based Lending?

When you use securities-based lending you borrow money using your securities (stocks, bonds, mutual funds, ETFs, …) as the collateral. In principle, it’s not that different than getting a HELOC using your home as the collateral.

Because your investments are much more liquid and easier to value than your home, you can get the loan much faster and at a lower interest rate than from a HELOC. You don’t need to prove your income. The current interest rate can be a little over 1%, whereas the rate on a HELOC is usually close to the prime rate, which is 3.25% today.

您什么时候需要基于证券的贷款？

人们以没有债务为荣，但在许多情况下，使用借来的钱比使用自己的钱更好。这里有一些例子：

充满信心地进行非流动性投资

您有一些现金，准备以高利率购买债券，但您担心 12 个月的锁定期。绝对没有办法在头 12 个月内出售债券，即使您愿意支付罚款也是如此。如果你在那段时间需要钱怎么办？出售其他投资会触发资本收益，使您超出收入限制，并使您失去这样做或那样的资格。

当您有可用的备用信用额度时，您可以继续用现金购债券。如果前 12 个月没有任何进展，您的债券现在是流动的。如果您需要钱，您可以点击信用额度，直到锁定结束。您出售债券以偿还贷款。您的 Bonds 将获得比您为贷款支付的利息更多的利息。

When Do You Need Securities-Based Lending?

People pride themselves on having no debt, but using borrowed money can be better than using your own money in many scenarios. Here are a few examples:

Make Illiquid Investment with Confidence

You have some cash and you’re ready to buy I Bonds for the great interest rate, but you’re concerned about the 12-month lockup. There’s absolutely positively no way to sell I Bonds in the first 12 months, not even when you’re willing to pay a penalty. What if you need the money during that time?Selling other investments triggers capital gains, throws you over income limits, and disqualifies you for this or that.

When you have a standby credit line available, you can go ahead and buy I Bonds with your cash. If nothing comes up in the first 12 months, your I Bonds are liquid now. In case you need the money, you tap the credit line until the lockup is over. You sell I Bonds to repay the loan. Your I Bonds will earn much more interest than the interest you pay on the loan.

停止预留现金

人们经常问“我可以将一笔现金存放在哪里，以供一两年之用？” 答案通常是储蓄账户或 CD，因为时间范围太短。如果你幸运的话，两者现在都支付大约 1%。

当您有备用信用额度可用时，您可以将资金保留在您的多元化投资组合中。当您需要这笔钱时，您的投资组合可能会获得超过 1% 的收益，但如果出现亏损，您可以利用信用额度。当您的投资组合恢复时，您还清贷款。

Stop Parking Cash

People ask quite often “Where can I park a sum of cash for a year or two?” The answer is usually a savings account or a CD because the timeframe is too short. Both pay about 1% right now if you’re lucky.

When you have a standby credit line available, you can keep the money in your diversified portfolio. Chances are you will earn more than 1% in your portfolio by the time you need the money, but if it has a loss, you can tap the credit line. You pay off the loan when your portfolio recovers.

弥合差距

你在买房。在竞争激烈的市场中，使您的购买报价取决于出售您当前的房屋，将使其对卖方没有吸引力。首先出售您当前的房屋并获得回租，这会使您在回租用到期之前出价过高。如果先出售后，出到外面租屋，意味着您必须搬家两次。

当您有可用的备用信用额度时，您可以在闲暇时轻按它来购买新房。你搬家，卖掉你的旧房子，然后偿还贷款。值得以低利率支付一些利息以使其一切顺利。

Bridge a Gap

You’re buying a home. Making your purchase offer contingent on selling your current home will make it unattractive to the seller in a competitive market. Selling your current home first and getting a rent-back makes you overbid to buy before the rent-back runs out. Renting after you sell means you have to move twice.

When you have a standby credit line available, you can tap it to buy the new home at your leisure. You move, sell your old home, and repay the loan. It’s worth paying some interest at a low rate to make it all smooth.

降低赋税

您想出售一些投资以帮助您的女儿买房。今年将它们全部出售将引发大量资本收益，但如果您将收益分成两个日历年，则收益的每一半都将落在 0% 的税率范围内。

所以你卖一半，借一半。你女儿现在回家了。你明年一月卖掉另一半并偿还贷款。节省的税款远高于您支付的利息。

Lower Your Taxes

You want to sell some investments to help your daughter buy a home. Selling them all this year will trigger large capital gains but if you split the gains across two calendar years, each half of the gains will fall in the 0% tax bracket.

So you sell half and borrow half. Your daughter gets the home now. You sell the other half next January and repay the loan. The tax savings are much higher than the interest you pay.

您从哪里获得基于证券的贷款？

你从持有你投资的经纪人那里得到它。如果您当前的经纪人没有以有吸引力的利率提供它，您必须愿意将您的账户转移到一个有优惠的利率。一些银行还通过其私人银行部门提供此类贷款。

您只能通过您的常规应税经纪账户借款。IRA 和其他税收优惠账户不能作为贷款抵押，但经纪人在确定您的利率时可能会在整体关系中考虑它们。

Charles Schwab、TD Ameritrade（现在由 Charles Schwab 拥有）、ETrade 和 Merrill Edge 分别通过其附属银行实体——Charles Schwab 银行、TD 银行、ETrade 银行和美国银行进行。附属银行正式向您在经纪人处持有的应税经纪账户发放贷款。他们的程序都有不同的名称：

Charles Schwab 称其为Pledged Asset Line.

TD Ameritrade 将其称为Collateral Lending Program.

ETrade 称之为 ETrade Line of Credit。

Merrill Edge 称之为Loan Management Account.

Where Do You Get Securities-Based Lending?

You get it from the broker that holds your investments. If your current broker doesn’t offer it at an attractive interest rate, you have to be willing to move your account to one that does. Some banks also offer this type of lending through their private banking departments.

You can only borrow against your regular taxable brokerage account. IRAs and other tax-advantaged accounts can’t be pledged for loans but the broker may consider them in the overall relationship when they determine your interest rate.

Charles Schwab, TD Ameritrade (owned by Charles Schwab now), ETrade, and Merrill Edge do it through their affiliated bank entity — respectively, Charles Schwab Bank, TD Bank, ETrade Bank, and Bank of America. Officially the affiliated bank is making the loan against your taxable brokerage account held at the broker. They all have different names for their programs:

• Charles Schwab calls it Pledged Asset Line.

• TD Ameritrade calls it Collateral Lending Program.

• ETrade calls it ETrade Line of Credit.

• Merrill Edge calls it Loan Management Account.

The Finance Buff : (资讯来原）