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02-08-2008, 09:09 AM | #1 |
Life, Be In It.....
Join Date: Oct 2003
Location: Novato, California
Posts: 1,498
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The Tax Man Is Going To Get Me!!!!!!!!
Last year I sold my interest in a property that I owned with a family member and made a nice profit, which I used as down payment on my new house. Yesterday we went to our tax guy and he said we will probably have to pay Uncle Sam a couple thousand $$$$$. OUCH..... Looks like I will have to continue to work 60-70 hours a week for a while.
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Project Name: LEMON DROP. Reconstruction started "December 2000". Projected completion date "Who knows" http://67-72chevytrucks.com/vboard/s...d.php?t=200082 |
02-08-2008, 09:16 AM | #2 |
Chevys Kick A$$
Join Date: Jan 2005
Location: Zootown, MT
Posts: 12,699
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Re: The Tax Man Is Going To Get Me!!!!!!!!
Ouch thats no good.
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*HOODS is what I answer too* -'79, '77, '88 Pickup Sold, '85 Camaro, '83 T/A, '81,'83,'90 K5 Blazer All Sold -'79 3/4 ton "Big Yellow Bananna" Lifted 4spd. 39.5 TSL Swampers, The money Pit -'86 K5 Blazer Silverado 6.2 4" lift 35"s -'95 Ext. Cab Shorty 4" Tuff Country rolling 35" M/T's -'83 Monte Carlo T-Tops. 126,500 Original Miles -LATER I would rather push a Chevy then drive a ford!!
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02-08-2008, 10:03 AM | #3 |
State of Confusion!
Join Date: Jul 2002
Location: Gulfport, MS USA
Posts: 46,665
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Re: The Tax Man Is Going To Get Me!!!!!!!!
That why I am married to my accountant.
Good luck with it. Hopefully it's not as much hurt as you are anticipating.
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Bill 1970 Chevy Custom/10 LWB Fleetside 2010 Toyota Tacoma PreRunner SR5 Double Cab - DD Member of Louisiana Classic Truck Club (LCTC) Bill's Gallery Life isn't tied with a bow, but it's still a gift. Live simply. Love generously. Care deeply. Speak kindly. Leave the rest to God! Last edited by Palf70Step; 02-08-2008 at 10:03 AM. |
02-08-2008, 10:05 AM | #4 |
Pretty But Evil Doggy Woggy.
Join Date: May 2003
Location: Ft Worth
Posts: 6,303
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Re: The Tax Man Is Going To Get Me!!!!!!!!
I Don't even have to file this year. Havent worked in a year and a half. I hate it but have no choice.
Wish you could find some tax break somewhere. |
02-09-2008, 03:40 AM | #5 |
Senior Member
Join Date: Jul 2005
Location: MISSOURI
Posts: 3,256
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Re: The Tax Man Is Going To Get Me!!!!!!!!
Great looking Avatar.......Is that Mr. T?
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The biggest problem people have, is other people Thou shalt be cool and not hassle Be a site supporter. The heart of the wise inclines to the right, but the heart of the fool inclines to the left." Ecclesiastes 10:2 |
02-08-2008, 12:04 PM | #6 |
Tot Roddin'
Join Date: Apr 2005
Location: Mid-MO
Posts: 24,461
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Re: The Tax Man Is Going To Get Me!!!!!!!!
Uncle Sam gets it all....
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-Nate 1969 CST SWB - Project Blank Slate (4.5/6" ECE Static Drop, 6-lug disc brake upgrade (manual), Billet Specialties Vintec 20x8.5 255/40 (F) 20x10 295/40 (R), 250 I-6) 1960 AMF Skylark - Tot Roddin' (Lowered with custom frame; soon to include custom push bar and interior) 2008 Silverado CrewCab 1LT (5.3L, 3:73, 4x4, LT1, Z-71, Towing Package) |
02-08-2008, 02:58 PM | #7 |
Registered User
Join Date: May 2007
Location: Moore, Oklahoma
Posts: 2,396
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Re: The Tax Man Is Going To Get Me!!!!!!!!
Property in your area is sky high --- your lucky to skate by with only a couple thou in tax liability----
But boy how i love the Marin headlands and the coastline through there. Is Novato in Marin, or is it just outside? I remember it being in beteen San Rafael and Santa Rosa (its been about a year -- i spent several months in Pleasonton and worked the SF bay Area as an insurance adjuster--- fell in love with the place)
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Are you retired too? Nonsense! I'm in my prime |
02-08-2008, 06:09 PM | #8 |
Registered User
Join Date: Apr 2003
Location: Central florida
Posts: 3,223
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Re: The Tax Man Is Going To Get Me!!!!!!!!
do i dare ask how much of a profit you made? from what i remember or at least here in FL, with the capitol gains tax, from the sale of a property, if you invest the money from one piece of property into the other and hold the property for more than a year it drops the taxed bracked from 18% of the capitol gains down to 13% of the capitol gains.
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02-08-2008, 09:53 PM | #9 | |
blood type; Retumbo
Join Date: Jan 2004
Location: next to my reloading bench
Posts: 10,269
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Re: The Tax Man Is Going To Get Me!!!!!!!!
Quote:
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02-09-2008, 04:05 AM | #10 |
Registered User
Join Date: Dec 2006
Location: Wesley Chapel, Florida
Posts: 1,113
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Re: The Tax Man Is Going To Get Me!!!!!!!!
Kind of too late, but if you had that property in a self directed IRA or had a trustee transfer the proceeds of the sale to a property in a self directed IRA you wouldn't have to pay that tax until you sold again.
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2004 Chevy Silverado 1500LS SWB 5.3L 2004 Corvette Z16 #770 Wish I had not sold 72 blazer |
02-09-2008, 09:42 AM | #11 |
Parts and more parts
Join Date: Nov 2003
Location: Lebo, Kansas (middle of nowhere
Posts: 6,821
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Re: The Tax Man Is Going To Get Me!!!!!!!!
I agree with the discussion from 68C15. You reinvested the money back into your property, that is a GOOD thing. That should soften the taxes on your income from the sale of the other property.
Last edited by piecesparts; 02-09-2008 at 09:42 AM. |
02-09-2008, 03:26 PM | #12 |
Registered User
Join Date: Apr 2003
Location: Central florida
Posts: 3,223
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Re: The Tax Man Is Going To Get Me!!!!!!!!
talkin about the one i posted right above him?
another trick around here when it comes to housing and property over a million is that people are putting the housing/property into a corperation, selling the corp, and then the new buyer disolving the corp and retaining the property, bypassing some of the taxes and fees associated with housing and land sales. |
02-11-2008, 01:06 AM | #13 | |
Parts and more parts
Join Date: Nov 2003
Location: Lebo, Kansas (middle of nowhere
Posts: 6,821
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Re: The Tax Man Is Going To Get Me!!!!!!!!
Quote:
Why didn't I think about that. Shucks, now I will have to wait until next year to get around my property taxes. I wonder if they will also stamp my parking ticket at the courthouse? |
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