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Old 02-08-2008, 09:09 AM   #1
jugernot
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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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Old 02-08-2008, 09:16 AM   #2
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Re: The Tax Man Is Going To Get Me!!!!!!!!

Ouch thats no good.
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Old 02-08-2008, 10:03 AM   #3
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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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Old 02-08-2008, 10:05 AM   #4
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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.
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Old 02-08-2008, 12:04 PM   #5
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Re: The Tax Man Is Going To Get Me!!!!!!!!

Uncle Sam gets it all....
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Old 02-08-2008, 02:58 PM   #6
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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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Old 02-08-2008, 06:09 PM   #7
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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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Old 02-08-2008, 09:53 PM   #8
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Re: The Tax Man Is Going To Get Me!!!!!!!!

Quote:
Originally Posted by full foot notch View Post
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.
that's what i was thinking.
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Old 02-09-2008, 03:40 AM   #9
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Re: The Tax Man Is Going To Get Me!!!!!!!!

Quote:
Originally Posted by BillGent View Post
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.
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Old 02-09-2008, 04:05 AM   #10
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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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Old 02-09-2008, 09:42 AM   #11
piecesparts
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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.
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Old 02-09-2008, 03:26 PM   #12
full foot notch
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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.
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Old 02-11-2008, 01:06 AM   #13
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Re: The Tax Man Is Going To Get Me!!!!!!!!

Quote:
Originally Posted by full foot notch View Post
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.

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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