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Search: Posts Made By: Trollin4Tuna
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Forum: Dockside Chat
01-31-2020, 06:51 AM
Replies: 40
Views: 1,458
Posted By Trollin4Tuna

Allowed or allowable is the key here. IRS doesn't...

Allowed or allowable is the key here. IRS doesn't care if you actually took it. There is a fix available if someone doesn't take the correct depreciation or none at all.
Forum: Dockside Chat
01-31-2020, 06:48 AM
Replies: 40
Views: 1,458
Posted By Trollin4Tuna

Amount owed is irrelevant. If he owned the...

Amount owed is irrelevant.

If he owned the house for 13 years and 90% of the purchase price is the building, then he would have about $90k-95K in depreciation that he should have taken. So that...
Forum: Dockside Chat
01-31-2020, 06:02 AM
Replies: 40
Views: 1,458
Posted By Trollin4Tuna

Correct except for the recapture is 1250 and not...

Correct except for the recapture is 1250 and not ordinary. Max 25% rate.
Forum: Dockside Chat
01-08-2020, 10:51 AM
Replies: 71
Views: 2,387
Posted By Trollin4Tuna

Im sure I could do pretty good on college...

Im sure I could do pretty good on college accounting classes but no way I could pass the CPA exam again. I specialize in tax and that is a small part of the exam.
Forum: Dockside Chat
12-30-2019, 12:41 PM
Replies: 10
Views: 1,015
Posted By Trollin4Tuna

It's very much possible and has been like this...

It's very much possible and has been like this for as long as I can remember. It confuses a lot of people when they first see a decent amount of income but no tax.

Good planning opportunity.
Forum: Dockside Chat
12-23-2019, 12:45 PM
Replies: 8
Views: 449
Posted By Trollin4Tuna

I've had a few clients do 1031s with these...

I've had a few clients do 1031s with these things. They can be a pain to report when you do the 1031 exchange since you may be going from one rental into a bunch more depending on how many DSTs you...
Forum: Dockside Chat
12-21-2019, 07:11 AM
Replies: 47
Views: 2,608
Posted By Trollin4Tuna

I use clippers with detachable heads. 00000 size...

I use clippers with detachable heads. 00000 size blade. That is 1/125". Works well and those blades last forever. Andis Ceramic Edge.
Forum: Dockside Chat
12-04-2019, 09:28 AM
Replies: 53
Views: 2,179
Posted By Trollin4Tuna

Worked for a company that did that as well. Month...

Worked for a company that did that as well. Month before the bonus came out I would change my withholdings to single/0 so my check would be as large as possible since they told us the net. I'd change...
Forum: Dockside Chat
12-02-2019, 09:24 AM
Replies: 83
Views: 5,600
Posted By Trollin4Tuna

Have you all discussed how and what exactly is...

Have you all discussed how and what exactly is taking over the business? How are you going to get equity?
Forum: Dockside Chat
11-20-2019, 01:13 PM
Replies: 14
Views: 937
Posted By Trollin4Tuna

Assets put into a corporation (or LLC taxed as a...

Assets put into a corporation (or LLC taxed as a Corp) go in at basis and come out at FMV. Can create large tax consequences down the road.
Forum: Dockside Chat
11-11-2019, 10:09 AM
Replies: 91
Views: 7,192
Posted By Trollin4Tuna

If you wanted to surf, how about skateboarding?...

If you wanted to surf, how about skateboarding? It is a lot of fun, especially bowls and halfpipes. There is a steep, painful learning curve though.
Forum: Dockside Chat
10-30-2019, 05:40 AM
Replies: 39
Views: 2,323
Posted By Trollin4Tuna

Doubt there would be any gift tax involved. Gift...

Doubt there would be any gift tax involved. Gift tax return and use of $5,000 of the exemption? Yes.
Forum: Dockside Chat
10-20-2019, 02:19 PM
Replies: 163
Views: 10,383
Posted By Trollin4Tuna

Ready for Modern Warfare this Friday!! Never...

Ready for Modern Warfare this Friday!! Never played the mobile games. Not a big fan of mobile games but I might give it a shot.
Forum: Dockside Chat
10-15-2019, 01:39 PM
Replies: 13
Views: 767
Posted By Trollin4Tuna

A trust can be a beneficiary but it is kind of a...

A trust can be a beneficiary but it is kind of a pain when it comes to RMDs and other things.
Forum: Dockside Chat
09-24-2019, 03:53 PM
Replies: 73
Views: 5,175
Posted By Trollin4Tuna

I just switched from Verizon to Xfinity Mobile....

I just switched from Verizon to Xfinity Mobile. Main reason was Unlimited Talk, text and Data for $45/mo. Data is throttled after 22GB/mo. Also...they are giving you a $250 gift card for new iPhone...
Forum: Dockside Chat
09-20-2019, 06:30 PM
Replies: 65
Views: 7,032
Posted By Trollin4Tuna

Was that done by Icon? Looks awesome!

Was that done by Icon? Looks awesome!
Forum: Dockside Chat
08-28-2019, 02:35 PM
Replies: 35
Views: 1,637
Posted By Trollin4Tuna

You shouldn't have to cooperate at all. That is...

You shouldn't have to cooperate at all. That is the job of the qualified intermediary that will take the funds from the sale of their property to and then transfer to you when you close. Since a 1031...
Forum: Dockside Chat
08-04-2019, 06:14 PM
Replies: 50
Views: 4,402
Posted By Trollin4Tuna

Do you want mass shootings of people at...

Do you want mass shootings of people at festivals, stores, schools and other locations to get as prevalent as a shooting in Chicago so they arent reported on as much?
Forum: Dockside Chat
07-24-2019, 03:52 AM
Replies: 32
Views: 2,032
Posted By Trollin4Tuna

Very valid question. Normally our power grid is...

Very valid question. Normally our power grid is great but since this is a boating website, a lot of us live on the coast which is hurricane prone. When these storms hit, power can be down for days or...
Forum: Dockside Chat
07-12-2019, 01:16 PM
Replies: 30
Views: 2,351
Posted By Trollin4Tuna

One of my favorite bands. Almost every song on...

One of my favorite bands. Almost every song on their albums is great.
Forum: Dockside Chat
07-02-2019, 01:10 PM
Replies: 52
Views: 2,855
Posted By Trollin4Tuna

It isn't. Also, the interest you paid in (after...

It isn't. Also, the interest you paid in (after tax) is taxed again when you withdraw it. Double taxed.
Forum: Dockside Chat
07-02-2019, 06:30 AM
Replies: 52
Views: 2,855
Posted By Trollin4Tuna

Also, that 3.5% interest you have been paying...

Also, that 3.5% interest you have been paying yourself cost you more than the 3.5% since you are paying yourself back with after tax dollars.
Forum: Dockside Chat
07-01-2019, 12:13 PM
Replies: 23
Views: 1,365
Posted By Trollin4Tuna

I'm surprised on the disallowance of the mileage....

I'm surprised on the disallowance of the mileage. If it was from your place of business to the jobsite, then I don't know why they wouldn't allow it. Especially with the mileage logs. Not sure what...
Forum: Dockside Chat
06-24-2019, 06:03 AM
Replies: 5
Views: 382
Posted By Trollin4Tuna

I have the mower, blower and hedge cutter. Been...

I have the mower, blower and hedge cutter. Been happy with all of them. I wish I had the power head that you can put a weed eater or edger on. That looks sweet. Battery wouldn't cahrge last year and...
Forum: Dockside Chat
06-19-2019, 06:16 AM
Replies: 86
Views: 9,414
Posted By Trollin4Tuna

Terrifying that they unleashed the weapon of mass...

Terrifying that they unleashed the weapon of mass destruction that was Caddyshack 2. Buncha funzanoons!
Showing results 1 to 25 of 500
 


 
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