real estate: I gave you $100. Can I have it back?
- 11/15/07 11:50 AM
This is all hypothetical, and to prove a point... If I gave you $100 for mowing my lawn, and you return $100 for me mowing your lawn, what is the result? You would imagine that at the end of this transaction, I should have my $100, and should have broken even. But that is not the case. We have not accounted for the taxes we should have withheld. Each time money is transacted, the government gets a cut. So.....if I gave someone $100 bucks (assume it is taxable income), that person would not be able to return $100 bucks to me. Lets just say he … (10 comments)
real estate: Move Out for 2 Years to Take a Loss
- 11/06/07 05:11 AM
Many people have had to sell their homes lately, and often at a loss. I feel for the families who have had to work hard to purchase their only property, only to be forced back into a lifestyle of rent. For those who still own their property, if it appears you must sell it and take a loss, I offer this advice: You cannot claim a loss from the sale of personal residences, but you can deduct losses from rental property sales. If it looks like you are going to be taking a loss on your primary home, consider moving out and renting out … (9 comments)
real estate: Yes We Exist, and You are Invited
- 09/24/07 10:05 AM
Hello everyone, I am the founder of the Real Estate and Taxes Group. Back in July, I wrote this post asking how many ActiveRain community members were interested in being part of a new group for real estate and taxes. I got a good response, and it was clear that there were many members out there like myself who were interested in exchanging ideas about how to save money on real estate and taxes. I am glad to say that our group is alive and thriving. In the last two months, the number of posts and subscribers we have has more … (7 comments)
real estate: Almost Better than A Cadillac
- 09/14/07 06:13 AM
I just bought a new SUV, and I'm quite happy with my purchase. I got a 2008 GMC Yukon Hybrid, and for a better price that I expected (compared to a Yukon Denali, which is what I went to go buy). Getting the dealer to lower the price is another story.
The good news is that this truck can do almost 20 miles per gallon in the city, and about 22 on the freeway, which is decent for a full sized SUV. But that's not the main reason I got it. Because this vehicle weighs over 6,000 pounds and I intend … (8 comments)
The Jobs and Growth Tax Relief Reconciliation Act of 2003 allowed for gain on a sale to be subject to a maximum tax rate of 15 percent (5 percent for individuals in the 10 percent or 15 percent tax bracket). Starting in 2011, these rates are scheduled to return to the previous levels of 20 percent and 10 percent. The only good news is that a 0 percent rate will replace the … (5 comments)
real estate: Join Me and All the Cool Kids... We're Gonna Bring it Back to Life!!!
- 08/01/07 11:35 AM
Hello everyone, my name is Scott Thompson, I am the new founder of the Real Estate and Taxes group. Me and all the cool kids are bringing the group back to life. This group is for you if the answer to any of these questions is yes: 1. Do you own property? 2. Do you pay taxes? 3. Do you want to put more money in your pockets and not Uncle Sam's? All the cool kids own property and pay taxes, but the coolest kids make more money and pay less taxes. That's because the coolest kids know all the in's and out's … (7 comments)
This is all hypothetical, and to prove a point...
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