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Typical El Presidente Random Thoughts type stuff

Postby lugnutz » Thu Jan 06, 2011 8:47 am

MCA wrote:lug shut the fuck up.



Thanks for your council.



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Postby MCA » Thu Jan 06, 2011 9:34 am

I mean the guy is asking for legitimate advice and you're telling stories from the mid-90's.
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Postby lugnutz » Thu Jan 06, 2011 9:45 am

I asked if tenants could still deduct rent from their taxes in Mass like they could back then. It was hardly a story.

Why search for stuff to give me shit about? Sooner or later I'll post a legitimation statement you can take issue with. Then you can fill your quota of cunt like bitching comments.
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Postby Giggles » Thu Jan 06, 2011 9:53 am

rearadmiral wrote:As for regular deposits, it has to be 10K or more for them to have to tell the IRS.


Remember on the Sopranos when Carmella was depositing $9,900 all over the place?

That's all I got.
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Postby lugnutz » Thu Jan 06, 2011 10:09 am

Keep in mind that an 8300 must be filled out on you if you total more than 10K in multiple transactions in a 12 month period at one place.
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Postby Sim » Thu Jan 06, 2011 10:28 am

lugnutz wrote:Sooner or later I'll post a legitimation statement


Kid is awesome. Who else could come up with shit like this?
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Postby lugnutz » Thu Jan 06, 2011 10:35 am

um....my guess is anyone with a screwy spell check who doesn't give a fuck enough to proof read his posts to avoid giving you knuckle heads a sense of purpose.
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Postby K-G » Thu Jan 06, 2011 11:04 am

Will send you a PM later Ed but it'll mostly depend on how likely you are to be audited based on all your other items on your return. If you're at a low risk for audit, I wouldn't be too concerned about it.

And if you were to claim it, you're able to offset the income with rental expenses and I would think you and your accountant would be able to come up with enough of those to offset most of the income. So that's another option.

Also what address do you use on your return?
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Postby TeeDub » Thu Jan 06, 2011 11:33 am

the H&R Block commercial with the pink bunny as the wrecking ball makes me laugh every time.
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Postby Jackie Treehorn » Thu Jan 06, 2011 11:43 am

K-G wrote:Will send you a PM later Ed but it'll mostly depend on how likely you are to be audited based on all your other items on your return. If you're at a low risk for audit, I wouldn't be too concerned about it.


I'm not a tax expert by any means but this is what I was going to say.

If you don't have another address other than a PO Box and the utilities are all in your name, you're probably fine.
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Postby Mk » Thu Jan 06, 2011 12:04 pm

I'd guess 12k in annual income no matter what it's for would raise a red flag.

Would you get caught for working under the table on a side job for 12k per year? Does the IRS care where that money comes from? It's still income.


<<<Also no accountant.

K-G check your pm's.
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Postby K-G » Thu Jan 06, 2011 12:37 pm

M-k check your PMs.

And yeah of course the IRS would care about the money, if they knew about it. But in Ed's situation, I can't see any way that they would unless they come in to audit him for something else and start looking at his funds more closely.

As for what someone mentioned about the deduction the tenant can take on the MA return, yeah that's true but the state isn't sitting there matching up all the rent expense and income throughout the state.
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Postby MCA » Thu Jan 06, 2011 12:43 pm

Hey tax guys....mix in a little FAQ on whether you're low or high risk for audit.

Thanks.
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Postby K-G » Thu Jan 06, 2011 12:50 pm

Hey MCA....mix in a google search, lugnutz style.

Just kidding but here you go http://www.wwwebtax.com/audits/audit_avoiding.htm

If you use any of the tax software, it'll give you a risk rating upon completing the information too.
lugnutz wrote:See as I have explained before I never had to take English in high school or college....others did it for me. So I my writing skills are lacking.
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Postby ed » Thu Jan 06, 2011 10:47 pm

K-G wrote:Will send you a PM later Ed but it'll mostly depend on how likely you are to be audited based on all your other items on your return. If you're at a low risk for audit, I wouldn't be too concerned about it.

And if you were to claim it, you're able to offset the income with rental expenses and I would think you and your accountant would be able to come up with enough of those to offset most of the income. So that's another option.

Also what address do you use on your return?


my return is very basic. i drive a beer truck for a large company during the week, and i tend bar on the weekends. i punch a clock, and get paid by the hour. i make no tax claims for expenses or anything like that for work, except at the bar, where i claim my tips. i claim 0 and get all my shit withdrawn for my full time job, then i get my 2-4 grand refund every year like clockwork.

i don't ever pull any shenanigans with my taxes for the simple fact that i basically can't. it is all pretty much black and white.

my tax returns are addressed to my p.o. box as well.

i do have another question...

whatever i decide to to about this, will my decision effect any near future house purchases or refinances?

like if i claim a renter, will the bank look at my tax returns, and consider me a more viable candidate for a loan because i claim more income from an investment property as opposed to not claiming, or does this have no bearing?

thanks for your input k-g (and others)
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