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byoder

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About byoder

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  1. Gotcha. My understanding is that it has to be a similar type of investment/property. I've seen people get into some gray areas with the definition of "like-kind" but I don't think an IRA would qualify. I'm sure BobbyLayne would know better than I do, though.
  2. The OP made it sound like the property was already sold. Can you do a 1031 exchange after the property has already been sold or does the process need to be setup before selling the property?
  3. You pay tax on the gain. So it will be your sales price less any selling costs and the basis of the property. Your basis is basically what you paid for the property less any depreciation that was deducted plus any capital improvements (if you deducted these as repairs, maintenance, etc then you cannot add them into your basis). If you use some kind of tax software to prepare your return it should walk you through the process.
  4. Employers aren't required to file W2s until the end of March but the IRS starts accepting tax returns in February. They take advantage of the time in between by filing tax returns with fake wage/withholding information since there is about a 2 month period where the IRS has nothing to check the tax return against. The IRS will eventually catch it once the W2s get filed but by that time the refund has already been issued and deposited to the scammer's bank account which has been emptied and closed by that point. Seems like a simple solution here. Don't send refund checks till W2s line up. Seems simple enough but tell that to all the people filing their taxes in February who want their refund check ASAP. They aren't going to be very happy if they have to wait until late March to get their money.
  5. Employers aren't required to file W2s until the end of March but the IRS starts accepting tax returns in February. They take advantage of the time in between by filing tax returns with fake wage/withholding information since there is about a 2 month period where the IRS has nothing to check the tax return against. The IRS will eventually catch it once the W2s get filed but by that time the refund has already been issued and deposited to the scammer's bank account which has been emptied and closed by that point.
  6. Any idea what the income limit would be to be able to deduct losses? Using the rental as a tax write off is one of the main reasons I wanted to go that route.Ask you CPA or tax preparer...once you hit the AMT it is a sliding scale. I make good money (1xx,xxx) and have not had much in the way of deductions for a while. If you set up an LLC you will have to file a seperate tax return that will result in your recieving a K1. This is an added expense but well worth the peace of mind from a liability perspective.If he goes with a single-member LLC then he doesn't have to file a seperate return so there wouldn't be much added expense if he goes that route.