TOAK The thread of all knowledge VII
#2911
10-02-2016, 06:41 PM
Not paying taxes against future earnings is often a good thing. Where is Craig?
#2913
10-02-2016, 07:11 PM
Join Date: Jul 2008
Location: On a hill among the hills, PA
Posts: 112,202
Received 1,313 Likes
on
1,028 Posts
#2914
10-02-2016, 07:14 PM
Join Date: Jul 2008
Location: On a hill among the hills, PA
Posts: 112,202
Received 1,313 Likes
on
1,028 Posts
#2915
10-02-2016, 07:15 PM
Join Date: Jul 2008
Location: On a hill among the hills, PA
Posts: 112,202
Received 1,313 Likes
on
1,028 Posts
#2916
10-02-2016, 07:16 PM
#2917
10-02-2016, 07:16 PM
Big Kahuna HDF Member
Here's another story. Have a small part time business with my brother. Sold a trailerload of goods to a company for $40,000 cost me $25,000. Company never pays and declares bankruptcy. I take a $25,000 loss write off for my costs, because I paid my supplier for the goods.So I not only lose my $25,000 but my profit of $15,000 which was not deductible. Here's the worst part....I get a letter from the bankrupt company lawyer demanding $17,000 that they paid me for a different order two months before they declared bankruptcy. Seems the law allows them to collect any money paid to them in the three months prior to bankruptcy!!!!
#2918
10-02-2016, 07:18 PM
Join Date: Jul 2008
Location: On a hill among the hills, PA
Posts: 112,202
Received 1,313 Likes
on
1,028 Posts
The evidence is there... I haven't watched forensic files but I know it is there!
#2919
10-02-2016, 07:19 PM
Join Date: Jul 2008
Location: On a hill among the hills, PA
Posts: 112,202
Received 1,313 Likes
on
1,028 Posts
A couple different business, one real estate involved, one not. Depreciation, tax credit , I'm sure was involved, so were actual losses. Had my accountant try to explain this stuff to me and I got starry eyed.....Told him, " I won't try to explain how I'd build your house to you and you don't try to explain how you do my taxes to me"....Not sure, but...if I depreciate a property over x years to the point of 0, then if I sell it my basis is 0 and it all becomes profit and taxable....don't quote me.
Here's another story. Have a small part time business with my brother. Sold a trailerload of goods to a company for $40,000 cost me $25,000. Company never pays and declares bankruptcy. I take a $25,000 loss write off for my costs, because I paid my supplier for the goods.So I not only lose my $25,000 but my profit of $15,000 which was not deductible. Here's the worst part....I get a letter from the bankrupt company lawyer demanding $17,000 that they paid me for a different order two months before they declared bankruptcy. Seems the law allows them to collect any money paid to them in the three months prior to bankruptcy!!!!
Here's another story. Have a small part time business with my brother. Sold a trailerload of goods to a company for $40,000 cost me $25,000. Company never pays and declares bankruptcy. I take a $25,000 loss write off for my costs, because I paid my supplier for the goods.So I not only lose my $25,000 but my profit of $15,000 which was not deductible. Here's the worst part....I get a letter from the bankrupt company lawyer demanding $17,000 that they paid me for a different order two months before they declared bankruptcy. Seems the law allows them to collect any money paid to them in the three months prior to bankruptcy!!!!
#2920
10-02-2016, 07:19 PM
Seasoned HDF Member