|
|
|
|
|
#1
02-04-2012, 05:26 PM
|
||||
|
||||
|
Mr 102% (No, not Craig)
Gent says he's having to pay 102% of his TAXABLE income between federal, state, and local taxes -
At 102%, His Tax Rate Takes the Cake - Yahoo! Finance
__________________
Just say "NO" to Ethanol - Drive Diesel Mitchell Oates Mooresville, NC '87 300D 212K miles '87 300D 151K miles - R.I.P. 12/08 '05 Jeep Liberty CRD 67K miles Grumpy Old Diesel Owners Club 
|
|
#2
02-04-2012, 08:59 PM
|
||||
|
||||
|
There was a guy living in the local town near here. He had 3 children to his ex wife & 1 to each of 2 mistresses. His child support payments & tax was more than 100% of his income. He couldnt afford to work. ~ should have kept it in his pants or followed Clinton's example !!
__________________
Grumpy Old Diesel Owners Club group I no longer question authority, I annoy authority. More effect, less effort....  1967 230-6 auto parts car. rust bucket. 1980 300D now parts car 800k miles 1984 300D 500k miles  1987 250td 160k miles English import  2001 jeep turbo diesel 130k miles  1998 jeep tdi ~ followed me home. Needs a turbo. 1968 Ford F750 truck. 6-354 diesel conversion. Other toys ~J.D.,Cat & GM ~ mainly earth moving
|
|
#3
02-04-2012, 09:27 PM
|
|||
|
|||
|
"That means Mr. Ross can’t deduct any interest expense on the money he borrows to finance his real estate investments, which is substantial, nor can he deduct any other expenses or other itemized deductions except for part of his charitable contributions."
Uhhhhh, what? Shouldn't that be deducted as a business expense or in the name of an LLC?
|
|
#4
02-04-2012, 09:35 PM
|
||||
|
||||
|
Quote:
 
__________________
For the Saved, this world is the worst it will ever get. For the unSaved, this world is the best it will ever get.
|
|
#5
02-04-2012, 10:05 PM
|
||||
|
||||
|
I never heard of such nonsense, he needs to fire his accountant.
Clearly he has the wrong organizational structure.
__________________
2006 CL500 2009 C300 4matic 1969 280SE 2023 Ram 1500 2007 Tiara 3200
|
|
#6
02-05-2012, 12:04 AM
|
||||
|
||||
|
Guy's getting REAL bad advice.
__________________
You're a daisy if you do. __________________________________ 84 Euro 240D 4spd. 220.5k sold  04 Honda Element AWD 1985 F150 XLT 4x4, 351W with 270k miles, hay hauler 1997 Suzuki Sidekick 4x4 1993 Toyota 4wd Pickup 226K and counting
|
|
#7
02-05-2012, 12:20 AM
|
||||
|
||||
|
Quote:
 Sounds like the guy who wrote the article - supposedly a business/financial columnist - from his self-confessed tax rate, isn't exactly the sharpest tack in the box either.
__________________
Just say "NO" to Ethanol - Drive Diesel Mitchell Oates Mooresville, NC '87 300D 212K miles '87 300D 151K miles - R.I.P. 12/08 '05 Jeep Liberty CRD 67K miles Grumpy Old Diesel Owners Club
|
|
#8
02-05-2012, 12:03 PM
|
||||
|
||||
|
The article is somewhat jumbled, written by a lay person who can't explain Ross' situation clearly.
My take is the guy is getting hammered by 3 different code sections 1. PAL rules. Sec. 469 limits deductions from passive activities ( real estate rental) to passive income. Regardless of form of ownership (ind, LP, LLP, LLC) 2. Investment interest expense is limited to investment income. (Interest, dividends, capital gains). He had no carried interest and no capital gains so any investment interest expense is bottled up until he gets some. 3. The AMT is taking away his deductions for state & local taxes. My guess is the guy is highly leveraged in real estate investments and can't get any tax relief currently from his losses. Bad tax advice likely not to blame for this. And Robert Willins is a tax expert.
|
 |
| Bookmarks |
|
|
Linear Mode
