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Unless you’re offsetting cap gains income you can’t take a capital loss in excess of $3,000, so not sure what you’re expecting from the “big capital business loss”.
I'll have my 2018 form 1040 very soon (from Intuit TurboTax), hopefully in the next week or two.
I made $109K and change from a combined four W2s in 2018 and have a tax break from a pretty big capital business loss from 2017-18. Standard deduction, filing married jointly, still waiting on her W2s in the mail because she doesn't use ADP like I do because she's boring and non-technical.
I'm also going to get all my money back from North Carolina filing that state tax return because I never actually worked in NC. Son of a for that company trying to screw me, a TX resident and employee, over like that.
Last edited by Millennial_Messiah; 01-26-2019 at 06:23 PM.
Unless you’re offsetting cap gains income you can’t take a capital loss in excess of $3,000, so not sure what you’re expecting from the “big capital business loss”.
Correct on the $3,000 from personal capital losses - but if you have losses under an officially registered LLC that is not the case.
I have $3k coming off last year and this year from a bad investment (wholesale deal gone wrong) before I started using an LLC... with the remaining $600 or so to come off the books next year. But when I file business taxes as a sole proprietor, sale of business property gain/taxes counts as personal income for tax purposes. That includes the house where I lost over $30k on counting all the expenses and closing costs.
Talking out of his ass per par.
Let's be honest that 109k is more likely 10,900 across 4 minimum wage jobs.
It sounds like he’s falsely declaring a home that was primarily for personal use as a business asset simply because it’s owned through an LLC.
Thats actually tax evasion but with how much of a mess the IRS is right now it might not get flagged.
Still doesn’t make sense to me because a single member LLC is a disregarded en y for tax purposes, there’s no reason why a capital loss on an asset owned by a single member LLC would be treated any differently than a capital loss suffered by the individual member himself.
It sounds like he’s making up and then having to make up more when he learns that the first had holes in it.
Agreed, and it’s funny to see the levels of self deprication he’ll reach just to keep his story straight. Only a truly remarkable re would have lost 30k on a house in North Dallas, the value of houses in that area have only gone up the last several years
Agreed, and it’s funny to see the levels of self deprication he’ll reach just to keep his story straight. Only a truly remarkable re would have lost 30k on a house in North Dallas, the value of houses in that area have only gone up the last several years
Lol. Agree it’s all bull . But if someone were to up a real estate deal that badly in that market, it would be MM. I’m sure he’ll now make up a convoluted story as to how it went down.Agreed, and it’s funny to see the levels of self deprication he’ll reach just to keep his story straight. Only a truly remarkable re would have lost 30k on a house in North Dallas, the value of houses in that area have only gone up the last several years
rofl not even m>s could make up a more convoluted life story than Millenial Messiah
LMAO this clown has taken the "fake internet life" crown from from Koolaid
lol where have you been hiding?
Just did my taxes and I under withhheld by 20k. That hurts.
You're correct that if it was as per your description/used for personal residential use that TurboTax would not count it as a deduction (regardless if it's in your name, someone else's name or an LLC or any other en y). It gives the phrase "sorry, but this loss on the sale of a house you lived in is not deductible" -- this was the exact message I got based on the $10K or so loss on the sale of the house I lived in until selling it this past spring. You're right on that.
What I'm talking about is on a business property that is NOT for residential/personal use, could be a fix-flip, rental, land, or another type of property, as long as it's a long-term (>1 year from buy to close) investment that the filer/investor never actually lived in or planned to live in, it is deductible. Intuit, ADP and the IRS work closely together and the specific algorithms on TurboTax make it virtually impossible to accidentally commit tax fraud. And even intentional tax fraud (i.e. fudging numbers on tax forms) 99.9% of the time gets blocked by their system and they make you fix it (for free) before you resend the 1040. Last year, I made an accidental mistake on a number (actually a fairly irrelevant one) and I got the email "IRS form rejected" because the system bounces that the information is not per IRS records given your SSN/DOB on file and make you fix it before they will process it. So if you file with Intuit you'd have to really try hard to commit tax fraud or evasion.
Also, the business property house was not in North Dallas... or anywhere in Texas for that matter. The house I lived in was, and you're 100% right that it was not deductible. The loss on the OOS business property came from me wiring a ty contractor roughly $30k and he took it and stopped contacting me. [Since there's a wire, there's an easy receipt if the system wants me to prove the loss.] Bad mistake on my part, but now I know better.
Last edited by Millennial_Messiah; 01-27-2019 at 02:39 PM.
I actually think it's better to under withhold than over. Yes you pay taxes due, but you can do it online now which is live-saving, but the big thing is it's interest free as long as you pay by April 15th or less. You basically got an interest free loan from the IRS last year. Also, if you're married, you never want to over-withhold because then she'll want half your refund even if she didn't make even 1/4 as much money as you did... bull .
That wouldn't be a capital loss from the sale of property then, it'd be a casualty/theft loss, which is indeed tax deductible.
Either way you do it. According to my OOS realtor who ended up getting a guy to buy that house after I finally got it fixed nice (he has 20 years experience) it can still qualify as a construction cost. His wife is a managerial CPA and he offered cheap help there if I ever needed it in the future. It would be a lot tougher if I had paid him cash or personal check or Venmo or something like that, but since there is a wire it's all good. (Still bad that I lost that money... but I did call the Columbus police department at the time I found out he took it and ran, so there are records.)
As I promised everyone I will post my full 2018 tax return to prove to everyone on here that I'm not lying about my life. Just like I posted my grades back in 10th and 11th grade when I was using the gui ude27 handle.
[I'll black out the personally indentifiable info, of course.]
I think if you just quit posting, everyone would be satisfied.
Not gonna happen, I'm a reg & here to stay, until many millennia after the deaths of your great-grandchildren.
But here's the thing... nobody gives a . You're constantly posting about your personal life, real or not, using this board as your own personal diary, desperately seeking attention. That's why people get annoyed, you flip every topic around and make it about you.
paying taxes is for pussies and assholes
remember when splits posted his w2?
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