Any ideas on how to UNTAX $300,000? - GoFuckYourself.com - Adult Webmaster Forum

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Mr. Marks

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#1

Any ideas on how to UNTAX $300,000?

11-12-2004, 08:16 PM

Need to minimize taxes on $300K 'windfall'-- any tax-deferred way to minimize tax loss? Or maybe setup a trust system to slowly withdraw and leave a 'loss' shell?

Must be completely legal.

Any tips would be appreciated.

DAMN YOU, EBAY!
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detoxed

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#2

11-12-2004, 08:18 PM

Invest it all so its a deduction.
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ricks

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#3

11-12-2004, 08:19 PM

what do you mean?

you sold something on ebay and made $300k off the deal?

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ricks

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11-12-2004, 08:20 PM

Originally posted by detoxed
Invest it all so its a deduction.

hmmm, investments arent deductable in the us, certain investments can be capitalized though

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WiredGuy

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11-12-2004, 08:25 PM

I would think this also depends on how you'd be acquiring the 300k. Like if its income, inheritence, capital gains, etc...

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Mr. Marks

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#6

11-12-2004, 08:26 PM

Originally posted by ricks
hmmm, investments arent deductable in the us, certain investments can be capitalized though

Yep. I guess the guy meant "investment or business losses" -- I've already been told that one way to UNTAX 300K legally is to buy a company with LOSS CREDITS exceeding your tax liability. The problem with this is there's some sort of deadline/timing issue.
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warlock5

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#7

11-12-2004, 08:29 PM

Find a good *tax* accountant/lawyer right now.
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ricks

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#8

11-12-2004, 08:54 PM

Originally posted by papichulo
Yep. I guess the guy meant "investment or business losses" -- I've already been told that one way to UNTAX 300K legally is to buy a company with LOSS CREDITS exceeding your tax liability. The problem with this is there's some sort of deadline/timing issue.

well you could do that, you can normally buy tax losses cheap but its a strategy you can only do once really and it is challengeable by the irs, you would generally only be able to buy a tax loss of a business that is *similar* to yours, like in the same sector or related, it has to make sense and be reasonable

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pornguy

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#9

11-12-2004, 08:59 PM

there is a million things you can do:

credits to your employees
loss for fire
expenses for job-related move
invest on an IRA (there is a maximum per year)
marry a woman with a bunch of kids (with a prenup of course) and claim her and the kids as dependents.
bribe someone at the local GoodWill... Get receipts for "donations"... Claim donations... get big ass credit

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ricks

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#10

11-12-2004, 09:03 PM

Originally posted by pornguy
there is a million things you can do:

credits to your employees
loss for fire
expenses for job-related move
invest on an IRA (there is a maximum per year)
marry a woman with a bunch of kids (with a prenup of course) and claim her and the kids as dependents.
bribe someone at the local GoodWill... Get receipts for "donations"... Claim donations... get big ass credit

this is really bad advice

its tough to speculate not knowing the full situation, you are best to go see a tax accountant

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