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

Mr. Marks · 11-12-2004, 10:16 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!

detoxed · 11-12-2004, 10:18 PM

Invest it all so its a deduction.

ricks · 11-12-2004, 10:19 PM

what do you mean?

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

ricks · 11-12-2004, 10:20 PM

Quote:

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

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

WiredGuy · 11-12-2004, 10:25 PM

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

WG

Mr. Marks · 11-12-2004, 10:26 PM

Quote:

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.

warlock5 · 11-12-2004, 10:29 PM

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

ricks · 11-12-2004, 10:54 PM

Quote:

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

pornguy · 11-12-2004, 10:59 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

ricks · 11-12-2004, 11:03 PM

Quote:

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

11-12-2004, 10:16 PM	#1
Mr. Marks Confirmed User Join Date: Jun 2001 Location: Wherever I want Posts: 7,517	Any ideas on how to UNTAX $300,000? 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!

11-12-2004, 10:25 PM	#5
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,488	I would think this also depends on how you'd be acquiring the 300k. Like if its income, inheritence, capital gains, etc... WG __________________ I play with Google.

11-12-2004, 10:59 PM	#9
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	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 __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

11-12-2004, 10:18 PM	#2
detoxed vip member Join Date: Jan 2003 Posts: 17,798	Invest it all so its a deduction.

11-12-2004, 10:19 PM	#3
ricks Confirmed User Join Date: Oct 2004 Posts: 924	what do you mean? you sold something on ebay and made $300k off the deal?

11-12-2004, 10:29 PM	#7
warlock5 Confirmed User Join Date: Jan 2004 Location: Uranus Posts: 2,808	Find a good tax accountant/lawyer right now.