LawTalkers - Where the Kids Come to Mouth Off

Originally posted by ltl/fb
ETA and consider yourself lucky to be HAVING capital gains instead of just barely being able to get enough to pay off your outstanding mortgage.

:o :o

Mmmm, Burger (C.J.)

09-20-2004 07:46 PM

Tax Advice Needed!!

Quote:

Originally posted by dtb
So, is there any way to avoid capital gains taxes on the sale of a non-primary residence? I have heard that the answer is a big fat no, however, I'm hopeful that one of my learned (no, no Pepe, it's pronounced "luuuuhrned") colleagues from the FB (Hey! Stop laughing!) will find a handy-dandy loophole from this, the cruelest cut of all.

Taxes suck.

Can you turn it into an investment property and then buy another one, rolling the gains into the new property? Or go live in it for 2 of the last five years?

mmm3587

09-20-2004 07:53 PM

Tax Advice Needed!!

Quote:

Originally posted by dtb
[capital gains taxes]

Just a wild ass guess, but I would think you might be able to deduct (or rather, adjust the basis to reflect, but who's counting) improvement costs, repair costs, etc., just like you used to be able to with primary residences when all capital gains were taxable (as opposed to the current scheme of capital gains being taxable only above a certain amount).

But, that's just a total guess. I'll keep the smartass "Good problem to have!" responses to myself.

Tyrone Slothrop

09-20-2004 07:55 PM

ACL

Quote:

Originally posted by Replaced_Texan
Hmmm. That's a good question. I already have an SUV that has been able to traverse a lot of rubble, but I'm not sure it conveys my newfound lesbian status as well as the Subaru.

I figured an Outback could do off-road. And if you want to scream "Maine preppie" at people, you could get the L.L. Bean edition:

http://us.autos1.yimg.com/img.autos....04_385x192.jpg

Mmmm, Burger (C.J.)

09-20-2004 08:01 PM

Tax Advice Needed!!

Quote:

Originally posted by mmm3587
Just a wild ass guess, but I would think you might be able to deduct (or rather, adjust the basis to reflect, but who's counting) improvement costs, repair costs, etc., just like you used to be able to with primary residences when all capital gains were taxable (as opposed to the current scheme of capital gains being taxable only above a certain amount).
.

That remains the case--you still get to adjust the basis. But it would be tasty to have that $500k exemption as well.

Dave	09-20-2004 08:13 PM

ACL

Quote:

Originally posted by Replaced_Texan
Oscar doesn't know yet. I'm still getting used to it. I'm not sure if I have to go out and buy a Subaru now.

No, you don't.

You can always lease.

BOTD?

bold_n_brazen

09-20-2004 08:26 PM

ACL

Quote:

Originally posted by Mmmm, Burger (C.J.)

Incidentally, while looking for that, I turned up this:

http://www.overtherainbowshop.com/puckermuff.gif

and in other assorted flavors

I just checked my bedside table drawer. I have a tin of this stuff in the Nice Melons flavor. This means something, but I don't know what...

bold_n_brazen

09-20-2004 08:27 PM

another dumb law student

Quote:

Originally posted by Pretty Little Flower
"The FBI's Hawk said Jackson identified himself as a student at Cleveland State University's Cleveland-Marshall College of Law."

When did Cleveland secede from Ohio to form its own state?

Oliver_Wendell_Ramone

09-20-2004 08:29 PM

ACL

Quote:

Originally posted by bold_n_brazen
I just checked my bedside table drawer. I have a tin of this stuff in the Nice Melons flavor. This means something, but I don't know what...

You should've gone with "shaved peach." "Bold, Bare and Brazen, your peachy pucker will be in popular demand!"

dc_chef

09-20-2004 09:19 PM

Female friendly porn.

Quote:

Originally posted by ThurgreedMarshall
I asked a similar question awhile back and EO recommended The Dinner Party. Not much of a plotline -- big dinner party where everyone shares their fantasies (which are, of course, shown) and then all have sex at the same time (pairing off, for some odd reason -- man, was that a let down) -- but it's worth it for the lesbian threesome. It's not grainy and the main actress is fucking hot.

TM

Thanks for the rec. I think thtat's the movie that we had seen. Well, at least had seen a while of it. We never made it until the lesbian scene or the big group grope.

What's the FB come to, where there are more recommendations for tax evasion on second homes than there are for porn?

The horror, the horror.

SlaveNoMore

09-20-2004 09:20 PM

Female friendly porn.

Quote:

dc_chef
What's the FB come to, where there are more recommendations for tax evasion on second homes than there are for porn?

The horror, the horror.

I've been on vacation.

evenodds

09-20-2004 11:50 PM

ACL

Quote:

Originally posted by leagleaze
Who got the toaster?

Technically, I think I did.

I certainly facilitated the evening when RT's true nature was revealed.

taxwonk

09-20-2004 11:57 PM

Tax Advice Needed!!

Quote:

You can donate it to charity. Or sell it at no gain.

Hahahahahaahahaahaha. You corporate types crack me up.

leagleaze

09-21-2004 09:09 AM

ACL

Quote:

Originally posted by evenodds
Technically, I think I did.

I certainly facilitated the evening when RT's true nature was revealed.

Facilitating is one thing, actually earning a toaster is something quite different.

Speaking of making it clear one is a lesbian, Mrs. Eaze and I were at something this weekend and all of a sudden she nudged me and said, "does that hat say what I think it says? Ewww." When I looked over I saw a rather (unattractive) butch looking older woman with a hat that read "Female Body Inspector" This woman, not surprisingly, proceeded to be impressively obnoxious throughout the day.

That would do the job RT. Of course, most lesbians would look at you and go eww, but the men would be impressed.

http://store1.yimg.com/I/incrediblegifts_1807_529424

Greedy,Greedy,Greedy

09-21-2004 09:28 AM

Tax Advice Needed!!

Quote:

Originally posted by Mmmm, Burger (C.J.)
Can you turn it into an investment property and then buy another one, rolling the gains into the new property? Or go live in it for 2 of the last five years?

The investment property/like kind exchange gambit is the one I've seen. It might work. Then again, ....

If you put it in a charitable remainder trust, you may get some benefits, but we need someone who knows more than me about this to tell you what you can and can't get with a CRT.

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