Spending 70,000 to avoid owed taxes.

[gbflyer]

I got my ass kicked last year because I was asleep at the switch. We generally use 179 deductions on equipment. I’d rather buy something that generates more money than pay a bunch of tax they piss away. And yes I do my part for my community in many other ways.

 

[deltadukman]

Can you 1031 it and get creative on the like kind exchange? That is what I do when flipping land.

 

[mtnbiker208]

congrats, you owe, because you made money. Welcome to the club.
That is all i ever got when complaining about having to pay taxes on money i made.

 

[Jgray]

Some creative stuff on this thread. I typically go the CPA route and then write the check and move on as others have said.

 

[CorbLand]

Hold the phone! Please talk to a CPA. There are already several pieces of bad advice posted here!

Dont you ruin the "get people thrown in jail for tax fraud so there is less demand for tags I want" strategies some of us have.