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.

 

[ElkNut1]

I'm usually fairly savvy in monies made. It's just this year we had a carry over plus selling the ElkNut App.

I will talk to our Account but was fishing for ideas I may not have thought of so we could be well prepared with our conversation with him. Thanks!

ElkNut/Paul

 

[Maverick1]

My wife & I have been picking up Mobile Homes & flipping them. We've done 1- 2 a year for a few years & have been fortunate to have plenty of write offs to avoid taxes. This year we are not in that same boat, we need to shed 70,000 or pay 20,000 - 25,000 on that 70.

Now we could pick up another Mobile & hold until next year but I really do not want one at this time. Are there other avenues I can consider where this money can be re-directed to avoid the tax loss? -- At this time we have tallied up every write off possible so have that done. Thanks for any help!

ElkNut/Paul

Walt - have you considered buying a car wash? Appears that would make Skyler happy with your situation.

 

[Maverick1]

Ha Ha, really not into hunting any longer!

Huh? You aren’t hunting anymore?