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View Full Version : I am back, answering tax questions



dean51267
01-16-2005, 06:30 PM
figure you guys answer my boat questions, so I will answer tax questions.........

welk2party
01-16-2005, 07:06 PM
what kind of questions?

timewarp
01-16-2005, 07:13 PM
Dean,
Can you give me any information on the new federal tax law change that allows those of us in states with out state income tax to write off our state sales tax, I have heard that it will be a flat rate but you will be able to add in the interest from a major purchase. Since we bought and paid tax on our Spectre cat in 2004 I'm hoping it will save me a bunch of tax money.
Thanks,
Caleb

BADASS38CHEVY
01-16-2005, 08:47 PM
im buying a new boat in california and plan on taking a out of state delivery in oregon to take advantage of the out of state no sales tax.all i have is a friends address to use for a residence.i will not be living there and will not have a drivers license in california and will be keeping boat in parker most of the time.can you tell me what else is need to do this or am i going to have a problem.what do i need to do to save on sales tax,thanks.

dean51267
01-16-2005, 09:27 PM
There are tables the IRS just released, and then started changing, I hope by months end the issues will be resolved........
THis is a tricky issue to give advice on now, check back next week and I will have a solid answer. Anyone who has an answer right now is a liar.
Dean,
Can you give me any information on the new federal tax law change that allows those of us in states with out state income tax to write off our state sales tax, I have heard that it will be a flat rate but you will be able to add in the interest from a major purchase. Since we bought and paid tax on our Spectre cat in 2004 I'm hoping it will save me a bunch of tax money.
Thanks,
Caleb

dean51267
01-16-2005, 09:29 PM
im buying a new boat in california and plan on taking a out of state delivery in oregon to take advantage of the out of state no sales tax.all i have is a friends address to use for a residence.i will not be living there and will not have a drivers license in california and will be keeping boat in parker most of the time.can you tell me what else is need to do this or am i going to have a problem.what do i need to do to save on sales tax,thanks.
If you can register it out of state, you are Okay, but if yu have to register it somewhere, that is where you get snagged............
Other than that, just take delivery out of state, chances of getting caught are slim.............

TCHB
01-16-2005, 09:39 PM
How much money can you make and not be taxed working out of country. How long do you have to stay out of country as a Ex Pat.

shueman
01-16-2005, 10:33 PM
Is Income Averaging still an option to saving a few bucks?

Kilrtoy
01-16-2005, 10:37 PM
im buying a new boat in california and plan on taking a out of state delivery in oregon to take advantage of the out of state no sales tax.all i have is a friends address to use for a residence.i will not be living there and will not have a drivers license in california and will be keeping boat in parker most of the time.can you tell me what else is need to do this or am i going to have a problem.what do i need to do to save on sales tax,thanks.
Its not the IRS you have to worry about on that one
It is the state tax franchise board that will get your ass

faster
01-17-2005, 07:58 AM
Dean, If you receive funds from a living trust, are they taxable and if so is the real advantage that the estate does not pay taxes?

SoCalOffshore
01-17-2005, 08:19 AM
Its not the IRS you have to worry about on that one
It is the state tax franchise board that will get your ass
Actually they just changed the law on this one and have made it more difficult to pull it off. Good luck.

SoCalOffshore
01-17-2005, 08:23 AM
Dean, If you receive funds from a living trust, are they taxable and if so is the real advantage that the estate does not pay taxes?
Sounds like you recieved a "gift" of cash. Gifts of cash generally would not be taxable. Gifts of assets, could be subject to tax, as the basis is carried over from the donor. People use gifting to reduce the size of their estate and to help the kids/grand kids out. Although, the exemption is now $1.5 million per person, so not may are currently subject to estate tax. Although, estate tax law is changing and who knows what the future holds for it.

wildbillg
01-17-2005, 08:53 AM
what is the capital gains law on vacent property?
Property that does NOT have a structure on, and has been owned for more then 5 years but NO improvements?

Cas
01-17-2005, 08:56 AM
Turbo Tax (or another income tax program) vs an accountant.
All the acountants I've used in the past few years only input the numbers we give them into their computer program. What's the difference in doing the same thing yourself? I used TT a couple of times and it seemed to be a pretty complete program.
thoughts?

WaTchTheGelCoat
01-17-2005, 10:15 AM
Dean, I won a jackpot at a local casino this year of $4000.00 I probably lost around $8000.00 If I have my bank statements from all the times I pulled money out of the ATM (at the casino) am I good to go?
Thanks
Andy

Greaser
01-17-2005, 10:56 AM
If I bought 4 goats this year, can I claim them as dependants? :D lol
Just kidding, a buddy and I were joking about that yesterday

SoCalOffshore
01-17-2005, 03:18 PM
Turbo Tax (or another income tax program) vs an accountant.
All the acountants I've used in the past few years only input the numbers we give them into their computer program. What's the difference in doing the same thing yourself? I used TT a couple of times and it seemed to be a pretty complete program.
thoughts?
Turbo Tax is a great program. But, it requires someone knowledgable regarding taxes running the program or you get "garbage in and garbage out." I am pretty smart regarding taxes, but I do not do my own taxes. I always advise my clients, seek a competent tax advisor, preferably a CPA.

HP350SC
01-17-2005, 04:50 PM
I received 11K on a hardship withdrawl from my 401K. Can I average the disbursement over several years? Thanks in advance.

SoCalOffshore
01-17-2005, 05:04 PM
Income averaging went out with the Tax Reform Act of 1986! But, the value of my advise is directly proportional to the fee paid for said advise...Another words, you get what you pay for. :D

wildbillg
01-18-2005, 07:15 AM
figure you guys answer my boat questions, so I will answer tax questions.........
Ok we have asked the questions?
where are the answers? :sqeyes: :coffeycup :squiggle:

WaTchTheGelCoat
01-18-2005, 09:12 AM
Ok we have asked the questions?
where are the answers? :sqeyes: :coffeycup :squiggle:
:confused: :confused:

jmm
01-18-2005, 09:21 AM
Dean,
Thank you for offering to answer our questions.
I have rental property that I recently moved back into after selling other property. Can I deduct improvements made to the rental property after I moved back to my rental property or do the improvements have to have been made prior to me moving back there.
Also, what is the percentage of our gross salary that we can contribute to charities (I have several receipts to show for) without drawing a red flag and having to produce detailed lists. I do have most receipts, I just do not want to risk the chance of being audited as it is such a hassle.
Thank you so much for your help!
Janet

FastTimmy
01-18-2005, 10:20 AM
Thanks for taking the time to answer are question!
Here is mine. I have had a few things stolen from me this year. One was a dirt bike, had some race parts stollen out of the back of my truck at a race ect. My question is this. How can I claim the loses and not get audited? Is there a red flag amount? I lost about 11k worth of stuff this year, but I only want to claim what I can with out getting audited..it was said before, the audit time is just not worth the headach especialy when it brings up the history of being robbed...
Thanks
Timmy

BADASS38CHEVY
01-18-2005, 11:01 AM
If you can register it out of state, you are Okay, but if yu have to register it somewhere, that is where you get snagged............
Other than that, just take delivery out of state, chances of getting caught are slim.............
so if i keep registation for 1 year in oregon and then reg in arizona after the one year then i will not have to pay sales tax to anyone ,right?

wildbillg
01-18-2005, 06:56 PM
hello?????
answers???? :sleeping:
:sleeping: :sleeping:

SoCalOffshore
01-18-2005, 07:55 PM
i think it is time to buy turbo tax. :cry: