This is so very sad.

And incredibly stupid--this whole inane discussion, that is.


Only because in the end you were exposed.

RB
35s5
NY

"Maxprop" wrote in message
news

It's just not true Max. They may consider it a hobby, but if I can show
that it's an ongoing business, there's nothing they can do. My father,
for example, had a paper loss for 14 years in a row. Of course, they
audited him, but he won every time. After the third audit, he told them
they would be liable for his expenses, and on the fourth audit, he
collected from them.

Oh, I'll bet those audits were a bundle of fun. Sorry to hear that ol'
dad wasn't overly successful. Hope you're doing better. What do you do,
by the way?



They weren't, but sort of became routine for my parents. Again, it's not
profit that's the only thing that counts. Cash Flow is King (not Doug).

Well, pop did ok. He made a ton during WWII. One of the essential
industries, and he and his employees were exempt from the draft. He tried to
enlist, but the guy who was running the military side of the stuff he worked
on found out about it and totally freaked out. He contacted my grandfather,
who was pretty much retired at that point, and read him the riot act. At one
point, he threatened to throw my pop in jail if he tried such foolishness
again. Bizarre really.

Moi? I'm involved in auditing businesses! :-)

Did you miss the smiley face, Jon? There are always investments in real
estate everywhere and in all price ranges, but I'm betting you can't
afford the ones that will give your the rate of return you need to
offset the interest on a boat loan.

Don't take that bet. I don't need the money. I have a good strategy for
rates of return, but thanks for your concern. g (Didn't miss it, btw)

I'd really like to hear about this "strategy."

You and a bunch of IRS agents. g

But only the interest on the loan can be written off, not the entire
payment, the dock fee, and the other things you claim to write off.

Of course.. interest on the loan can be written off. A sizeable portion
of the other expenses can be written off as business expenses. I could
use the boat 50% as a vacation home 50% as a business. There's nothing
wrong with that at all.

Not unless the IRS disagrees.

Correct of course, but that's why we have people who actually sign up to be
a tax attorney.

I'll bet yours will be Bubba's roommate at Leavenworth, if its he who's
been advising you.

I like my privacy. A private suite would be more to my liking. g

I was talking about your accountant, but what the hell, if going to prison
floats your boat, go for it.

I guess if I were doing something illegal and my accountant were a part of
it, we would have adjoining cells. g

Max

hahahahahaaa good one!

--
"j" ganz @@
www.sailnow.com

"Maxprop" wrote in message
k.net...

"Capt. JG" wrote in message
...
I'm not sure what a saild is, but it could be a deduction if you
entertain customers on it. g

Right, Scoot. Use that sail as a picnic blanket and serve food on it.

Max

Invite them to lunch! I was at a party a few of years ago, mingling,
trolling, whatever. There was a really hot babe that I observed wasn't
getting much attention. This is odd, he thinks... so over I go. She seems
very nice, seems glad that someone is talking to her... and not that I'm a
stranger to foxy women, I will admit to not being the most dashing ... dogs
don't regularly bark and strong men don't weep either, however. Anyway,
we're having a nice conversation, when finally the subject of jobs comes up.
Turns out, she's an IRS auditor. Of course, I was edging away at this
point... my name? Umm... trying to make something up that didn't sound
dorky... then she added that she was involved in Fortune 500 audits... not
small businesses or individs. We continued to have a great time (never dated
in earnest) that evening. At one point, someone came up to me and asked me
if I *knew* who I was talking with... yeah, so, she's hot!, and I mentioned
your name I said. g

--
"j" ganz @@
www.sailnow.com

"Maxprop" wrote in message
nk.net...

"Scotty" wrote in message
oups.com...
How about if I put my company name on my saild, can I count that as a
deduction?
The cost of a new sail?

Sure, Scotty. No problem.

But getting the IRS to go along with it is the trick.

Max

"Maxprop" wrote in message
nk.net...

"Capt. JG" wrote in message
...
"Maxprop" wrote in message
nk.net...

"Capt. JG" wrote in message
...
Bzzt. Slightly more than 5%, and it's not a boat loan! My IRA return is
nearly double that. Real Estate (so far) is triple or better.

Please give me the name of the investment firm doing your IRA--according
to MONEY magazine, the best in the country are just barely doing better
than 6% yield. As for real estate, big money can be made in your area,
but only if you invested some time ago. I'm betting that you don't have
the means to invest in anything of substance today, considering that
just about anything bigger than a postage stamp in the Bay Area goes for
megabucks. If you have the means to make those sorts of RE investments,
you have the means to buy your boats for cash. And that's my
point--unless you can get a high rate of return on investments you can
afford--better than the interest on your boat loan (or your home equity
loan, if that makes you feel better)--you're better off paying cash for
the boat. From a strictly financial basis, you're better off not buying
a boat at all.

Well, I agree with your last statement, but I like to sail. It's a curse
really.

You're also making some assumptions that are not valid... e.g., where I
invest in RE.

Let me ask you this, Jon: if your home equity loans are so cheap and
your investments so damn productive, why haven't you maxed out your home
equity and invested it?????

Why do you think I haven't? (A rhetorical question)

You've already indicated that you haven't by stating that you either have,
or plan to, take a home equity loan to buy your boat.

Max

But what if I have more than one house? g

--
"j" ganz @@
www.sailnow.com

"Capt. JG" wrote:
At one point, someone came up to me and asked me
if I *knew* who I was talking with... yeah, so, she's hot!, and I mentioned
your name I said. g


I guess the IRS is pretty much universally hated down there. My niece is
an auditor for Revenue Canada, she seems to get dates just fine!
Unfortunately she's unwilling to use her position to help old Unle Marty
out, I got audited last year anyway! (In the end Rev. Can. said
everything was fine and I could stop holding my breath).

Cheers
Marty
------------ And now a word from our sponsor ---------------------
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Having been audited myself, I can say that I'm not a big fan. Fortunately,
they backed down, but it wasn't a lot of fun. It was right around the time
of the Unibomber, and I got to the point where I could see his point.

--
"j" ganz @@
www.sailnow.com

"Martin Baxter" wrote in message
...
"Capt. JG" wrote:
At one point, someone came up to me and asked me
if I *knew* who I was talking with... yeah, so, she's hot!, and I
mentioned
your name I said. g


I guess the IRS is pretty much universally hated down there. My niece is
an auditor for Revenue Canada, she seems to get dates just fine!
Unfortunately she's unwilling to use her position to help old Unle Marty
out, I got audited last year anyway! (In the end Rev. Can. said
everything was fine and I could stop holding my breath).

Cheers
Marty
------------ And now a word from our sponsor ---------------------
For a secure high performance FTP using SSL/TLS encryption
upgrade to SurgeFTP
---- See http://netwinsite.com/sponsor/sponsor_surgeftp.htm ----

"Capt. JG" wrote in message
...
"Maxprop" wrote in message
nk.net...

"Capt. JG" wrote in message
...
"Maxprop" wrote in message
nk.net...

"Capt. JG" wrote in message
...
Bzzt. Slightly more than 5%, and it's not a boat loan! My IRA return
is nearly double that. Real Estate (so far) is triple or better.

Please give me the name of the investment firm doing your
IRA--according to MONEY magazine, the best in the country are just
barely doing better than 6% yield. As for real estate, big money can
be made in your area, but only if you invested some time ago. I'm
betting that you don't have the means to invest in anything of
substance today, considering that just about anything bigger than a
postage stamp in the Bay Area goes for megabucks. If you have the
means to make those sorts of RE investments, you have the means to buy
your boats for cash. And that's my point--unless you can get a high
rate of return on investments you can afford--better than the interest
on your boat loan (or your home equity loan, if that makes you feel
better)--you're better off paying cash for the boat. From a strictly
financial basis, you're better off not buying a boat at all.

Well, I agree with your last statement, but I like to sail. It's a curse
really.

You're also making some assumptions that are not valid... e.g., where I
invest in RE.

Let me ask you this, Jon: if your home equity loans are so cheap and
your investments so damn productive, why haven't you maxed out your
home equity and invested it?????

Why do you think I haven't? (A rhetorical question)

You've already indicated that you haven't by stating that you either
have, or plan to, take a home equity loan to buy your boat.

Max

But what if I have more than one house? g

What if the moon is made of green cheese? :-p

Max

Two weeks ago I got a letter from IRS, they wanted another $1,078
from 2003 returns.
Sheesh!

SV


"Capt. JG" wrote in message
...
Having been audited myself, I can say that I'm not a big fan.
Fortunately,
they backed down, but it wasn't a lot of fun. It was right
around the time
of the Unibomber, and I got to the point where I could see his
point.

--
"j" ganz @@
www.sailnow.com

"Martin Baxter" wrote in message
...
"Capt. JG" wrote:
At one point, someone came up to me and asked me
if I *knew* who I was talking with... yeah, so, she's hot!,
and I
mentioned
your name I said. g


I guess the IRS is pretty much universally hated down there.
My niece is
an auditor for Revenue Canada, she seems to get dates just
fine!
Unfortunately she's unwilling to use her position to help old
Unle Marty
out, I got audited last year anyway! (In the end Rev. Can.
said
everything was fine and I could stop holding my breath).

Cheers
Marty
------------ And now a word from our
sponsor ---------------------
For a secure high performance FTP using SSL/TLS encryption
upgrade to SurgeFTP
---- See
ttp://netwinsite.com/sponsor/sponsor_surgeftp.htm ----

"Martin Baxter" wrote

My niece is
an auditor for Revenue Canada, she seems to get dates just
fine!
fortunately she's willing to use any position .

Oiy!