"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

"Capt. JG" wrote in message
...
"Maxprop" wrote in message
news

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.

Will that same "tax attorney" defend you in a contested audit?

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

Is he cute? Is he your type? g

Max

"Maxprop" wrote in message
ink.net...

"Capt. JG" wrote in message
...
"Maxprop" wrote in message
news

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.

Will that same "tax attorney" defend you in a contested audit?

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

Is he cute? Is he your type? g


Yes, and she would.