"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

"Capt. Rob" wrote in message
oups.com...
This is so very sad.

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


Only because in the end you were exposed.

Please tell me how I was exposed, Bubbles. Joe's little pseudo-rhetorical
mantra made no sense whatsoever. Then again neither do you.

Never mind.

Max

"Capt. JG" wrote in message
...
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

That's my standard line when chatting with any government official,
especially FBI, BATF, or IRS. I generally become obnoxious, denigrating
government service, and finish with a few well-chosen epithets regarding the
individual's parentage. Then I tell them, " . . . and you can take that to
the bank, or my name isn't Jon Ganz."

Max

"Commode Joe " wrote ...
On Fri, 25 Nov 2005 16:46:29 -0500, "Scotty"
wrote:

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

SV


Can't you do ANYTHING right?


Commode Joe Redcloud

Do you believe everything that you read?

SBV

"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.

That's a bummer...

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

"Scotty" wrote in message
...
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 ----

Hahahahaaa.... funny, because I do the same thing with your name.

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

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

"Capt. JG" wrote in message
...
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

That's my standard line when chatting with any government official,
especially FBI, BATF, or IRS. I generally become obnoxious, denigrating
government service, and finish with a few well-chosen epithets regarding
the individual's parentage. Then I tell them, " . . . and you can take
that to the bank, or my name isn't Jon Ganz."

Max

Usable cheeze or old meat....

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

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

"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

The Phantom?

http://www.rolls-roycemotorcars.com/

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

OzOne wrote in message ...
On Fri, 25 Nov 2005 22:23:41 GMT, Captain Joe Redcloud
scribbled thusly:

On Fri, 25 Nov 2005 10:51:45 -0800, "Capt. JG"
wrote:

But what if I have more than one house? g

For those who just tuned in... Gayanzy HAD a 20 foot sailboat that he
bought for
$75. There's nothing wrong with that. However, as far as his financial
situation
goes, he SOLD the boat because he couldn't afford the upkeep on a 20 foot
$75
boat. If Gayanzy has even one house, it's the one that he got with the
deluxe
pink barbie dreamhouse kit when he was a much younger faggot.


Commodore Joe Redcloud

There is a tale here of one of Australians wealthiest men who at one
stage while his property portfolio was growing, was unable to afford
new tyres for his Rolls Royce and was boked for bald tyres.


Oz1...of the 3 twins.

I welcome you to crackerbox palace,We've been expecting you.

Our investment on that was only 50K cash. The
property was sold last year for 20 times what we paid, plus a nice tax
benefit for restoring a 90 year old building.


Maxprop wrote:
Uh huh. We're supposed to accept your claim that your gross yield was
$1million? Whatever.


Of course you're supposed to accept without questioning, or
even thinking! See, once you actually consider the
Boobster's claims in the light of any tiny slice of reality,
it falls apart.




Two years ago I bought some land along Lake Michigan for $200K and sold it
this summer for well over two million dollars.

Oh wait, I just made that up. Like you.


Might as well have been 3 mill, then.

Shucks I bought IBM stock at $35 a share, kept it for two
years during which time it not only went up to $90 but
split, while paying a 4% dividend, then I not only sold it
all but shorted twice as much... guess how much that netted?

Real estate speculation of the nature you describe is highly risky and
seldom pays off the way you claim it did. Being in the right place at the
right time is great, if you have a crystal ball or a clairvoyant aunt. More
often the costs involved with such speculation eat the investor alive and
mitigate any possibility of a decent return. For the average person, such a
lofty return on investment is simply not in the stars. For the average
person, the investment opportunities available, whether real estate or
paper, won't return anything near the interest rate paid on a boat loan.


Yep, think about it... why would the bank loan you money at
X% if it was a sure thing they could earn X+% on these
wonderful real estate deals? There are very few REITs paying
over 8.5% nowadays, and there are a few that specialize in
rehab real estate.

DSK