Oregonpapa made interesting conclusions:
https://www.youtube.com/watch?v=Nn_Zln_4pA8
Who’s going to read 77k pages? Instead of that more-likely it will be driven by common sense and the common sense is that it’s a USED product not new. If it’s used than tax had already been paid and double-jeopardy will make no sense.
If you get 1099 -- it’s a very flexible form allows you to wriggle your spending and earning to the point you can even claim losses out of this sale endeavor. All you have to do is to bring this form via TurboTax and fill-in
ALL of your expenses towards this form including gas, airplane tickets(if any mak’em business trip and include your wife and family members as well), shipping labels, shipping materials(hey they can be more expensive than unit itself) Check out UPS packaging services that sell you large corrugated boxes for over $100 each!
There are sooo many items you can claim claim and claim as losses that will overlap these measurable $60k TWICE.
I used to keep up with the tax code as it pertains to residential real estate, including rental properties and such. BUT, the changes to the tax code started coming so rapidly, I just couldn’t keep up with it anymore. Now, the tax code exceeds 77,000 pages and contains over 9 million words.
For a Realtor (or anyone else) to give tax advise to a client is just opening up one’s self to a law suit. Anymore, I just refer my clients to their CPA or to their tax attorney. Knock on wood ... 40 years and never been sued.
Take care Steve ... and thank you.
Frank
https://www.youtube.com/watch?v=Nn_Zln_4pA8
Who’s going to read 77k pages? Instead of that more-likely it will be driven by common sense and the common sense is that it’s a USED product not new. If it’s used than tax had already been paid and double-jeopardy will make no sense.
If you get 1099 -- it’s a very flexible form allows you to wriggle your spending and earning to the point you can even claim losses out of this sale endeavor. All you have to do is to bring this form via TurboTax and fill-in
ALL of your expenses towards this form including gas, airplane tickets(if any mak’em business trip and include your wife and family members as well), shipping labels, shipping materials(hey they can be more expensive than unit itself) Check out UPS packaging services that sell you large corrugated boxes for over $100 each!
There are sooo many items you can claim claim and claim as losses that will overlap these measurable $60k TWICE.