Strikes

[Deleted User 863]

You can do a 1031 exchange on vacation homes by following explicit rules. And, all that does is defer your capital gains taxes not eliminate them.

Yes. And you can do those whether you finance or pay cash.

[Deleted User 863]

I just mentioned they paid in cash cuz how many folks are able to pay for a vacation home with cash?

If they’re that well off, maybe they should bear a greater tax burden, not lesser.

Again, buying a vacation home with cash or by financing it, does nothing to reduce tax liability.

[ousdahl]

and again, not the reason for making that distinction.

[Deleted User 863]

Dude, you said they buy vacation homes with cash and then they can write it off....that is not true. It's not how it works.

[Deleted User 863]

People with vacation homes are bad! It's not fair. Their vacations are too nice. They should be taxed until they are poor like everyone else!

[ousdahl]

I tend to avoid saying this cuz you’re one of my fave posters, but…illy meltdown imminent.

chill out bro…smoke a bowl about it or something.

[Deleted User 863]

LOL. Shocking repsonse. Better than admitting you said something stupid i suppose.

If we are being honest here, you seem to have a never ending meltdown about how all of your problems/short comings are someone elses fault. You haven't gotten a fair shot. The rich are holding you down .

[twocoach]

What about when they buy a vacation property in cash then write it off?

What specifically do you think this gives them the ability to "write off"? Write off from what? If you buy a house for $500,000 in cash you dont get to avoid paying income tax on that $500,000. Frankly, you lose the ability to write off the mortgage interest since there isn't a mortgage. Not sure what it is that you think this does.

[ousdahl]

Again, the only reason I pointed out they paid in cash is is to demonstrate how wealthy they already are. Most Mericans can’t even buy a first home in cash, let alone vacation property. If they’re that well off, why do they need a break?

I didn’t say that how one pays should be subject to a different tax liability.

Now do a bro a solid and pass that bowl my way.

[Deleted User 863]

Entitled.

They've got too much. It should be taken away and given to people more like you. We all deserve vacation homes!

[ousdahl]

What about when they buy a vacation property in cash then write it off?

What specifically do you think this gives them the ability to "write off"? Write off from what? If you buy a house for $500,000 in cash you dont get to avoid paying income tax on that $500,000. Frankly, you lose the ability to write off the mortgage interest since there isn't a mortgage. Not sure what it is that you think this does.

I think my gripe is a more specific one.

It’s the rich dudes buying, for instance, a whole ranch for them to go vacation on, and establishing or maintaining a cattle operation, or a logging operation, or whatever, for no reason other than to get the tax break.

[PhDhawk]

Ousdahl tries to make clever posts, I think he wants to make the reddit front page one day.

But, the fact remains, that Jeff Bezos is the richest man in the world and at least twice in the past 15 years, I've paid more than him in income taxes, and that's fucked up.

[ousdahl]

Entitled.

They've got too much. It should be taken away and given to people more like you.

Damn bro, all I asked you for was a puff off that bowl.

[Deleted User 863]

What about when they buy a vacation property in cash then write it off?

What specifically do you think this gives them the ability to "write off"? Write off from what? If you buy a house for $500,000 in cash you dont get to avoid paying income tax on that $500,000. Frankly, you lose the ability to write off the mortgage interest since there isn't a mortgage. Not sure what it is that you think this does.

He doesn't know.

He also doesn't know how tax returns work apparently.

He just knows some people have more than they "need" and he doesn't like it.

[Deleted User 863]

Ousdahl tries to make clever posts, I think he wants to make the reddit front page one day.

But, the fact remains, that Jeff Bezos is the richest man in the world and at least twice in the past 15 years, I've paid more than him in income taxes, and that's fucked up.

Personal income taxes.

What about his corporation(s)?

[ousdahl]

Ousdahl tries to make clever posts, I think he wants to make the reddit front page one day.

But, the fact remains, that Jeff Bezos is the richest man in the world and at least twice in the past 15 years, I've paid more than him in income taxes, and that's fucked up.

careful bro, this is the kinda shit that you used to call me an entitled asshole for posting.


And once again, it’s funny how many folks here think I do Reddit.

[TDub]

No its not. And no its not.

[PhDhawk]

Ousdahl tries to make clever posts, I think he wants to make the reddit front page one day.

But, the fact remains, that Jeff Bezos is the richest man in the world and at least twice in the past 15 years, I've paid more than him in income taxes, and that's fucked up.

Personal income taxes.

What about his corporation(s)?

what about them?

He's the wealthiest INDIVIDUAL on the planet.

Oh, and if we're talking percentages, his corporations are taxed at a lower percentage than my income (at least for the past several years)

[TDub]

His income is specifically structured to defer taxes. His wealth is, technically, at risk of evaporating.

[Deleted User 863]

Ousdahl tries to make clever posts, I think he wants to make the reddit front page one day.

But, the fact remains, that Jeff Bezos is the richest man in the world and at least twice in the past 15 years, I've paid more than him in income taxes, and that's fucked up.

Personal income taxes.

What about his corporation(s)?

what about them?

He's the wealthiest INDIVIDUAL on the planet.

Oh, and if we're talking percentages, his corporations are taxed at a lower percentage than my income (at least for the past several years)

Corporation income does not pass thru to personal income tax returns is all i am saying. If an individual only owns corporations and doesn't pay himself a salary or have other income (w2, s corp, partnership, sch C businesses, Sch E rental properties, capital gains, interest/dividend income, etc), then they won't show any income on personal returns.



Your last point about % is a relevant and real topic for discussion.