Posted on 12/01/2020 6:58:06 AM PST by RetiredArmy
The demwits should have thought of that before they stole the election. Oops, the ball’s in their court.
This is “The Train” coming down the tracks at the White House in mid-Winter. Good luck, Joe. I know Trump could handle this crisis equitably. Joe’s family will be trying to make a buck off it; Nancy will want to finance as many social activist affiliated groups of the DNC off the taxpayers’ dime; and of course the various Blue-state governors will want their debts written off.
I own my 2nd house free and clear. My personal state income taxes exceed the federal SALT $10k cutoff, so my county property taxes are not a federal write-off. I've permitted my son to live on the property rent free for a few years. Recently, he moved out and found a renter. Almost good news. It requires that I file a Form C this year because it is occupied by other than a family member and "some" rent is being paid. The renter is still behind for the months occupied in 2020.
My unique situation requires a decision. Do I permit my renter to remain providing some offset for the taxes that are my 100% expense? Will the IRS give me trouble for collecting less rent than taxes due? I'll have no net income as the taxes exceed the rent paid. Loss of the renter means I would have to pick up the gas/electric/water/trash collection expenses and do some yard maintenance.
That $600/wk is more than our regular monthly income but somehow they can’t live off that?!?
Blue Santa is giving out money this year instead of toys for kids. We all know where that money is going.
Those parents who stuff their kids with fast food but turn around to whine they have no money are idiots. To repeat what I’ve said many times here, I can make 5 big Schlotzsky’s sandwiches from scratch for the cost of 1 at the drive thru. That includes the garlic spread recipe and bun recipe (which is a total no time, no kneed, no brainer). Ham and cotta salami on it but not Genoa salami because it’s not sold around here and isn’t missed.
Today is cold so have a pot of pinto beans going. Might make cornbread to go with it but, either way, it’s pennies per serving. An 8 lb bag of pinto beans from Walmart (makes 96 cups of cooked beans) is the same price as one Big Mac meal and no tax. I’m not suggesting beans, beans and more beans but financially strapped people should be more responsible.
Some of these questions can be answered by your CPA. If you have legitimate business expenses of operating the property, and those exceed rental income, your CPA should be able to tell you the tax consequences of that.
10-4, that’s why I said it. ;-)
My wife and I BOTH worked for over 45 years each, 90 total work years-plus, and worked our butts off. A couple of high school grads with some college, both who did what was expected of us to earn a living. I went into the Army and did over 20 years. My wife started at a bank as a part time teller and retired after 32 years as a Vice President of commercial loans division. Not bad for a girl with no college when she started. But the GOOD LORD has blessed us more richly than we deserve. We OWE IT ALL TO HIM!!! Only HIM!! Whether some here believe that or not is our problem. The thing IS, WE DO!! That is what matters. We believe it. GOD has been great to us.
Non corporate/partnership rental operations would be a Schedule E filing. There are hoops to pass through to be allowed to use property operation losses to offset other forms of income, but they are not insurmountable.
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Leftists have always sought to DESTROY any Middle Class.
So its all part of the plan.
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Let these evil leftists get all that is coming to them.
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