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Post by kooch on Dec 31, 2020 19:36:56 GMT -6
All on the up and up. I just have a feeling I'd miss a ton of legal expenses and write offs.  |
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Post by benmnwi on Dec 31, 2020 19:45:14 GMT -6
All on the up and up. I just have a feeling I'd miss a ton of legal expenses and write offs. I actually tried to post that Seinfeld write off segment yesterday but I wasn't smart enough to do it. My old accountant was an old guy who owned a farm and said you can write off anything and everything if you have any income at all. When he retired the new accountant said you can do that but go to jail if someone at the IRS interprets things differently. I think if you occasionally show a profit you are likely ok. If you make $17 selling pumpkins you might go to jail if you try to write off a $74k tractor. But I'm not an accountant, so my advice is worth what you pay for it! |
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Post by honker on Dec 31, 2020 20:12:30 GMT -6
If that happens I'll just route some funds back from the caymen islands or my swiss bank account and pay the fines.
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Post by smsmith on Dec 31, 2020 22:38:53 GMT -6
My dad always told me to hire an accountant more conservative than I am.
Still seems to be sound advice, at least for a guy like me who desires as little contact with the government as possible.
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Post by MoBuckChaser on Jan 1, 2021 2:26:52 GMT -6
Not a bad question. I don’t know. Or vacation rental? I’d talk to your accountant on possibilities for write offs for your property since that is where you’ve been putting your time in. Now I’ve owned my property for 12 years and traveled to it 45+ weeks a year and haven’t done that either. Lol I don’t like talking to my accountant about any sketchy write offs. She gets way to nervous and always says no. She has never had an IRS audit her accounting and I don’t think she wants to start a new trend with old MO...... |
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