Life - official thread

[b_line]

You have to pay taxes on your profits from the flips, right?

The first one I did not because it was my primary residence. The one I am currently doing, yes, as I will never live in it. If I lived in it for a couple years, I would pay no taxes.

 

[Miggs]

The first one I did not because it was my primary residence. The one I am currently doing, yes, as I will never live in it. If I lived in it for a couple years, I would pay no taxes.

Yep, same out here.

 

[Dr. Jones]

^
You guys have an awful take on taxation. Better get pro advice. Way bad.

 

[Miggs]

^
You guys have an awful take on taxation. Better get pro advice. Way bad.

Please expound.

 

[Dr. Jones]

Please expound.

I'm a 1031e expert (how I, in effect make a living).
But I'm not going to generically give tax advice here.. Duh.

 

[green]

^
You guys have an awful take on taxation. Better get pro advice. Way bad.

This. Pay for a good professional. They will be worth their weight in gold. My first acct was a family friend. I had a better acct glance at the taxes he did and he found me over $11,000 in the first 30 secs. That's a revenue stream you can't ignore.

 

[JazzForLifee]

I think there are a fair amount in Salt Lake. Not much elsewhere in Utah. University of Utah, Myriad, a few others I think.

yeah. there are a few in slc. Hopefully I can fine a good one in the near future. cali, washinton or colorado. my top 3 states haha


Sent from my iPhone using JazzFanz mobile app

 

[colton]

I'm a 1031e expert (how I, in effect make a living).

https://www.law.cornell.edu/uscode/text/26/1031

U.S. Code § 1031 - Exchange of property held for productive use or investment
...
(e) Exchanges of livestock of different sexes. For purposes of this section, livestock of different sexes are not property of a like kind.

Do tell us more about section 1031(e). ;-)

 

[bigb]

What happens on back woods of Kentucky stays there

 

[Joe Bagadonuts]

https://www.law.cornell.edu/uscode/text/26/1031


Do tell us more about section 1031(e). ;-)

Sounds a lot more like a CL comment than a Colton comment, TBH

 

[Dr. Jones]

Have you guys read about those people who swear by having multiple income streams? Like the guy who wrote the book "The Four Hour Workweek" or those goons who talk about how they have 15 income streams so if they lose one they don't worry about it much?

Been thinking about that a lot lately. I am planning on starting a few different things this september, as soon as my season up here in Jackson Hole is done. I am hoping to basically replace my current income by committee. Looking forward to the flexibility and hopefully the chance to make a little more money.

There's an obvious art to this. If we have lunch again sometime I will explain further.
Someone bought me the 4 hour work week... it was awful. lol

 

[b_line]

There's an obvious art to this. If we have lunch again sometime I will explain further.
Someone bought me the 4 hour work week... it was awful. lol

Yeah I couldn't make it through the 4 hour work week.

I will be in St George again in October. I'll definitely have some questions about this and real estate stuff.