Totally a scam. Violates the spirit of the law. Just because it's legal doesn't mean it's not a scam. That pathway should be closed and taxes due on past monies.Quote:
Originally Posted by m2711c
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Totally a scam. Violates the spirit of the law. Just because it's legal doesn't mean it's not a scam. That pathway should be closed and taxes due on past monies.Quote:
Originally Posted by m2711c
riser3 is butthurt, because, well, compliance with sister faithful will always haunt him.Quote:
Originally Posted by riser3
It annoys the fuck out of me that hardworking Americans work their ass off and pay taxes and then these ultra wealthy people are not satisfied with having more money than they can ever spend so they hire teams of lawyers to avoid paying taxes.
In Thiels case, yeah it annoys me that he was able to buy PayPal shares at far, far below fair value, $0.001 per share which kept it under the cap at the time and if purchased at fair market value would have meant PayPal was worth like $10,000, then magically a few months to year later were worth many multiples more. Seems fraudulent in principal, even if it is legal.
Seriously. This is why we should nuke the entire overbloated tax code and start all over again with something simple and un-gameable.Quote:
Originally Posted by old_newguy
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It's a scam when assets put in the IRA are undervalued to get around the contribution limit. That's fraud.Quote:
Originally Posted by m2711c
The alternative minimum tax was a safeguard against the rich having too much to gain through gaming and then lobbying for complexity to maximize their gaming. If it had been indexed to inflation in the beginning (instead of becoming onerous and getting scrapped) a lot of the current stupidity would not exist. Corporate rules are similar. If you really want simple, the AMT was pretty damn simple.Quote:
Originally Posted by MontuckyFried
This isn’t really very smart. The tax advantages of investment real estate are thrown away if it’s in an IRA. You don’t get to write off depreciation or take advantage of 1031 exchanges. That preferential tax treatment is baked into the price of the real estate weather you use them or not.Quote:
Originally Posted by m2711c
True. I once considered RE in an IRA, and had a good friend who made his riches in the biz stop me for that reason.
Also, You or your family can't live in the property for any amount of time, as it needs to be used strictly for investment or business purposes.
Plus, you can't mortgage the property. That ability to leverage another key to real estate investment.
If that isn’t enough, the IRA must maintain all operating costs and expenses, you cannot pay these out of your own pocket or do any maintenance work on your own.
The rules only apply is you get audited. Since Congress has gutted the IRS, that means never. And if they do audit someone it will probably be some poor slob who can't afford to fight back. A scalp for the IRS, a few cents for the treasury.
Nope. It’s free market. If you can sock away money pre tax you should be able to do what you want with it.Quote:
Originally Posted by riser3
Otherwise it’s a bankers feast.
I like the idea of investment real estate in a 401k
Hate on tax deferred savings. But don’t hate on the self directed ones.
Depreciation always comes back by the way. That’s a tax delay. Not a tax expense
Okay, we’re not talking about tax deferred plans, we’re talking about Roth IRAs and fraudulent devaluation of stocks bought and taxes paid and then using the proceeds tax free. There’s nothing free market about it.Quote:
Originally Posted by Core Shot
So many topics you post about and you’re just talking out your ass.
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Fuck you are ignorant.
You can self direct an ira that’s not Roth.
For a 401k you can roll it over to a non Roth and play the same game.
My post was about someone complaining about investing in real estate instead of only stocks in a tax preferred retirement account.
PS. You seem angry. Go hire a transvestite hooker and release some of that tension.
You posted in response to a post that was part of a conversation about Thiel making billions in a Roth IRA. Of course you can self direct retirement accounts, duh.Quote:
Originally Posted by Core Shot
Is your ego so fragile that you can’t stand being made aware of your own stupidity?
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I missed the Roth conversation.
Whatevs
Oh, pay attention to detail. I learned that at a young age.Quote:
Originally Posted by Core Shot
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End times... end times.....
Attachment 378032
Was that from the heat?
Who knows. I was at the barn. It was fine when I went down. I've had that set for probably 10 years.Quote:
Originally Posted by Supermoon
I had another table do that a couple years back. It was smaller. Stored in the hay loft. I heard a funny pop and went to look and same thing.
Lost phones. I fucked up a map so I had to go back down to the site and walk it again to wrap my head around the phasing (when whats going to get built gets built). I was walking with my tablet and making notes when for some reason the PDF app decided to fuck with me. I sat down in a couple of different spots to mess with it and at one of those spots my 6 year old smart-phone slipped out of a side pocket. 6 acre site covered in slash and chipped forest waste. I re-walked the site 2x and never found the fucker and to tell the truth it was getting to be time to upgrade.
All my contacts should have been stored in some fucking Cloud, right? That does not seem to be the case although I was told that if I can find the lost phone then Verizon can help me retrieve my contacts.:the_finge
Find my phone app? Or if not, low-fi version: Walk around at night, calling it from another phone... It'll light up even if your ringer was turned off.
45 miles away and the battery was around 45% today when last seen. I bumbled around for 3 hrs in and out of thick timber with abundant deadfall although I think the probable lost point is in a bunch of bundled harvested timber that will be skidded out next week. I think that phone may become an artifact for some future discoverer.
The cats did it.Quote:
Originally Posted by KQ
Oh, that sucks. This happens every now and then to tempered glass furniture (like table tops and shelves). Tempered glass has a lot of internal stress to make it shatter into small, less dangerous pieces.
My guess is that in shelves and table tops, small scratches from things like mugs create weak points, and then one day something relatively minor pushes it over the threshold.
And here I thought it was ice from the deep freeze they've been having.Quote:
Originally Posted by Fofo