"SHOW ME THE MONEY" VIEWS on HOW to make MONEY GR

[Patler]

Bretsky;

I have a question about the tax credit. I haven't bothered looking into it much, because it doesn't impact me. I was recently asked how it would affect joint buyers who aren't married, and I have no idea. Is it a credit "per property" or per taxed entities, in which case each of the joint buyers could be entitled to a full credit?

[retailguy]

Bretsky;

I have a question about the tax credit. I haven't bothered looking into it much, because it doesn't impact me. I was recently asked how it would affect joint buyers who aren't married, and I have no idea. Is it a credit "per property" or per taxed entities, in which case each of the joint buyers could be entitled to a full credit?

It is allocated between them. You can see the rules here:

http://www.irs.gov/irb/2009-06_IRB/ar07.html

[Patler]

Bretsky;

I have a question about the tax credit. I haven't bothered looking into it much, because it doesn't impact me. I was recently asked how it would affect joint buyers who aren't married, and I have no idea. Is it a credit "per property" or per taxed entities, in which case each of the joint buyers could be entitled to a full credit?

It is allocated between them. You can see the rules here:

http://www.irs.gov/irb/2009-06_IRB/ar07.html

Thanks. I figured that would be the case,

[Scott Campbell]

I was surprised to find out that you didn't really have to be a first time home buyer to qualify. If you've sold and rented for 3 (or 2 - can't remember) years, you qualify.

I told my brother in law this 6 hours after he renewed his lease for 14 months. He's not happy.

[Partial]

Since I moonlight as a freelance contractor and have a federal tax id and an LLC, I have purchased a computer as a business expense.

Since I'm in the software industry, would it be ethical to deduct the cost of an Xbox 360, since they have that Xbox arcade (which allows homebrew games to be sold, I believe) and I would use it for strictly research into potential money making opportunities.

I'm a little fuzzy on what is considered ethical since the expense has to be "ordinary". Though it seems like a reasonable thing for a software developer to want to research a platform and an avenue to opportunity and money.

[SkinBasket]

Since I moonlight as a freelance contractor and have a federal tax id and an LLC, I have purchased a computer as a business expense.

Since I'm in the software industry, would it be ethical to deduct the cost of an Xbox 360, since they have that Xbox arcade (which allows homebrew games to be sold, I believe) and I would use it for strictly research into potential money making opportunities.

I'm a little fuzzy on what is considered ethical since the expense has to be "ordinary". Though it seems like a reasonable thing for a software developer to want to research a platform and an avenue to opportunity and money.

Too late. I've already reported you for even considering it.

[retailguy]

Since I moonlight as a freelance contractor and have a federal tax id and an LLC, I have purchased a computer as a business expense.

Since I'm in the software industry, would it be ethical to deduct the cost of an Xbox 360, since they have that Xbox arcade (which allows homebrew games to be sold, I believe) and I would use it for strictly research into potential money making opportunities.

I'm a little fuzzy on what is considered ethical since the expense has to be "ordinary". Though it seems like a reasonable thing for a software developer to want to research a platform and an avenue to opportunity and money.

Who told you to set up an LLC? You should have created an scorp.

Don't deduct your xbox. You're asking for trouble, even if you are right. No IRS agent in the world is going to believe that the only use for your xbox is "research". You sound like Ty and all his fancy deductions.

It just isn't worth it P. don't try to "out think" the IRS. Just work your ass off.

[MJZiggy]

^^What he said.

[Tyrone Bigguns]

Since I moonlight as a freelance contractor and have a federal tax id and an LLC, I have purchased a computer as a business expense.

Since I'm in the software industry, would it be ethical to deduct the cost of an Xbox 360, since they have that Xbox arcade (which allows homebrew games to be sold, I believe) and I would use it for strictly research into potential money making opportunities.

I'm a little fuzzy on what is considered ethical since the expense has to be "ordinary". Though it seems like a reasonable thing for a software developer to want to research a platform and an avenue to opportunity and money.

Who told you to set up an LLC? You should have created an scorp.

Don't deduct your xbox. You're asking for trouble, even if you are right. No IRS agent in the world is going to believe that the only use for your xbox is "research". You sound like Ty and all his fancy deductions.

It just isn't worth it P. don't try to "out think" the IRS. Just work your ass off.

Ty never had any fancy deductions. Sorry, but all deductions Ty took were vetted, approved and suggested by his CPA. But, i'm sure she didn't know what she was doing.

[retailguy]

Since I moonlight as a freelance contractor and have a federal tax id and an LLC, I have purchased a computer as a business expense.

Since I'm in the software industry, would it be ethical to deduct the cost of an Xbox 360, since they have that Xbox arcade (which allows homebrew games to be sold, I believe) and I would use it for strictly research into potential money making opportunities.

I'm a little fuzzy on what is considered ethical since the expense has to be "ordinary". Though it seems like a reasonable thing for a software developer to want to research a platform and an avenue to opportunity and money.

Who told you to set up an LLC? You should have created an scorp.

Don't deduct your xbox. You're asking for trouble, even if you are right. No IRS agent in the world is going to believe that the only use for your xbox is "research". You sound like Ty and all his fancy deductions.

It just isn't worth it P. don't try to "out think" the IRS. Just work your ass off.

Ty never had any fancy deductions. Sorry, but all deductions Ty took were vetted, approved and suggested by his CPA. But, i'm sure she didn't know what she was doing.

Yeah, yeah, yeah. Of course.

[Tyrone Bigguns]

Since I moonlight as a freelance contractor and have a federal tax id and an LLC, I have purchased a computer as a business expense.

Since I'm in the software industry, would it be ethical to deduct the cost of an Xbox 360, since they have that Xbox arcade (which allows homebrew games to be sold, I believe) and I would use it for strictly research into potential money making opportunities.

I'm a little fuzzy on what is considered ethical since the expense has to be "ordinary". Though it seems like a reasonable thing for a software developer to want to research a platform and an avenue to opportunity and money.

Who told you to set up an LLC? You should have created an scorp.

Don't deduct your xbox. You're asking for trouble, even if you are right. No IRS agent in the world is going to believe that the only use for your xbox is "research". You sound like Ty and all his fancy deductions.

It just isn't worth it P. don't try to "out think" the IRS. Just work your ass off.

Ty never had any fancy deductions. Sorry, but all deductions Ty took were vetted, approved and suggested by his CPA. But, i'm sure she didn't know what she was doing.

Yeah, yeah, yeah. Of course.

It is beyond your comprehension that a CPA might suggest the deductions i made.

the rest of the world will try to conform to your limited view. we apologize.

[Scott Campbell]

It is beyond your comprehension that a mob CPA might suggest the deductions i made.

Fixed.

[mraynrand]

When is an S-corp better than an LLC?

[Tyrone Bigguns]

It is beyond your comprehension that a mob CPA might suggest the deductions i made.

Fixed.

That would explain why she her office always smelled like sausage and peppers.

[Tyrone Bigguns]

When is an S-corp better than an LLC?

When RG says so.