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DerbyDad03 DerbyDad03 is offline
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Default This Old [millionaires] House

On 19 Oct, 16:09, Red Green wrote:
jJim McLaughlin wrote m:





Kurt Ullman wrote:
In article ,
Red Green wrote:


(---MIKE---) wrote in
:


The real question is regarding the "Extreme Makeover" show. They
completely dismantle a wreck and put up a mansion. This is usually
for a destitute family. How can they afford the taxes on their new
mansion?


---MIKE---


In the White Mountains of New Hampshire
(44 15' N - Elevation 1580')


Why do you think they are all bawling their eyes out? Before they had
a place they could afford. Now they are short timers in the place
before they get evicted.


And of course they have to pay income taxes on the value of the
new
stuff.


No.


I'm not a tax pro Jim but I've done a bit of them. Generally, I would
guess they would get a 1099. I have seen a few, very few, exceptions.
That's why places that "give" stuff away, raffles, etc. jack the max
retail value way up if they can. This they can partially write off.

You win some tickets on the radio and come the end of the year don't be
surprised if you get a 1099. They don't care if you report it or not.
CYA so they can write off a percentage. Saw that personally with a
relative.

Just my .02, and that may be an inflated amount :-)

--
Red...

"If women don't find you handsome, they should at least find you handy."

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You win some tickets on the radio and come the end of the year
don't be surprised if you get a 1099.

Many years ago I worked part time at a bank - 1 day a week. The
branch won an all-inclusive 4-day trip to Aruba for each employee and
a guest.

At the end of the year, I got a 1099. When I did my taxes, the value
of the trip accounted for almost 2/3 of my gross income for the year.

I guess it was worth it - I walked a girl to her class at college, I
took her to lunch, and then I took her to Aruba. Our third "date". 4
kids and 24 tax returns later, we're still together.