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Someone on my news feed was proudly proclaiming he just signed up to be an Uber driver. Should I just let it be, or should I say something?
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Apr 4, 2018 15:16
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I know someone who cashed out several hundred thousand in BTC. He said he bought 500 in 2011? Something like that. Anyway, good for him. I asked him if he's paid taxes on it and he said no. I told him he should find an accountant but, from what I know about him, I think it's 60/40 he won't. Oh well, not my problem 
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Apr 4, 2018 15:22
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SiGmA_X posted:There are some great threads from Cryptard Tax Truthers. Apparently some of them conclude that because the IRS info doesn't specifically use cryptocurrency to cryptocurrency exchanges, they clearly don't want you to consider exchanges taxable events. Despite an asset swap clearly being a taxable event which 2014-21 outlines, plus all the other asset taxation guidance (525, 551, etc). Thanks for this hilarious link. My wife was wondering why I was cackling manically.
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Apr 4, 2018 17:07
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lostleaf posted:Thanks for this hilarious link. My wife was wondering why I was cackling manically. The best thing is the multiple parts with the almost exact same exchange (no pun intended):  They have not. Show me a sentence in the notice that says so. https://www.irs.gov/pub/irs-drop/n-14-21.pdfQ-6: Does a taxpayer have gain or loss upon an exchange of virtual currency for other property? A-6: Yes. It literally could not be clearer
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Apr 4, 2018 17:26
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Moneyball posted:Someone on my news feed was proudly proclaiming he just signed up to be an Uber driver. Should I just let it be, or should I say something? Let it be unless you like this person enough to take the long shot on them actually listening, imo.
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Apr 4, 2018 17:45
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SiGmA_X posted:Update full of lulz!  .txt
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Apr 4, 2018 17:52
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It’s the gift that keeps giving. It gives in April and it gives in 6 months when people start getting notices from the IRS. And I know the IRS is underfunded...but something tells me that they’ll devote some extra resources here.
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Apr 4, 2018 17:55
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Someone needs to give those people a Venn diagram where the circle for “other crypto currency” resides entirely inside the circle for “other property” so they can understand that they don’t need to explicitly say “crypto to crypto” because it’s implied. Then again I hope all these people who decide to perform some tax garbage get audited and end up owing thousands of dollars to the government.
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Apr 4, 2018 18:11
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What do you think of this method of purchasing a car with a HELOC? https://www.reddit.com/r/personalfinance/comments/89r2ml/what_do_you_think_of_this_method_of_purchasing_a/ quote:I was thinking to shop around and find a car for two to three thousand dollars below market average (per kbb). I plan on spending 10k for a car worth 12-13k. I've found a couple so far on CL,truecar.com, etc. Assuming I find a car that fits this criteria, would it make sense to pay only the interest payments each month, as one can with most HELOCs, and wait until the market value of the car is inline with what I paid (1-3 years maybe?) and then sell it or start paying down the principle as well to keep in line with further depreciation? I want to keep payments as low as possible for now (interest only would crazy low) but also be able to recoup what the car is worth when I go to sell. Any glaring flaws/stupidity in my thinking that I'm just not seeing? I know that normally buying a car like this and only paying interest would be stupid, but if I find one this much below market average would this be ok in your opinion?
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Apr 4, 2018 18:18
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Motronic posted:What do you think of this method of purchasing a car with a HELOC? And what car do they want to buy? > I'm thinking suburbans. Why? > Have kids and need a big vehicle, if possible not a mini van. But you can't afford a Suburban. Why not a mini van? >
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Apr 4, 2018 18:42
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Motronic posted:What do you think of this method of purchasing a car with a HELOC? Why doesn't Mr. Expert Car Shopper just buy a $13k vehicle for $10k, sell it immediately for $13k, repeat 3 more times and buy a car outright with cash? I think I can see a flaw in this plan.
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Apr 4, 2018 18:44
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canyoneer posted:Why doesn't Mr. Expert Car Shopper just buy a $13k vehicle for $10k, sell it immediately for $13k, repeat 3 more times and buy a car outright with cash? How much you want to bet his brilliant plan includes buying from a shady I mean Mom and pop dealership?
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Apr 4, 2018 18:49
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Listen it's a perfectly valid plan that hinges entirely on purchasing property for less than its real value. IDK why you guys aren't getting this. In before he starts talking about monthly payments.
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Apr 4, 2018 19:15
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BonerGhost posted:In before he starts talking about monthly payments. Too late. Very low. Interest only.
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Apr 4, 2018 19:20
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I assumed he was talking about below blue book, which is pretty standard. Anyone buying a car for book is a sucker. Unless it’s a regional thing they just plain don’t account for.
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Apr 4, 2018 19:26
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Motronic posted:What do you think of this method of purchasing a car with a HELOC? My inner finance self is saying it could be a lower cost of capital than using typical financing, but at the same time, I know it won’t work for this guy.
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Apr 4, 2018 19:36
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totalnewbie posted:I asked him if he's paid taxes on it and he said no. I told him he should find an accountant but, from what I know about him, I think it's 60/40 he won't.
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Apr 4, 2018 19:44
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crazypeltast52 posted:My inner finance self is saying it could be a lower cost of capital than using typical financing, but at the same time, I know it won’t work for this guy. Of the only thing you are looking at is cashflow then yes you can get a lower payment this way (but most banks won't do interest-only indefinitely). Generally speaking though you can get a lower rate on an auto loan unless you have a crappy credit history. therobit fucked around with this message at 20:48 on Apr 4, 2018 |
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Apr 4, 2018 19:48
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Think I found the car dealership in question here: https://youtube.com/watch?v=C96EkDGAw6c
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Apr 4, 2018 20:02
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I love that the guy is asking people what they think but has obviously already determined its an incredible idea. Banks hate him! Edit: Not to mention when his $12k suburban shits the bed and worthless leading to him paying something off thats tied to his home.
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Apr 4, 2018 20:35
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22 Eargesplitten posted:I assumed he was talking about below blue book, which is pretty standard. Anyone buying a car for book is a sucker. Unless it’s a regional thing they just plain don’t account for. He expects to sell it 3 years later at blue book.
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Apr 4, 2018 21:24
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Dustoph posted:He expects to sell it 3 years later at blue book. At today's blue book, not three years from now blue book, too.
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Apr 4, 2018 21:34
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CornHolio posted:At today's blue book, not three years from now blue book, too. He has a time machine and came back with Kelly Blue Books for the next 20 years! Some time travelers make their fortunes with sports gambling. Some sell used cars that are surprisingly undervalued.
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Apr 4, 2018 21:37
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If I recall correctly isn't KBB a pretty crappy indicator of prices? It's designed to get people into dealerships
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Apr 4, 2018 21:41
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CornHolio posted:At today's blue book, not three years from now blue book, too.
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Apr 4, 2018 21:42
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CornHolio posted:At today's blue book, not three years from now blue book, too. No, he's looking to sell it at a future blue book when that is equal to the sub-BB price he's paying now.
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Apr 4, 2018 21:43
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Xenocides posted:Think I found the car dealership in question here: Somehow knew what this was without clicking on it.
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Apr 4, 2018 21:52
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Why do you guys hate this man's Buy Low, Sell High system so much?
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Apr 4, 2018 22:11
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Irrelevant but my car loan has a lower interest rate than my HELOC. Cars are considered a lower risk asset then homes right now. Shocking that assets that appreciate 20% a year might be in a bubble. Editing this because it is boring to add another post, but I was talking about a market rate loan, not a manufacturer subsidized rate, but it was .5% lower than the HELOC, rates are just boring run of the mill conforming bank advertised rates and should be typical of the market. Elephanthead fucked around with this message at 02:04 on Apr 5, 2018 |
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Apr 4, 2018 22:21
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What are typical car loan rates? I looked at a Mazda 3 the other day, and their pricing for their Special 0% APR seemed to imply a standard rate of like 3%, which seems bananas low for a stupidass car
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Apr 4, 2018 22:28
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for new cars like zero percent, 0.9% is fairly common but of course that may be in lieu of cash back offers
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Apr 4, 2018 22:46
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Being your own boss is so much funquote:(Modesto, California) My husband owns Automotive Air Conditioning business (sole proprietorship) since he was 19. He doesnt like doing the paperwork so he deferred it to his Aunt. Then his Aunt quit. I then found out in 2008 (after we just got married) that he owed backed taxes. It was only 4K but because he "forgot" to pay it over the years, it accumulated to 20K. We were struggling in 2008 during the recession, and unfortunately I just married him so I was also implicated. We barely made it out of the recession and I finally got a good job, and paid it all off. Now, in attempt to keep history from repeating itself, I constantly have to coerce him to balance his books, sends his billings, collect payments, renew his business license etc. It is EXHAUSTING. He hates the paperwork for running a business so I end up having to remind him and he just keeps forgetting to do them! I asked him to hire a bookeeper, but he doesnt want to and frankly the volume of work is small. I have a very stressful job and have a child to raise, I cant be stressing out all the time about him "forgetting" to pay his federal and county taxes. Recently, he took up drinking and started abusing alcohol. Got arrested for a DUI which puts us in the hole of another 25K! I am fed up at this point. I dont want to leave him (yet) and I think all he needs is to pay the consequences of his irresponsible decisions. If I file for a legal seperation, will that segregate me financially from him? I want him him to face the repurcussions for making bad financial decisions without implicating me. In hopes that he gets burned a bit and LEARN to make better decisions on his own. The only asset we have is a home but its under my name only because my parents help me bought it, but it was bought while we were married. I dont want the IRS or another entity going after my home if he fails to do his taxes or gets sued for something. Please help! What can I do to financially segregate myself from an irresponsible husband who keeps effing up and leads us close to financial ruin?
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Apr 4, 2018 23:15
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 , and how does a DUI cost 25K? Unless he hit another car or something.
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Apr 4, 2018 23:21
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BigDave posted:how does a DUI cost 25K? Unless he hit another car or something. California That state does not gently caress around when it comes to DUIs
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Apr 4, 2018 23:56
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DUIs are such a poo poo show. Nobody wants to be the guy to say "hey let's lighten up on DUI Morons" and it's easy political points to say you're gonna get Even Tougher on them. ... but over time we're gonna reach a point where a DUI = instant death penalty unless someone pumps the brakes a bit.
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Apr 4, 2018 23:59
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That's a sever if I ever saw one.
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Apr 5, 2018 00:09
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GoGoGadgetChris posted:DUIs are such a poo poo show. Nobody wants to be the guy to say "hey let's lighten up on DUI Morons" and it's easy political points to say you're gonna get Even Tougher on them. It's worked though. Our parents and grandparents didn't think twice about driving drunk. Drinking and driving was so normalized that M.A.D.D. was considered radical. They never took Ted Kennedy's blood alcohol level, but the legal limit in 1969 was .15 which is twice what it is now. So not only did no one care, but even when they did you could be totally drunk and still be in the clear. I agree the revenue enhancement aspect of DUI's is out of control, but it's hard to argue with the results. Personally I'd prefer a smaller fine the first time and losing your license for X number of years the second. My brother had 3 DUI's in one year, didn't lose his license, and bribed someone to cover his community service - so I'm a bit sore on the current system. The fines aren't enough for people who can afford them and are prohibitive for those who can't.
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Apr 5, 2018 00:09
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Doing like Finland and making the fines income-based would be a step in the right direction but that would be SOCIALISM! 
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Apr 5, 2018 00:19
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Enfys posted:Being your own boss is so much fun You's a fine motherfucker, won't you back that taxx up? Call me big daddy when you back that taxx up Hoe who is you playing with? Back that taxx up
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Apr 5, 2018 00:35
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Krispy Wafer posted:It's worked though. Our parents and grandparents didn't think twice about driving drunk. Drinking and driving was so normalized that M.A.D.D. was considered radical. They never took Ted Kennedy's blood alcohol level, but the legal limit in 1969 was .15 which is twice what it is now. So not only did no one care, but even when they did you could be totally drunk and still be in the clear. On the other hand, no one forces you to drink and then drive, so massive fines that act as a deterrent are a good thing. Also holy poo poo your brother got three in one year?? Did he not learn after the first one?
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Apr 5, 2018 00:57
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