The Lease thread caused me to .....
02-22-2007, 09:45 AM
#46
Burning Brakes
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Share it Stuka.
Originally Posted by stuka
In the mean time, that 120K, even with a modest mutual fund, will make you 12K a year. I actually have some funds that made me 30% last year....
02-22-2007, 10:11 AM
#47
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"Money working for me" is a real phenomenon! 5 years ago when purchasing my current house I got talked into doing an interest-only mortgage, and sending the money I would have had to pay on a traditional 15 or 30 yr into some mixed term aggressive growth funds. I had targeted to pay the house off in 13 yrs on a traditional 15 yr note. My funds have appreciated enough now that I can pay off the house already, 8 years ahead of schedule.
02-22-2007, 10:18 AM
#48
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Originally Posted by icon
you ought to teach one of those get rich quick in real estate seminars! 
what kind of business does having a porsche gt2 "add instant credibility"?
i need to get into that field!
what kind of business does having a porsche gt2 "add instant credibility"?
i need to get into that field!
It seems you have it all figured out.
Thanks for the help.
By the way. The rest of my cars are appreciating. That is why I have no problem paying cash for them. They may not be a great return but at least I can turn them in to cash if I need to.
I just survived an Audit that included a M3 lease of $800 per month. Did not even question it or ask for any logs. I had them but did not need them.
There are thousands of people in this world that drive a Porsche every day for there buisiness. The IRS has no say in how much $$ a particular company spends on transportation needs, as long as it is documented and justified. What do you think the lease payments are on my $350,000 track Hoe is. Do you think the IRS would have a red flag over that. Same situation different catagory in the company. I have to drive something every day. 80% of the time I drive the GT3 it is for business that = a nice write off. A direct exspence to my company.
Any more Real estate or tax advise will be billed hourly.
02-22-2007, 11:23 AM
#49
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Originally Posted by eclou
In TX, buying out a lease still requires you to pay sales tax AGAIN on the payoff amount. It is ridiculous. In Oklahoma, they had a similar tax rule repealed recently
In KY you pay sales tax as a percent of your lease payment. And then on the residual if you buy it. And if sell the car to someone else you still have to pay the sales tax on the residual and then the buyer pays it again on the sales price/book value.
02-22-2007, 11:49 AM
#50
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You guys are insane LOL- I mean that in the most loving manner of course!
We ARE talking about a car are we not? I didn't realize this was Economics 101. Sheesh!
We ARE talking about a car are we not? I didn't realize this was Economics 101. Sheesh!
02-22-2007, 01:06 PM
#51
Burning Brakes
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Originally Posted by RS 197
Any more Real estate or tax advise will be billed hourly.
So, do the following make sense;
1 - I form a LLC.
2 - Buy 2 homes about 300 miles away.
3 - Rent them.
4 - Can I "write off" the lease on the GT3 which I will be using to drive to the location to take care of the property?
5 - If the house doesn't rent, say 4 months a year, can I write it off too?
02-22-2007, 11:23 PM
#52
Originally Posted by Carrera GT
Trust is part of all good business. You just missed the "verify" part.
If I were in your shoes, I'd pursue that legal action, contact the public information person and see what you can get in the way of leverage.
If I were in your shoes, I'd pursue that legal action, contact the public information person and see what you can get in the way of leverage.
Who do you mean? Local DA?
They wont care.
02-23-2007, 01:28 AM
#53
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Originally Posted by ///Mous3
Joe, don't start now; please.
So, do the following make sense;
1 - I form a LLC.
2 - Buy 2 homes about 300 miles away.
3 - Rent them.
4 - Can I "write off" the lease on the GT3 which I will be using to drive to the location to take care of the property?
5 - If the house doesn't rent, say 4 months a year, can I write it off too?
So, do the following make sense;
1 - I form a LLC.
2 - Buy 2 homes about 300 miles away.
3 - Rent them.
4 - Can I "write off" the lease on the GT3 which I will be using to drive to the location to take care of the property?
5 - If the house doesn't rent, say 4 months a year, can I write it off too?
You do not get it. There is nothing I can say that will fill you in.
If you are worried about whether a house will rent or not, You are probably a corporate guy.
You work for a pay check. You are at the mercy of an employer.
Don't get me wrong. Risk is not a word that everyone can handle.
Keep collecting that pay check. you will be fine.
Back to the topic. Leasing is a great option for guy's that work for themselves.
If not. Save enough money to pay cash for the car.
It you can't do that, finance it and live above you means. You only live once. What better way to enjoy your trip through life in a new GT3.
02-23-2007, 03:37 AM
#54
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Fair enough.
Originally Posted by RS 197
It you can't do that, finance it and live above you means...
02-24-2007, 12:15 AM
#56
Nordschleife Master
Originally Posted by RS 197
Jeff,
It seems you have it all figured out.
Thanks for the help.
By the way. The rest of my cars are appreciating. That is why I have no problem paying cash for them. They may not be a great return but at least I can turn them in to cash if I need to.
I just survived an Audit that included a M3 lease of $800 per month. Did not even question it or ask for any logs. I had them but did not need them.
There are thousands of people in this world that drive a Porsche every day for there buisiness. The IRS has no say in how much $$ a particular company spends on transportation needs, as long as it is documented and justified. What do you think the lease payments are on my $350,000 track Hoe is. Do you think the IRS would have a red flag over that. Same situation different catagory in the company. I have to drive something every day. 80% of the time I drive the GT3 it is for business that = a nice write off. A direct exspence to my company.
Any more Real estate or tax advise will be billed hourly.
It seems you have it all figured out.
Thanks for the help.
By the way. The rest of my cars are appreciating. That is why I have no problem paying cash for them. They may not be a great return but at least I can turn them in to cash if I need to.
I just survived an Audit that included a M3 lease of $800 per month. Did not even question it or ask for any logs. I had them but did not need them.
There are thousands of people in this world that drive a Porsche every day for there buisiness. The IRS has no say in how much $$ a particular company spends on transportation needs, as long as it is documented and justified. What do you think the lease payments are on my $350,000 track Hoe is. Do you think the IRS would have a red flag over that. Same situation different catagory in the company. I have to drive something every day. 80% of the time I drive the GT3 it is for business that = a nice write off. A direct exspence to my company.
Any more Real estate or tax advise will be billed hourly.
Originally Posted by RS 197
Mouse Man,
You do not get it. There is nothing I can say that will fill you in.
If you are worried about whether a house will rent or not, You are probably a corporate guy.
You work for a pay check. You are at the mercy of an employer.
Don't get me wrong. Risk is not a word that everyone can handle.
Keep collecting that pay check. you will be fine.
Back to the topic. Leasing is a great option for guy's that work for themselves.
If not. Save enough money to pay cash for the car.
It you can't do that, finance it and live above you means. You only live once. What better way to enjoy your trip through life in a new GT3.
You do not get it. There is nothing I can say that will fill you in.
If you are worried about whether a house will rent or not, You are probably a corporate guy.
You work for a pay check. You are at the mercy of an employer.
Don't get me wrong. Risk is not a word that everyone can handle.
Keep collecting that pay check. you will be fine.
Back to the topic. Leasing is a great option for guy's that work for themselves.
If not. Save enough money to pay cash for the car.
It you can't do that, finance it and live above you means. You only live once. What better way to enjoy your trip through life in a new GT3.
