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Join Date: Jan 2005
Location: Minneapolis
Posts: 7,482
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Ouch.
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09-20-2006, 04:26 PM
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I wonder why they don't do what Extreme make over home edition does and lease the house for the renovation period, which makes it tax exempt for the owners.
Extreme Makeover uses “innovative scheme” to keep families from paying taxes. As gifts from show producers, renovations done to a home on Extreme Makeover: Home Edition are taxable, and that could end up costing families who participate hundreds of thousands of dollars. But Variety reports that Endemol “has an innovative scheme to get around at least the initial tax hit. The company leases the property for the purposes of shooting the show for 14 days. Any improvements made during the lease are tax-exempt.” The producers of FOX’s Renovate My Family, Rocket Science Laboratories, “decided to pay families a lump sum to cover tax liabilities. But since the payment itself is also classified as taxable income, they adjust the amount so in the end the families owe zero.” One family featured on that show, the Rosiers, received a 1099 form showing $529,148 in income from the renovations. Variety reports that Rocket Science is “offering $215,000 to cover their tax liabilities.” The company did the same thing with Joe Millionaire 2’s David Smith, who “won a 70-acre Texas ranch”; Rocket Science “covered the taxes on the $500,000 gift.” |
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09-20-2006, 06:01 PM
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Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,513
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Kind of reminds me of the city manager, hired at something like $250,000 annual pay. He resigned soon after accepting the job. It seems that you can't live in Aspen, Colorado on a mere $1/4 million per....
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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09-20-2006, 07:07 PM
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up-fixing der car(ma)
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and for just a quarter a day, you could help a child like this one get some shoes and vaccinations and something to eat
 i'm basically a relatively conservative capitalist (pretty moderate) and aspire to a reasonable/comfortable material wealth status, it's just very interesting dichotomy....
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Scott Kinder kindersport @ gmail.com Last edited by YTNUKLR; 09-20-2006 at 07:36 PM.. |
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09-20-2006, 07:34 PM
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Senior Member
Join Date: Jun 2000
Location: N. Phoenix AZ USA
Posts: 28,943
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Quote:
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2013 Jag XF, 2002 Dodge Ram 2500 Cummins (the workhorse), 1992 Jaguar XJ S-3 V-12 VDP (one of only 100 examples made), 1969 Jaguar XJ (been in the family since new), 1985 911 Targa backdated to 1973 RS specs with a 3.6 shoehorned in the back, 1959 Austin Healey Sprite (former SCCA H-Prod), 1995 BMW R1100RSL, 1971 & '72 BMW R75/5 "Toaster," Ural Tourist w/sidecar, 1949 Aeronca Sedan / QB |
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09-21-2006, 09:08 AM
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Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,513
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young ski bums for the most part...and there's not a thing wrong with that. But for a man with a family who wishes to live fairly well, send his kids to a good school? Lots of moolah needed in Aspen....let's face it, costs of living can vary a lot depending on the location.
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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09-21-2006, 03:18 PM
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