Women, gambling, liquor, parasitic 'new' friends.

BTW, I did not get a single penny from this guy.

Interrupting the pissing contest here, I will answer my post:

Some call it a questionable loophole. Others just call it a good idea. The producers of ABC's "Extreme Makeover: Home Edition" use a section of the Internal Revenue Code to keep families they help, like that of Ryan and Karia Stockdale of Middleton, from getting hit with a big tax bill when construction crews pack up and the dust settles. ...
According to IRS code, if a taxpayer rents a home to someone else for less than 15 days, the rental payments he or she receives don't count as income. So producers of the show can rent properties for up to 14 days while a host of volunteers tear down and rebuild The "rent" the show pays is actually the furniture, appliances and other niceties used in the rebuild. While most tenants don't rebuild rental properties from the ground up and equip them with state-of-the-art heating, cooling and sprinkler systems, those improvements and others are tax-free for the owner if their tenant happens to do so. ...

Resume gentlemen!

+1

I own a family business too...I sit on my wallet. I don't even owe my old man that kinda grip. Our business turns 8 figures year in year out. I wouldn't EVER drop nearly a 1/2 mil on a project w/o a guaranteed return. EVER!!!

Cl8ton,

Clever!! I've rented my house a few times for filming and claimed that exemption from taxes, but that show takes it to the extreme. I never made the connection.

Hugh, I am standing here besides myself, so to speak!
I own several rentals and my mind is reeling right bout now :)

Thanks for the thread, whoever started it!

If a family is struggling to make ends meet paying . . . .let's say . . . a @150 utility bill, and a $20 water bill, and (let's think big) a $1000 annual property tax bill . . .

And some fantastic stranger comes and gives you a leather couch and a kickass flatscreen TV and renovates your home but in the process DOUBLES your monthly nut, . . . .

Where's the charity in that? Congratulations!!!! here's a kick in the nutz.


All that aside, the family obviously screwed up.

Gogar that has been brought up in the past in regards to this show. it's a big deal to many of these folks to have to pay r/e taxes on a vastly improved property.

but in this case the family was given funds to pay said r/e taxes for 20 odd years IIRC.

Tell me more of this "guaranteed return" I think I may have just found our problem:D

Seriously though, I probably over-spoke about 450k meaning nothing, I meant it can happen quick.

I know several people that have lost faith in Habitat for Humanity after returning to Habitat homes to do follow-up work. The homes that they volunteered their time to build were trashed. Very rarely do people appreciate something they received for free. The old "give a man a fish" parable is so very true.

Ok, I just watched the video and yes it looks like they are idiots. I've never seen them or the show and was only commenting on the use of an asset to start a company.

Carry on :)

Maybe they made a LLC, and then used their house as collateral thinking that would protect it. Doh!

Aurel

Couldn't fix a septic problem....probably don't know WTF an LLC is. :)

You actually have to put some money into a Habitat home. It's not free.