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Registered
Join Date: Oct 2000
Location: agoura hills, ca 91301
Posts: 2,634
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BTW, I did not get a single penny from this guy. |
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07-29-2008, 07:12 PM
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Registered
Join Date: Aug 2007
Location: The Golden State
Posts: 1,533
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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!
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Rod... 2010 - 997 PDK, Black on Black, Daily driver. 1987 - 930 Grand Prix White, Not looking for crazy HP, just harmony! |
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07-29-2008, 07:41 PM
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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!!!
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Jim 76 911s 3.6l Track Car 05 Ferrari F-430 "If its worth doing...it's worth doing to excess" |
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07-29-2008, 07:59 PM
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Detached Member
Join Date: May 2003
Location: southern California
Posts: 26,964
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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.
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Hugh |
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07-29-2008, 08:11 PM
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Join Date: Aug 2007
Location: The Golden State
Posts: 1,533
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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!
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Rod... 2010 - 997 PDK, Black on Black, Daily driver. 1987 - 930 Grand Prix White, Not looking for crazy HP, just harmony! |
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07-29-2008, 08:23 PM
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Band.
Join Date: Dec 2003
Location: Denver, CO
Posts: 13,312
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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.
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1983 SC Coupe 1963 BMW R60/2 1972 Triumph Tiger 1995 Triumph Daytona SuperIII |
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07-30-2008, 12:20 AM
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(the shotguns)
Join Date: Feb 2006
Location: Maryland
Posts: 21,550
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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.
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***************************************** Well i had #6 adjusted perfectly but then just before i tightened it a butterfly in Zimbabwe farted and now i have to start all over again! I believe we all make mistakes but I will not validate your poor choices and/or perversions and subsidize the results your actions. |
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07-30-2008, 01:05 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Cornpoppin' Pony Soldier Last edited by lendaddy; 07-30-2008 at 04:19 AM.. |
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07-30-2008, 03:50 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Seriously though, I probably over-spoke about 450k meaning nothing, I meant it can happen quick.
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Cornpoppin' Pony Soldier |
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07-30-2008, 04:21 AM
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Did you get the memo?
Join Date: Mar 2003
Location: Wichita, KS
Posts: 32,263
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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.
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‘07 Mazda RX8-8 Past: 911T, 911SC, Carrera, 951s, 955, 996s, 987s, 986s, 997s, BMW 5x, C36, C63, XJR, S8, Maserati Coupe, GT500, etc |
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07-30-2008, 04:21 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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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
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Cornpoppin' Pony Soldier |
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07-30-2008, 04:36 AM
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Free minder
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Maybe they made a LLC, and then used their house as collateral thinking that would protect it. Doh!
Aurel
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1978 SC Targa, DC15 cams, 9.3:1 cr, backdated heat, sport exhaust https://1978sctarga.car.blog/ 2014 Cayenne platinum edition 2008 Benz C300 (wife’s) 2010 Honda Civic LX (daughter’s) |
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07-30-2008, 04:33 PM
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Virginia Rocks!
Join Date: Oct 2003
Location: Just outside the beltway
Posts: 8,497
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Couldn't fix a septic problem....probably don't know WTF an LLC is.
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Rosewood 1983 911 SC Targa | Black 1990 944 S2 | White 1980 BMW R65 | Past: Crystal 1986 944 na Guards Red is for the Unoriginal
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07-30-2008, 07:20 PM
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Virginia Rocks!
Join Date: Oct 2003
Location: Just outside the beltway
Posts: 8,497
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Quote:
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Rosewood 1983 911 SC Targa | Black 1990 944 S2 | White 1980 BMW R65 | Past: Crystal 1986 944 na Guards Red is for the Unoriginal
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07-30-2008, 07:21 PM
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