NEED SOME HELP

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Final line from Tax (not) expert, that we owe 7K. Yes, we bugged out and sold a rental property we had since 1990. To assure you, this small rental was not a mansion on a hill. We, are being finanically killed, with an end result profit and ten years accumulation of depreciation . Why should we have to pay 28% taxes? Did the IRS help me paint the fricking thing. Did IRS go with me, in the late night hour while I sought to unplug a toilet? They were never there, yet they seek a claim and lay hands upon, over 28% of a profit, while they slept. Theft among one human to another. Maybe I should ask for "forgivness of taxation" Your opinion?

-- No Gold (b@rsin hand.com), April 16, 2000

Answers

Buy gold now. You won't be sorry. Everyone hates it and it's cheap. If you are a savvy person you know what I'm talking about.

-- GOLD LOSER (goldloser@ranch.com), April 16, 2000.

LOL.... and I'll bet you payed rent (property tax) on the house at the same time !!!!!!!

And you thought you were the owner.... LOL

-- I'm your (friendly@ IRS. giveme), April 16, 2000.


No Gold, you show severe signs of Internet Dementia. The IRS is not a person, it can't paint your properties. The IRS is the Internal Revenue Service, which collects money from all tax payers. That is, every US citizens, encluding IRS tax collectors themselves. So you see, a tax collector is too busy to collect taxes to paint your properties or unclog your toilets.

Internet Dementia compounded with a debt of 7K can send someone postal.

Make an appointment with your psychiatrist first thing in the morning.

-- Dr. Shrink (doing@late.night.calls), April 16, 2000.


Dear Gold Loser, I am LOL, because you encourage me, like in my Mother's words, no pot to piss in, nor window to throw it out of. What encourages you to believe that all fellow kind has been granted the same means that you enjoy, in this skin world? Have you two new nice autos in your garage? And you look down on those with older vehicles, because, their smoking vehicles, and your nose gets twitchy and arrogant because their vehicle evokes smoke? and you think they are are lending an early demise to your earthly being? Better git a grip. We are still, your Breathern.

-- No Gold (br@in.hand.com), April 16, 2000.

File an extension and put off paying the tax.

-- Swampthing (in@the.swamp), April 16, 2000.


NG

If this is a rental, I assume you already deducted those operating costs in previous tax years. If not, you need a tax preparer.

As far as capital gains, I assume you deducted any expenses for any improvements, and that you kept the recipts, from your sales price.

The reality is that the IRS is going to get money one way or another.

Todd

-- Todd Detzel (detzel@jps.net), April 16, 2000.


Well, I don't know about you guys, but taxes are taxes are taxes, and you can't run a country without 'em. Just glad I don't have to pay them in rubels, or yen, or drachma. Just good ole u.s. dollars.

-- Pat (-@still.here), April 16, 2000.

Pat, I didn't know lap dancers in Las Vegas paid taxes. I thought your pimp paid them for you.

-- (We @ll .know), April 16, 2000.

Sorry to be a spoil sport, but . . . you depreciated the building (and presumably reduced your taxes at the time by doing so). The theory behind depreciation is that you are consuming or using up the structure. If that turns out not to be true (i.e., you make a profit), the IRS wants its money back.

Bottom line -- don't play the game if you don't understand the rules.

-- E.H. Porter (Just Wondering@About.it), April 16, 2000.


Swampthing,
My understanding is that an "extension" enables filing a return to be postponed, but does not defer payment of taxes.

-- David L (bumpkin@dnet.net), April 17, 2000.


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