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I lost less money this year!!!!

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I lost less money this year!!!!

Old 02-26-05, 03:54 PM
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I lost less money this year!!!!



Just got my taxes back, and I didn't lose as much as normal.

Las year I took about $12,000 loss on my rentals. This sucks ass because you can only take $3k in loss and then the rest carries over for future years of $3k.

But this year I lost only about $1,800 which means that the entire loss helped me out. Plus with some other losses (Made a huge gain on stocks, sold, paid big taxes, lost that huge gain the following year, and got to take $3k losses....that is a screw job), it looks like I can take $3k loss deductions for at least another 7 years.

Why the hell do you have to pay for your entire gains, but can't take credit for your losses in a single year? That is teh suck.

Anyway, I only suck about 1/6th as much as I did last year. But it looks like the way to go is to lose almost $3k per year. That would be perfect.


Anyone else all done and learn new things?
Old 02-26-05, 03:57 PM
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How do you assess "loss" on your properties? Is that the difference in rent between your mortage and rentals?

-pedagogue
Old 02-26-05, 04:19 PM
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Originally Posted by pedagogue
How do you assess "loss" on your properties? Is that the difference in rent between your mortage and rentals?

-pedagogue
Not really. Most of it is "paper" loss. The rentals are depreciated over 27.5 or 40 years, depending on whether it is residential or commercial. Lots of other things are depreciated as well. For instance, I think I had a total depreciation of over $20,000. So that money is counted against the income, etc., even though it isn't an actual expense I paid out of pocket. But then you do also have mortgages, repairs, and a host of other things.
Old 02-26-05, 05:45 PM
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I'm so awesome. I did my taxes two weeks ago. Got my refund direct-deposited a couple days ago.
Old 02-26-05, 05:49 PM
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My CPA regressed. Last year he emailed me my return in a .pdf, and I sent him everything with a program he used. This year, it was back to snail mail, but I will still file electronically.
Old 02-26-05, 06:26 PM
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Originally Posted by kvrdave
Anyway, I only suck about 1/6th as much as I did last year.
wow, how are you going to make up for the loss of that income?


Old 02-26-05, 07:01 PM
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kvrdave, did your wife deduct the horse from her taxes?







Old 02-26-05, 07:51 PM
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Originally Posted by Canadian Bacon
kvrdave, did your wife deduct the horse from her taxes?







If I wanted to try to show farm income, we could

Rather, we should shoot them.
Old 02-26-05, 07:57 PM
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Originally Posted by kvrdave
Why the hell do you have to pay for your entire gains, but can't take credit for your losses in a single year? That is teh suck.
True. The only thing you can do is in a year with gains, round up all your losers and sell them too, offsetting some of the gain. (You can buy them back in a month if you have high hope them)

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