Tax consequences of RV vs RI

[cooked]

I heard someone say there was a difference tax wise between a RV and RI. I don't understand what it could be but does anyone here have an opinion?

[FlyHi]

Cooked I'm from Aussie so not clear on your taxation rules/laws but I think one has capital gains implications and the other one doesn't. Also gifting tax may differ too....

need help here guys.....where are the smart ones when you need them???

[ilovesushi]

It really doesn't matter at this point because when the RV or RI happens there will be a new tax law. Just make sure you already have a good tax person.

[keepmwlknfny]

I heard someone say there was a difference tax wise between a RV and RI. I don't understand what it could be but does anyone here have an opinion?

Doesnt matter here in the US, it all falls under normal taxable income....

[joseroque]

It really doesn't matter at this point because when the RV or RI happens there will be a new tax law. Just make sure you already have a good tax person.

What new tax law? I don't foresee any changes in the tax law just because of the RV!

[HopefulTxn]

I heard someone say there was a difference tax wise between a RV and RI. I don't understand what it could be but does anyone here have an opinion?

There was some statements to the effect months ago that an RI would be taxed less or not at all - I don't remember which.

It just never made sense that there would be a difference. Why would anyone have a tax benefit based on the value that an asset held many years before a speculator even acquired that asset?

It doesn't seem to matter who is right about whether it would be capital gains or personal income, basing the tax rate on the value it had long before a person even held it just makes no sense, IMO.

[steveinfla]

simple answer talk to either a cpa or a tax lawyer. THe small consultation fee is well worth it. I posted in an other post about this and some responded with good intel of their own. However again talk to either a cpa or tax lawyer. I have been told to immediately put 35% away for taxes. I was told if held less than a year income over a year capitol gains. Again double check!!

[skitealwedrop]

Consult a CPA/Tax Lawyer. That's my opinion. It's possible that Adam will provide direction though I would urge each of you to not rely on hearsay to resolve your potential tax issues.

GO RV/RI!

[HopefulTxn]

Consult a CPA/Tax Lawyer. That's my opinion. It's possible that Adam will provide direction though I would urge each of you to not rely on hearsay to resolve your potential tax issues.

GO RV/RI!

Exactly... Why rely on what someone else tells you, especially when it is your butt that will end up owing any financial penalty or sitting in a cell because what you thought was simply tax avoidance was actually tax evasion... :lol:

[Sanssouci]

What new tax law? I don't foresee any changes in the tax law just because of the RV!

I am hearing of a "millionaire's tax" attached to the American Jobs Act. One problem, though: Where are all the millionaires? Hint: The RV will create them.

[Markinsa]

I can tell you right now, if you make a profit on something, the IRS is going to want its share, no matter what it is, LOP, RD, RI.

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[Darren77th]

Well I think if it R/D's or LOPs you will be able to write off the loss you will get. The mark up you incurred when you purchased it and the fee you will pay when you sell.