Anesi Apartments
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NEW -> Contingent Buyer Assistance Program
now you are conflating (ive always wanted to use that word, not sure if did use it properly) two things, business income/loss and personal trading. I assume you dont own your own trading business/fund so therefore are two separate things. Although if your business is an LLC/S Corp the your business income/loss flows down to you.
good question. i would think your basis pre-bankruptcy would transfer over since you did not pay anything for the new shares with the new symbol, so i would think you could deduct your 90K in losses (3k per year or offset gains like USC said). although im not a tax pro so take my answer with a grain of salt.
changm55
New member
not a problem... ill just hold off on some of my business supplies or stock up for the next 3-4 years in advance rather than do it quarterly... 35k is easy dude... if push comes to shove i think i can do 10k for 2 years... maybe even 3... just takes a bit of planning...
or do they look at gross business income and not net business?... if gross i might be fucked...
or do they look at gross business income and not net business?... if gross i might be fucked...
changm55
New member
sorry for the swearing... ARGH@!$#!@#!@#!@... i dont know if im more pissed i paid some taxes for the past 4 years that i didnt have to (its not that much... but its the principle of the matter) or angry at the time lost... sigh i have a butt load of junk from 08-09 that im still holding for no god damn reason then... ARWRGHASKRASKLEJK@!#!@#!@#!@
world chaos said:btw side topic... WHAT?? ONLY 3k each YEAR?? ... S-H-I-T i am so screwed...
qwerty said:world chaos said:
you can only offset your normal income by 3K of capital losses
so you will have to try harder to be low income
usctrojancpa
Well-known member
I have the solution.....active real estate tax losses if you are a "real estate professional" or maybe just own one of those cash only businesses like a donut shop or small restaurant.qwerty said:world chaos said:
you can only offset your normal income by 3K of capital losses
so you will have to try harder to be low income
changm55
New member
fuck man... i just sign on to etrade to check... i have like 90k losses from 08-09... 3k a year is shit ok... what? gonna take me 30 years to deduct that?... this is ridiculous man... the heck...
this is ridiculous ok... omg im so angry... i need to take a walk... this... FUCK YOU UNCLE SAM... fuck...
this is ridiculous ok... omg im so angry... i need to take a walk... this... FUCK YOU UNCLE SAM... fuck...
usctrojancpa
Well-known member
Either that or start booking some gains against those losses. I have a 6 figure loss carryforward from my tech buddle days that I cleared out with option trading profits the past few years....it was tax free income (just making back what I lost). :world chaos said:
changm55
New member
yeah sigh... but that means have to sell the good ones man... ugh... nah im just gonna keep these losses to balance out the good ones when i sell... sigh... its ok... lifes tough and then u learn...
thanks for the advice tho... appreciate it... seriously... better learn about the 3k now then never right? sigh...
thanks for the advice tho... appreciate it... seriously... better learn about the 3k now then never right? sigh...
usctrojancpa
Well-known member
I learned a long time ago that you let go of the losers and move on. Hope is for suckers...I churn'em and burn'em. I need to do a course on options trading for you guys.world chaos said:
changm55
New member
but dude... back to topic at hand...
if i can get my hands on one of these gov subsidized homes and qualify and then volunteer it back to uncle sam to rent out... that would be a nice place to squat some extra money... especially if the gov will help pay for 50% of that unit to begin with (dunno about OC but los angeles ones that u can buy, i remember someone telling me the gov helps pay for up to 55% of it or something... except the only ones available are in VERY undesirable areas... like long beach and san pedro =_=;; )... mission viejo? irvine? id pick one up in a heart beat (if i can qualify that is haha)...
if i can get my hands on one of these gov subsidized homes and qualify and then volunteer it back to uncle sam to rent out... that would be a nice place to squat some extra money... especially if the gov will help pay for 50% of that unit to begin with (dunno about OC but los angeles ones that u can buy, i remember someone telling me the gov helps pay for up to 55% of it or something... except the only ones available are in VERY undesirable areas... like long beach and san pedro =_=;; )... mission viejo? irvine? id pick one up in a heart beat (if i can qualify that is haha)...
usctrojancpa
Well-known member
I don't buy and hold stocks....I SELL options using various strategies (mostly on indexs, not individual stocks) and collect the premium.world chaos said:
changm55
New member
also i have a stock question... some of my stuff went into bk and came out as another symbol... so can i claim the price i paid for these BEFORE they were in bk (original stock symbol)? or the market price of it on day 1 of the reissue (new ticker symbol)? if price paid BEFORE bk then i have a little less then 90k in losses... but if they only allow me to claim the price on day 1 of reissue, then i can only claim 30k in losses (60k loss i just suck up???)... sigh...
btw i apologize in advance... i realized we are talking about this in a low income thread... i feel like an ass...
btw i apologize in advance... i realized we are talking about this in a low income thread... i feel like an ass...
qwerty
Well-known member
world chaos said:
now you are conflating (ive always wanted to use that word, not sure if did use it properly) two things, business income/loss and personal trading. I assume you dont own your own trading business/fund so therefore are two separate things. Although if your business is an LLC/S Corp the your business income/loss flows down to you.
qwerty
Well-known member
world chaos said:
good question. i would think your basis pre-bankruptcy would transfer over since you did not pay anything for the new shares with the new symbol, so i would think you could deduct your 90K in losses (3k per year or offset gains like USC said). although im not a tax pro so take my answer with a grain of salt.
changm55
New member
my bad, ill explain... its an LLC, sole perp, so everything pass down to me... thats why i see any type of deductions as the same thing... i do import/export so things come in and out of the port of los angeles directly (USA warehouses hold my stuff and ship it out to asian clients when i want, so never comes to me and vis versa, taiwan/shanghai warehouses hold my stuff and ship it here direct to clients)... because office never sees the actual goods, it is considered interstate commerce, side step los angeles city business tax and sales/use tax... all i really pay are state and federal taxes passed through to my 1040... i do have to pay VAT occasionally though, but 90% of the time its the clients that pay it... the majority of my expenses is just stocking the office with office supplies and traveling... im pretty loyal to a few airlines, online booking sites, and online office supply stores anyways so i was thinking id just book a bunch of online credits/gift credits with extended expiration dates in advance and i can easily pay for future office supplies and traveling NOW for the next 3-4 years and have my 1040 at net 10-20k for that given year (im thinking this if they are looking for net income)... if that doesnt work i can always just have my relatives companies bill my clients instead and i can bill them for that additional income sometime later on after i qualify (im thinking this will be the alternative if they are looking at gross income)... im sure there is better ways to do this... but this just the top of my head... i still havent gotten over the max 3k... sigh..
qwerty said:
changm55
New member
u know fuck it this is jumping through hoops... ill just ask my retired house wife mom to power of attorney me and use her name to qualify... im sure 0 USD income for the past 10 years can definitely qualify for any low income + age limit...
but problem is still the same... are any of these units in "desirable" areas (please no long beach, san pedro, anahiem, or riverside) up for sale?
but problem is still the same... are any of these units in "desirable" areas (please no long beach, san pedro, anahiem, or riverside) up for sale?
