>>>>>
Nate -- Start a small business. You can even have tax losses for a few
years. I believe that the law is that you must have two profitable years
out of five but it doesn't state any amount of profit or when those years
are.
You go to rallies.Put up a card table and sell something -- napkin rings,
maps, wooden toys, greeting cards, get a small helium tank and sell
balloons, whatever. Do signs. Sell hats. Sell bags of popcorn or peanuts.
You can do this just enough to justify the depreciation expense on the
motorhome, gasoline, repairs, etc. Alternatively, you can charge a flat
mileage rate when you travel. In fact, you can likely sell your GMC to your
business and carry back a loan.
>>>>>
Emery,
Thanks a ton for the info. You are right... I did the same thing with a
BBS I owned a few years back (before the Internet took off). Spent a small
fortune on it (kinda like the GMC), even incorporated. Did have a couple of
years that were profitable at first and a couple that weren't at the end.
The business owed me about $24K at the end when all was said and done and I
sold it off. I got back $8K in tax refunds that year. Still had to spend the
money initially up front but I did get some of my money back from Uncle Sam
from the losses. Plus got A LOT of experience in PC's, software, networking
and the like out of the deal.
Everything you said does indeed work and is very good advise...
Nate '75GB (Innate Technologies Group, Ltd.) Omaha
Nate -- Start a small business. You can even have tax losses for a few
years. I believe that the law is that you must have two profitable years
out of five but it doesn't state any amount of profit or when those years
are.
You go to rallies.Put up a card table and sell something -- napkin rings,
maps, wooden toys, greeting cards, get a small helium tank and sell
balloons, whatever. Do signs. Sell hats. Sell bags of popcorn or peanuts.
You can do this just enough to justify the depreciation expense on the
motorhome, gasoline, repairs, etc. Alternatively, you can charge a flat
mileage rate when you travel. In fact, you can likely sell your GMC to your
business and carry back a loan.
>>>>>
Emery,
Thanks a ton for the info. You are right... I did the same thing with a
BBS I owned a few years back (before the Internet took off). Spent a small
fortune on it (kinda like the GMC), even incorporated. Did have a couple of
years that were profitable at first and a couple that weren't at the end.
The business owed me about $24K at the end when all was said and done and I
sold it off. I got back $8K in tax refunds that year. Still had to spend the
money initially up front but I did get some of my money back from Uncle Sam
from the losses. Plus got A LOT of experience in PC's, software, networking
and the like out of the deal.
Everything you said does indeed work and is very good advise...
Nate '75GB (Innate Technologies Group, Ltd.) Omaha
