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Double Yellow's Company Driver to Independent Thread

Discussion in 'Ask An Owner Operator' started by double yellow, Nov 5, 2014.

Page 59 of 198
  1. Apr 7, 2015 #581
    CaptainDaveG

    CaptainDaveG Road Train Member

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    Double Y
    You also should have the investment property in a LLc so you can depreciate it faster like 7 years and then sell it to another LLc that you own...I love your posts very informative.

    Captain Dave
     
    CaptainDaveG, Apr 7, 2015
    CaptainDaveG, Apr 7, 2015
    #581
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  3. Apr 7, 2015 #582
    Skate-Board

    Skate-Board Road Train Member

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    That's called tax fraud.
     
    Skate-Board, Apr 7, 2015
    Skate-Board, Apr 7, 2015
    #582
    icsheeple Thanks this.
  4. Apr 7, 2015 #583
    CaptainDaveG

    CaptainDaveG Road Train Member

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    Really perhaps you should look at REIT's same concepts I have been doing it with my 3 duplexs for 15 years ...ZERO issues even getting the loans. Plus he could haqve a bigger reserve fund, perhaps buy a pickup truck with the LLc to provide maintance to the rentals...lots of deductions just have a good accountant

    Capatin Dave
     
    CaptainDaveG, Apr 7, 2015
    CaptainDaveG, Apr 7, 2015
    #583
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  5. Apr 7, 2015 #584
    Skate-Board

    Skate-Board Road Train Member

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    Tell that to the guy I bought my condo from. He served 3 of 7 years for tax evasion. People who do this are really stupid. This is
    like "Put me in Jail 101"
     
    Skate-Board, Apr 7, 2015
    Skate-Board, Apr 7, 2015
    #584
    csmith1281 and icsheeple Thank this.
  7. Apr 7, 2015 #585
    CaptainDaveG

    CaptainDaveG Road Train Member

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    First off who knows what that guy did to go to jail....I assure you this is legal and if you PM me I will give you account and lawyers that will stand behind Iit.

    Captain Dave
     
    CaptainDaveG, Apr 7, 2015
    CaptainDaveG, Apr 7, 2015
    #585
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  8. Apr 7, 2015 #586
    icsheeple

    icsheeple Trailing the Herd

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    Wouldn't be the first lawyer that didn't keep me out of jail....
     
    icsheeple, Apr 7, 2015
    icsheeple, Apr 7, 2015
    #586
    csmith1281, blade, 77fib77 and 1 other person Thank this.
  9. Apr 7, 2015 #587
    dannythetrucker

    dannythetrucker Road Train Member

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    you sell the property to yourself every 7 years ? sounds legit
     
    dannythetrucker, Apr 7, 2015
    dannythetrucker, Apr 7, 2015
    #587
    icsheeple Thanks this.
  10. Apr 8, 2015 #588
    CaptainDaveG

    CaptainDaveG Road Train Member

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    Sell to another LLc no issues

    Captain Dave
     
    CaptainDaveG, Apr 8, 2015
    CaptainDaveG, Apr 8, 2015
    #588
  11. Apr 8, 2015 #589
    double yellow

    double yellow Road Train Member

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    Too late now, but I doubt the fleet that first owned it had a tune & I know the guy who I bought it from didn't get one...

    It may be sick, but I'm genuinely curious whether what "they" say about tunes is true.

    I'm not seeing the benefit. When you sell a property in which you haven't lived for 2 of the last 5 years, you (or your LLC) have to pay capital gains on any appreciation. Plus you (or your LLC) are taxed, as ordinary income, for any recaptured depreciation.

    True, you can avoid those taxes by doing a like kind purchase, but you still have the frictional costs of the transaction. Its like stocks -- plenty of people are there making money every time you buy & sell, just remember to ask yourself "where are all the customer's yachts?"

    I think REITs can a great investment -- If such a large portion of my net worth wasn't directly tied to real estate, I'd have REITs (particularly those specializing in retirement & convalescent housing) in my 401(k) & IRAs.
     
    double yellow, Apr 8, 2015
    double yellow, Apr 8, 2015
    #589
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  12. Apr 8, 2015 #590
    rollin coal

    rollin coal Road Train Member

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    He has a 2000 year model truck. They won't do anything 1998 to the motor the fines from the EPA would cost them too much and someone would lose a job. That's why guys always say NEVER get any flash files from the dealer. If you want an old flash file without the most recent low NOX programming you have to get it from a guy like Haney for CATs or Rebel for Detroits. I don't know who would have good Cummins flash files. Now your dealer told you your N14 was 1998 but that does not mean it has an original 1998 flash file. It has the latest low NOX programming in it guarantee it. You think TTR is paranoid about these kind of discussions dealers face huge fines from the EPA and they don't play around with this stuff. Ask a dealer to install a marine cam or unbridge a bridge motor and see how far it gets you. Same things with ECM files. Dealers don't have the old files anyways. They always update to the latest, greatest from the factory. That is why guys can charge $500 or more for old flash files, because very few people have them. I hear Haney charges $1,000 now. Sure there are people offering to flash file for less but what are they really selling you? Do they know what they are talking about or did they just rename a folder on their computer to whatever file you were hoping they had? You can't let just anyone with a laptop hook up to your truck and mess around with your ECM.
     
    rollin coal, Apr 8, 2015
    rollin coal, Apr 8, 2015
    #590
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