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Video instructions and help with filling out and completing like kind exchange partial business use vehicle

Instructions and Help about like kind exchange partial business use vehicle

Now we can also you know tax deferred gains is what we call 1031 tax deferred exchange this is section 1031 of the tax code allows us to sell our properties or relinquish them and buy more property of equal or greater value without having a cap without having to pay the capital gains at that time it's called a tax-deferred exchange and there's some very strict rules on this deferred exchange but it is also it's it is a really the way to leverage and get into more property because what happens who's our biggest debt in our lifetime who's going to be a biggest debt over our lifetime it's going to be Uncle Sam Uncle Sam's gonna take the most out of our out of our income out of our assets over time so if we can do anything to not pay more than our fair share of taxes then let's do it let's use the laws you know Trump glove of more Hatem he's the one that said you know I didn't pay taxes for years because he knew how to use real estate and real estate paper losses to wipe out his income in future years but for us typical homebuyers you buy a house say right now medium price is three hundred thousand it's just say you bought a $300,000 property the we're going to talk a little bit about the economy and what the what their expected these prices to do here in Austin but let's say it goes to four hundred thousand this investment property what's your game one hundred thousand so if you sold it and it was after more than a year you pay fifteen percent or thereabouts capital gains so fifteen thousand of this money would go to Uncle Sam but 1031 allows us to take this house and that's appreciated and buy more so as like-kind property which simply means investment property so this is what I just recently did I took a house in Round Rock that I paid a hundred and seventy for back in 2021 it appreciated the two on fifty to sixty sold it and did a 1031 tax deferred exchange did not pay any income tax on this i diverted into two properties in a suburb of austin and now i've got a property with has more cash flow because of property values were less these are $150,000 houses and two hundred to two hundred fifty thousand dollar house you have to buy equal or greater value and you have to follow the rules specific rules on 1031 exchanges you have to reinvest all the cash you can't put the money in the pocket or you must reinvest the capital that comes out of it you have 45 days to name the next property you can you could there's a couple different rules but the typical one that most people use is three property rules you can name three properties there's other rules.

FAQ

When you don't want to write out entire swear words, how do you fill in with symbols like A#$ - Are there specific symbols to use?
Thanks for the A2AWhen you don't want to write out entire swear words, how do you fill in with symbols like A#$ - Are there specific symbols to use?If there are any specific sets of rules for this, I haven’t heard of them and suspect they would be “house rules”, meaning specific to a certain publisher.I have seen anything from a random list of characters that don’t even match a correct number of letters ( ^#&^&##* ) to all asterisks (******) to things that make it clear what the word was ( sh!t ) ( f***) or that make you figure it out ($#!+) .If you are not following someone else’s house rules, I suggest you pick what works best for you.If you don’t want the word to be obvious, then obfusicate it enough that it can’t be determined. If you want it to be silly and cartoonish, then make sure it doesn’t even look like something. If you want people to know, but don’t want to print the word, common practice in the media has been to do things like “ f-word” or “f***”.I don’t think there is any “standard”, so pick what works best for what you are doing.For more information on this, try looking into “Grawlixes”The Lexicon of Comicana - WikipediaYou can find some thoughts on their use here:What the @#$%&! Is a Grawlix?
What kind of car should I use for Uber - my own car or a leased car from Uber exchange leasing, in order to save money? I heard that I can get a tax refund for using a leased car for business purposes like Uber, and I get the leasing payment back.
The answer is going to depend on your specific situation, but this post will hopefully help you decide.Assuming you’re in the United States: you can take a tax deduction for the vehicle expense incurred in order to drive for Uber. Here are some important qualifications:Vehicle expense is deductible regardless of whether or not you lease through Uber.Only the portion of the expenses attributable to business use is deductible in either case. To illustrate with a hypothetical example, suppose you lease a car from Uber Exchange and use it 80% for paying passengers and 20% for personal use (we’re also assuming you use the actual expense method to determine your deduction - more on that in a minute). In this example, you can deduct 80% of the cost of the lease payment from your taxable income.Vehicle expense is a tax deduction, as opposed to a tax credit. Tax deductions reduce the amount of your income that’s taxable, unlike tax credits, they do NOT reduce your tax bill dollar-for-dollar.In making your decision, you’ll want to be familiar with both methods of calculating your deduction. Using the actual expense method, your tax deduction is calculated as follows:[math] [Depreciation (or lease cost) + fuel cost + cost of repairs and maintenance not paid for by Uber + registration fees + miscellaneous costs required to keep the car operating] * business use / total use.[/math]Using the standard mileage method, your deduction is calculated as follows (the mileage rate varies from year to year, 53.5 cents is the deductible rate for 2017):[math]Miles driven for business purposes * (53.5 cents / mile) [/math]Generally, the standard mileage method is more advantageous to use with an older vehicle, the actual expense method is more advantageous to use with a newer vehicle. There are important limitations related to your choice of method, please check out Topic 510 Business Use of Car on the IRS’s website before deciding to use one method or the other.That covers the tax calculation, but you should also consider some other factors:How suitable is your currently owned car for Uber use - is it generally clean and reliable enough that your ratings won’t suffer?Are you comfortable with imposing additional mileage & wear on your personal vehicle?Lastly: regardless of whether you lease or purchase and regardless of which deduction method you use, you should get into the habit of tracking your business mileage and any expenses that you incur in the course of driving for Uber - and do this using your own system as opposed to one that Uber provides for you.Please feel free to comment with any further questions.
How would a person who bullied kids in their youth react if their kids turned out to be just like the kind of kids they used to bully?
There are a few things that could happen. The first being that they don’t realize it. When you have your own kids, they seem so perfect and cool that it’s hard to believe not everyone else in the whole world loves them just as much as you do. They may have the exact traits of the kids you bullied, but‡ well they just wear those traits so well that they are positive things this time, it’s totally different.Another thing that could happen is that they bully their child. That’s right, they start making fun of them and picking on them. Not in a harsh, really trying to hurt them way, but in a “they’re going to be bullied sooner or later for this, so I had better toughen them up” kind of way. This kind of parent never really learned that it wasn’t the bullied kid’s fault for how they were treated.The parent could also turn their child’s body guard. They see their kid as the type to be bullied, and decide to protect them from everything. They go to extremes keeping their child away from a society they know will reject them, and may cause the child to not have many friends because daddy/mommy is always in the way of anything that might be construed as a threat.Perhaps the parent would merely realize the error of their ways. They would draw the conclusion that they were wrong for their actions, and use that guilt to power through being an accepting and empowering parent to a kid they are not really sure how to parent. They become very accepting of not only their child, but of other people around them, even though it is outside their comfort zone.There are plenty more scenarios than these, but I believe these are the most likely. If you have other likely scenarios you feel my answer is missing, please comment!