More tax problems

[reefraff]

 
Quote:
Originally Posted by bionicarm http:///forum/thread/379636/more-tax-problems#post_3300816
Death and taxes, both are inevitable. How much 'hard work' did you put into the building, maintenance, and management of this apartment complex your father owned? I think what Vinny was trying to convey, was your ticked for paying these higher taxes (which believe me, I'm with you 100% on that argument), yet you do have the apartment complex worth apparently several hundred thousands of dollars that you inherited on the back side. Like Vinny, when my parents passed, I wasn't left with much of anything monetarily. Yea, it sucks you have to pay the extra taxes. However, unless you put a lot of time and money into this complex while your father was alive, then it's essentially 'free money' that YOU actually didn't 'work' for.
Why is anyone else who also didn't put any hard work into the building his father owned entitled to benefit from it? I am not against "death" taxes but I think the assets should be taxed as normal income to those who receive it rather than the absurd rates generally charged to the estate

 

[bionicarm]

Quote:
Originally Posted by reefraff http:///forum/thread/379636/more-tax-problems/20#post_3300835
 
Why is anyone else who also didn't put any hard work into the building his father owned entitled to benefit from it? I am not against "death" taxes but I think the assets should be taxed as normal income to those who receive it rather than the absurd rates generally charged to the estate
I'm not a tax lawyer, but I would think it could be treated as Capital Gains, which tax is normally assessed around 15%. A good estate lawyer could've worked with his father when creating his will to better define this apartment complex in terms of inheritance.

 

[oscardeuce]

Quote:
Originally Posted by bionicarm http:///forum/thread/379636/more-tax-problems#post_3300816
Death and taxes, both are inevitable. How much 'hard work' did you put into the building, maintenance, and management of this apartment complex your father owned? I think what Vinny was trying to convey, was your ticked for paying these higher taxes (which believe me, I'm with you 100% on that argument), yet you do have the apartment complex worth apparently several hundred thousands of dollars that you inherited on the back side. Like Vinny, when my parents passed, I wasn't left with much of anything monetarily. Yea, it sucks you have to pay the extra taxes. However, unless you put a lot of time and money into this complex while your father was alive, then it's essentially 'free money' that YOU actually didn't 'work' for.
I changed my first hot water tank at about 11 years of age. I worked cleaning the sewage plant with my dad. I scaped, painted and repaired drywall for as long as I can remember. I mowed the lawn. I set sinks, tiled floors. All before dad died. I spent time at the apartments other kids spent playing.
 
Ted Kennedy got the silver spoon. I earned mine. I expect my kids to earn their way too.
 
Nobody gave me anything, but you and others sure seem to want to take it away.
 
It is all about hard work for reward, not entitlement.
 

 

[deejeff442]

i always thought parents worked to make a better future for their kids?if not the parents would have pissed all their assets away before they pass away.just because it is handed down the government should not penalize you any extra.its not like a total stranger just handed you an appartment complex and you just said thanks.

 

[oscardeuce]

Quote:
Originally Posted by reefraff http:///forum/thread/379636/more-tax-problems/20#post_3300835
 
Why is anyone else who also didn't put any hard work into the building his father owned entitled to benefit from it? I am not against "death" taxes but I think the assets should be taxed as normal income to those who receive it rather than the absurd rates generally charged to the estate
Those assest are already heavily taxed. Sales tax when they were bought, property taxes every year. There is the "death tax" when you inherit, then when and if you sell, there is a capital gains tax on any profit. They get you coming both ways. It is not like a pre tax IRA. That I could understand taxing as it has not been taxed at purchase.
 

 

[bionicarm]

Quote:
Originally Posted by oscardeuce http:///forum/thread/379636/more-tax-problems/20#post_3300940
Those assest are already heavily taxed. Sales tax when they were bought, property taxes every year. There is the "death tax" when you inherit, then when and if you sell, there is a capital gains tax on any profit. They get you coming both ways. It is not like a pre tax IRA. That I could understand taxing as it has not been taxed at purchase.
 
If you wanted to avoid inheritance tax, your father should have 'sold' you the properties before his death. Transferred ownership to your name. You would've been repsonsible for all the taxes accrued as an owner, but when your father passed away, you wouldn't be facing these estate tax issues. Family businesses do it all the time.

 

[bionicarm]

Quote:
Originally Posted by oscardeuce http:///forum/thread/379636/more-tax-problems/20#post_3300937
I changed my first hot water tank at about 11 years of age. I worked cleaning the sewage plant with my dad. I scaped, painted and repaired drywall for as long as I can remember. I mowed the lawn. I set sinks, tiled floors. All before dad died. I spent time at the apartments other kids spent playing.
 
Ted Kennedy got the silver spoon. I earned mine. I expect my kids to earn their way too.
 
Nobody gave me anything, but you and others sure seem to want to take it away.
 
It is all about hard work for reward, not entitlement.
 
Never assumed anything. You never said anything about your involvement with these properties. Unless your father sold all his investments to you before he passed, then technically they were 'given' to you.

 

[reefraff]

If taxes were reasonable there wouldn't be the need or desire to cheat or get creative. As far as the ongoing taxes paid in the operation of the apartment building the public services and infrastructure they paid for were utilized by the inhabitants of the building paying rent so that's not really a valid argument either.

 

[mrdc]

Going after bloggers now.
 
http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/philly-requiring-bloggers-to-pay-300-for-a-business-license-101264664.html
 

 

[bionicarm]

 
Quote:
Originally Posted by reefraff http:///forum/thread/379636/more-tax-problems/20#post_3301117
If taxes were reasonable there wouldn't be the need or desire to cheat or get creative. As far as the ongoing taxes paid in the operation of the apartment building the public services and infrastructure they paid for were utilized by the inhabitants of the building paying rent so that's not really a valid argument either.
Quote:
Originally Posted by mrdc http:///forum/thread/379636/more-tax-problems/20#post_3301149
Going after bloggers now.
 
http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/philly-requiring-bloggers-to-pay-300-for-a-business-license-101264664.html
 
What is a "privilege license"? So in Philly, it's a 'privilege' to create your own personal web site and broadcast the address to the public, even if there's no financial gain being made by it? talk about shooting yourself in the foot. What major business would even consider moving there is the city is going to nickel and dime every aspect of the company?
 
 
I also see there's another big movement to charge sales tax on any item purchased on the internet, no matter where you live. Right now, unless a business has an actual store front located in your state, they aren't required to collect sales tax on anything they sell off the internet. Uncle Sam wants to change that. They're also pushing to start forcing people who sell on 'The Bay' to start charging sales tax on their items. Wonder how they'll collect sales tax from all these Hong Kong businesses that sell practically everything on that site.
 

 

[mrdc]

They say that local stores are at a competitive disadvantage to internet stores and that taxing all internet purchases would level the playing field. I call BS on this reasoning. Yeah I save some from buying online because of no tax but that isn’t where the majority of the savings comes from. I’m saving 30-50%+ on most net purchases because a lot of the these so called net stores are just basically warehouses. They have lower overhead, less employees … and are able to pass the savings on to the consumer. At least that is my 2 cents on the matter.

 

[reefraff]

Quote:
Originally Posted by bionicarm http:///forum/thread/379636/more-tax-problems/20#post_3301152
 
What is a "privilege license"? So in Philly, it's a 'privilege' to create your own personal web site and broadcast the address to the public, even if there's no financial gain being made by it? talk about shooting yourself in the foot. What major business would even consider moving there is the city is going to nickel and dime every aspect of the company?
 
 
I also see there's another big movement to charge sales tax on any item purchased on the internet, no matter where you live. Right now, unless a business has an actual store front located in your state, they aren't required to collect sales tax on anything they sell off the internet. Uncle Sam wants to change that. They're also pushing to start forcing people who sell on 'The Bay' to start charging sales tax on their items. Wonder how they'll collect sales tax from all these Hong Kong businesses that sell practically everything on that site.
 
The state of Colorado had a brilliant idea. Go after taxes on internet sales from businesses that are connected with Colorado companies. So if say Amazon was selling a product on it's web site that was coming from a Colorado based business they would have to pay Colorado sales tax. So Colorado passed the law, and Amazon let go of all their Colorado based associates. What a great idea

 

[reefraff]

Quote:
Originally Posted by mrdc http:///forum/thread/379636/more-tax-problems/20#post_3301154
They say that local stores are at a competitive disadvantage to internet stores and that taxing all internet purchases would level the playing field. I call BS on this reasoning. Yeah I save some from buying online because of no tax but that isn’t where the majority of the savings comes from. I’m saving 30-50%+ on most net purchases because a lot of the these so called net stores are just basically warehouses. They have lower overhead, less employees … and are able to pass the savings on to the consumer. At least that is my 2 cents on the matter.
I spend a bundle on Amazon every year to avoid taxes. That being said I really don't have a problem if they add sales taxes to internet sales. The net was made tax free to allow it to grow and establish itself as an alternate form of commerce. I'd have to say a big Mission accomplished to that. No reason to not tax it now, NOT THAT I LIKE PAYING TAXES, just sayin'