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Showing content with the highest reputation on 04/24/2023 in all areas

  1. Just prepared a return for a single gal who bought a fraction of a Bitcoin a couple years ago when it was over $43,000. If it'd been a whole Bitcoin and she sold it after two years, she'd have had a loss of $15,500 per your prices and only $27,500 in US$ to put a down payment on a rental property. She wouldn't be able to buy a rental or two, not even one here in Fairfield County. Would you have enough in DC?! If she'd bought a rental property a couple years ago with $43,000 down, would she be in a better or worse situation now two years later? Be very careful with digital assets! If your ultimate goal is to own a couple rental properties, do your planning now. You can probably think of several pathways to ownership.
    3 points
  2. C-corps do not get to take LT capital gains on stock market transactions, nor can they take losses, capital and otherwise. They can on be taken forward or back and applied against gains.
    2 points
  3. Um, Pacun, you do realize that in two years you could have zero. If you buy the rentals now, in two years they may be valued more, maybe less, but you'll still have something. And you also must realize that although your initial post said to corp would be "investing in the stock market," crypto is not stock.
    2 points
  4. You can earn 4-5% at many banks and credit unions. I'm enjoying the higher interest income and hope rates stay up, like they used, last century.
    2 points
  5. I renew by May 31st each season although I note others have posted receiving the same discount in November I believe. I have used ATX and their prior Saber program for many years and although running into a rough patch in 2012 it works for me.
    2 points
  6. Yes. Peace of mind, if nothing else. With the cost of all supplies increasing, every dollar saved is critical.
    2 points
  7. Corporations also are not good entities to own real estate.
    1 point
  8. Yikes! A Personal Holding Company? Haven't had to think about that in years. https://www.thetaxadviser.com/issues/2020/jul/beware-personal-holding-company-tax.html
    1 point
  9. I will probably do the same. I have been looking at other programs and have already turned down ATX. However, due to my age, as well, I will most likely bite the bullet. Just get it over with, move on to finish the extensions and enjoy a happy summer.
    1 point
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