|
baileyuph
Guest
|
 |
« #16 : June 05, 2017, 07:34:24 AM » |
|
Taxes on a venture like this - question:
There officially is no business activity then, there will not be a business tax on the real estate, then along with that - No business deductions (related to real estate)!
This type of arrangement could get complex with a home owner's insurance policy, especially if ............there is an accident due to a literal business activity.
A tax return cannot claim depreciation on a building not declared commercial.
Mojo might have some insight to these type questions?
Doyle
|
|
|
|
|
|
|
Mojo
YaBB God
    
Karma: +1/-0
: 4134

I'm Always In Trouble
|
 |
« #20 : June 11, 2017, 07:02:50 AM » |
|
I am not crazy about VA's personal property tax. My son paid an annual fee of $ 2,500 just for his coach.
Gainesville, Ocala, Wildwood, Lake City, somewhere above the turnpike split to catch I-95 connecting to I-75 via the turnpike. Customers seem to head that way a great deal. I wanted that central location in the event that we expand and go into RV service work.
We got back logged recently and hired our next door neighbor to cut fabric. She is amazing, a Romanian immigrant and typical European woman. Tough as nails and extremely hard working. But she is our age and does not want full time work. We hired a friend for the summer who is going through the police academy and he will be gone this fall. We lost our former book keeper to the police academy as well. She graduated and got hired as a deputy and moved on.
I think what brought all of this on is we had a meeting with Miami's CEO who is a friend of ours. He has been a business consultant and confidant to us for the past few years and he said " have you planned for the succession of your business or the sale of your company ? " That really got us thinking. So we are trying to make a move now for the future so we are positioned correctly. To be honest I am not looking forward to moving.
Speaking of moving, I had a meeting the other day with a buddy of mine who owns a steel fabrication company. He bought a new building a couple years ago and had to hire professional industrial movers. He told me his moving bill was $ 250,000. I damn near died. I no longer bitch about the cost of parts or machines when he told me one of his CNC machines cost $ 750 K and a part broke recently that cost $ 14 K. Talking about overhead. Yowzers.
It typically takes me a long time to make major decisions like this. I structure everything on paper and then pass on my plans to several friends who I consider brilliant business minds and are highly successful and then let them find the holes and flaws in my decision before making a move on something. I then gather their input and with my own plans allow my son to make the final decision. He has one amazing analytical business mind. This is going to be one of those decisions.
I have no qualms passing things by others and getting their input. I have seen to many ego maniac business owners make poor decisions that cost them dearly in the end. A smart business person will use all the resources he has available to him.
Chris
|
|
|
|
|
|
|
|
|
|
|
|
|