Archived from the Tools In Action forum (Pub Talk). This thread is read-only.
You know we are just average everyday people. We sold a house that was used as a business for the last 18 years because we are retiring. Since it’s not our main residence it’s subject to capitol gains. Just got the news from our accountant and the first thing he said is “Are you sitting down” never a good thing to hear. Our bill , what we have to write a check to the IRS for is 51,000 dollars! What! So when I hear that Trump hasn’t paid any taxes for the last 15 years it is a big deal. It’s a joke. A bad joke. Not to mention not right. Oh well, I guess things could be worse.
Gotta find the loopholes i guess…
IRS are scum
Did you depreciate it for the last 18 years?
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Mordekyle wrote:
On 3/6/2017 at 8:04 PM, Mordekyle said:Did you depreciate it for the last 18 years?
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Yes, then you have to give all of that back when you sell whether you took the depreciation write off or not. So you better take it.