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  1. #4976
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    That example I Lu considers a straight sale. If you plan on buying another house and continuing renting, then it can qualify for LKE
    2015 - Cayman GTS - Stock
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  2. #4977
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    Click here to enlarge Originally Posted by Alvillas Click here to enlarge
    Yes and increasingly so every day. But property taxes are all local taxing bodies....towns, county, schools, library, fire districts, etc.
    Yea I just use Uncle Sam interchangeably with uncle tax man, state, local, fed. Name doesn't matter to me when govt is taking my money to piss it away.

  3. #4978
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    Click here to enlarge Originally Posted by Alvillas Click here to enlarge
    i just paid someone $500 to do it...saved me $1200 in the first year....
    I'm thinking that. Im sure the two times she failed would be more than enough to pay for someone else to do it right the first time.

  4. #4979
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    OK - they gave me an appraisal with comps...appraisal came through at exactly the purchase price which was probably to make their $#@! jive better...
    -Brian

    BMWCCA 444282

  5. #4980
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    Click here to enlarge Originally Posted by BTM Click here to enlarge
    OK - they gave me an appraisal with comps...appraisal came through at exactly the purchase price which was probably to make their $#@! jive better...
    The appraisal on a purchase never is different than the sale price on a successful deal....that is why I am saying unless you can find comps that are far less to bring to the assessor, you are stuck
    Click here to enlarge Originally Posted by Alvillas Click here to enlarge
    we don't have enough viagra
    Click here to enlarge Originally Posted by Black Sheep Click here to enlarge
    Once it gets nice out it becomes really hard
    Click here to enlarge

  6. #4981
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    ok I feel retarded but what am I missing? If my current taxes are are based off an appraisal thats 100k more than current, i'm still stuck?
    -Brian

    BMWCCA 444282

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    I have been going to a good accountant/estate planner for 10 years, has office in Barrington and 3300 N Lincoln. $300, just went up last year from $250. I prefer to have his advice for both current deductions and also what to exploit in the coming year or be aware of changes. Plus, the odds are much lower for audits, w/ Efile returns thru a CPA/Tax Accountant, and, they can be liable for a error on their part. But depends on your income/business and investments as to what makes sense, I have foreign assets and earnings and also limited partnerships. Too complicated, its like 50 pages of schedules and $#@!...no way..
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  8. #4983
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    Click here to enlarge Originally Posted by mithiral67 Click here to enlarge
    If you record the income (some folks just take cash and donít report it, thatís illegal), you can deduct a lot of the expenses like interest, RE taxes, repair costs, upkeep costs, utilities, insurance, depreciation.

    If you collected $20,000 a year on the property as rent with RE taxes $3k, interest on loan $2k, repairs, insurance, others $1k with a house worth $200k.

    You would have $20k of income, 5k of expenses from direct costs and depreciation of $7k (costs/useful life - check the useful life allowed by IRS) and get taxed on $8k. Now if you did this for 10 years, the house would depreciate $70k down to $130k. So if you sold it for 10% more than what you bought it ($220k), you would pay taxes on $90k ($220k-$130k).
    Head just blew up

  9. #4984
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    Profession with the lowest irs audit rate, accountants. They won't touch mine despite all the "semen remove dry cleaning receipts" I run through.
    2015 - Cayman GTS - Stock
    2011 - 335is e92 - Cobb PTF E40/Rob Beck/AR/Helix (458 rwtq and 479 rwhp) - Retired
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    2008 - 335i e92 - Cobb/AR/Helix/OSS (384 rwtq and 356 rwhp) - Retired
    2003 and 2005 330i/ci zhp - Stock - Retired

  10. #4985
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    Name me a good iso burner software that is free?

  11. #4986
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    Click here to enlarge Originally Posted by BTM Click here to enlarge
    ok I feel retarded but what am I missing? If my current taxes are are based off an appraisal thats 100k more than current, i'm still stuck?
    how is your appraisal that far off?
    Click here to enlarge Originally Posted by Alvillas Click here to enlarge
    we don't have enough viagra
    Click here to enlarge Originally Posted by Black Sheep Click here to enlarge
    Once it gets nice out it becomes really hard
    Click here to enlarge

  12. #4987
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    Click here to enlarge Originally Posted by mithiral67 Click here to enlarge
    Profession with the lowest irs audit rate, accountants. They won't touch mine despite all the "semen remove dry cleaning receipts" I run through.
    all those dudes huh? lololololol
    2007 335i (100% stock with mods)

    N54 is not a German 2JZ lol

  13. #4988
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    Click here to enlarge Originally Posted by Alvillas Click here to enlarge
    how is your appraisal that far off?
    Isn't tax rate based on appraisal? Last time it was sold (and presumably appraised) was 2010. When I bought it had been listed for 9 months, at nearly 90k below the original asking price when it hit the market in march 2012
    -Brian

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    are you looking at recent sales to determine that variance - what you have to factor is how many of those sales are "real qualified" sales as opposed to short sales or FC pickups....those don't count.

    If your purchase was recent, if I'm an assessor, I'm saying your appraisal says this, deal with it or you paid too much and either case you are a $#@!tard get out of my office. Unless you get a new appraisal...
    Click here to enlarge Originally Posted by Alvillas Click here to enlarge
    we don't have enough viagra
    Click here to enlarge Originally Posted by Black Sheep Click here to enlarge
    Once it gets nice out it becomes really hard
    Click here to enlarge

  15. #4990
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    Click here to enlarge Originally Posted by BTM Click here to enlarge
    Isn't tax rate based on appraisal? Last time it was sold (and presumably appraised) was 2010. When I bought it had been listed for 9 months, at nearly 90k below the original asking price when it hit the market in march 2012
    No it is based on comperable sales and market pricing depending on software and adjustments your assessor makes....you can use an appraisal as a tool to fight the assessed valuation
    Click here to enlarge Originally Posted by Alvillas Click here to enlarge
    we don't have enough viagra
    Click here to enlarge Originally Posted by Black Sheep Click here to enlarge
    Once it gets nice out it becomes really hard
    Click here to enlarge

  16. #4991
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    Click here to enlarge Originally Posted by Sticky Click here to enlarge
    Name me a good iso burner software that is free?
    Mac or PC?

  17. #4992
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    Click here to enlarge Originally Posted by Alvillas Click here to enlarge
    No it is based on comperable sales and market pricing depending on software and adjustments your assessor makes....you can use an appraisal as a tool to fight the assessed valuation
    OK - all I know is my place has never been sold for close to what I paid for it. I'm just assuming all the other appraisals have been way higher than what my appraisal came for. Is it possible to use my current taxes and work backwards to figure out what they based it off of? Or are there variables/multipliers that sort of thing to where it's hard to know for sure
    -Brian

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    Click here to enlarge Originally Posted by gary88 Click here to enlarge
    Mac or PC?
    PC. Downloaded UltraISO and it's working quite well.

  19. #4994
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    Oh, macs have a native program for that #mp

  20. #4995
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    Click here to enlarge Originally Posted by BTM Click here to enlarge
    OK - all I know is my place has never been sold for close to what I paid for it. I'm just assuming all the other appraisals have been way higher than what my appraisal came for. Is it possible to use my current taxes and work backwards to figure out what they based it off of? Or are there variables/multipliers that sort of thing to where it's hard to know for sure
    Well the simple answer is EAV * rates = tax

    In Lake County you can go to the assessor's website and see historical tax bills. There would be the details to the EAV and rates and taxes paid. IDK if Cook is as user friendly. However, it is public record somewhere.

    The rates are set by the taxing bodies within the parameters of their ability to pass increases. What you contest is the EAV portion. That is where you would look for the history of.
    Click here to enlarge Originally Posted by Alvillas Click here to enlarge
    we don't have enough viagra
    Click here to enlarge Originally Posted by Black Sheep Click here to enlarge
    Once it gets nice out it becomes really hard
    Click here to enlarge

  21. #4996
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    ok thanks for the guidance
    -Brian

    BMWCCA 444282

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    Do you leave this beauty un-molested..

    or...Restore? Been a barn 33 years. DB5 sold for $300,000 yesterday at auction...
    Attached Images Attached Images  
    Click here to enlarge

  23. #4998
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    I loathe the housing situation as of this moment. Tired of being smart just to be repudiated but too stubborn to give up. Now I understand Chris Benoit

  24. #4999
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    Click here to enlarge Originally Posted by RaceBlood Click here to enlarge
    or...Restore? Been a barn 33 years. DB5 sold for $300,000 yesterday at auction...
    Wouldn't touch it with anything other than soap water sheepskin mitt microfiber sealant wax.

  25. #5000
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    restore her like a glorious becon of god.
    2015 - Cayman GTS - Stock
    2011 - 335is e92 - Cobb PTF E40/Rob Beck/AR/Helix (458 rwtq and 479 rwhp) - Retired
    2007 - 911 Turbo - EP1/AMS (617 awtq and 500 awhp) - Retired
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    2003 and 2005 330i/ci zhp - Stock - Retired

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