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cooperdawg

By cooperdawg
in Charlotte

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turbocraig
turbocraig

And on another note, how many more decades do we think the “VUE Now Leasing” sign will remain on the south facing side at the top?  They’ve really gotten their money’s worth out of those banners. 

SgtCampsalot
SgtCampsalot

I had a conversation just a few weeks ago where I learned that that specific banner cost somewhere around $30k.

daviddocusen
daviddocusen

Just saw this thread...not sure if anyone is still on this one. We had the fire station under contract for over six months with plans to move forward with a coffeehouse/venue called Ebenezer's Coffeeh

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sleightofhand Hamlet

sleightofhand

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I think it's something they did with their last project. Anyway, they're going to pick a unit. I believe it's going to be a 2br/2ba and they're are going to sell raffle tickets. The pupose is to raise money for charity but it will also get them some publicity. They're hoping to raise 1million. They're going to have a big party in 4th ward park and draw a ticket. The winner gets the condo free of charge.

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ElricSeven Hamlet

ElricSeven

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I bet the IRS will consider the value of the condo income and will nail you for it.  Just like any other prize.

<{POST_SNAPBACK}>

I believe he's correct. Winning would be your realization event. Of course I'm not a tax attorney, so there might be a special rule or something.

Unless you were wealthy, you'd basically have to take out a mortgage on about 30% of the value to pay the taxes. Or you could just sell it an pocket the difference.

Recall all those doofuses that got free cars from Oprah and then complained about it. It is funny how people will complain about windfalls. I don't think I'll ever understand human nature.

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ElricSeven Hamlet

ElricSeven

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I believe he's correct.  Winning would be your realization event.  Of course I'm not a tax attorney, so there might be a special rule or something.

Unless you were wealthy, you'd basically have to take out a mortgage on about 30% of the value to pay the taxes.  Or you could just sell it an pocket the difference. 

Recall all those doofuses that got free cars from Oprah and then complained about it.  It is funny how people will complain about windfalls.  I don't think I'll ever understand human nature.

<{POST_SNAPBACK}>

Oh, and I'm guessing it would be ordinary income. Considered income for your efforts at participating in the contest.

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monsoon Gigalopolis

monsoon

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Oh, and I'm guessing it would be ordinary income.  Considered income for your efforts at participating in the contest.

<{POST_SNAPBACK}>

Indeed it would be. They used to have something called income averaging where you could spread the hit out over 5 years by averaging it with your income over those years. But I believe a Republican tax simplification bill got rid of that one some time ago. Funny how they can raise your taxes without calling it that and it is supposed to make your life simpler.

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ElricSeven Hamlet

ElricSeven

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What are lottery winnings and sports betting proceeds considered?  It would seem like a return on investment to me....$100 lottery ticket paid a $500k condo.

<{POST_SNAPBACK}>

I'm 99% sure it is considered to be ordinary income, with the grant of title being the realization event of income equivalent to the market value of the condo. It being real estate doesn't really change the situation. Another way to think of it is that you don't get to deduct the cost of purchasing the condo - it is paid for with after-tax money.

The good news is that you'd be able to deduct the expense of the ticket from the value of the condo. :rolleyes:

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monsoon Gigalopolis

monsoon

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From IRS Publication 525. Looks to be pretty clear cut in this case.

Gambling winnings. You must include your gambling winnings in your income on Form 1040, line 21. If you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings.

Lotteries and raffles.Winnings from lotteries and raffles are gambling winnings. In addition to cash winnings, you must include in your income the fair market value of bonds, cars, houses, and other noncash prizes. However, the difference between the fair market value and the cost of an oil and gas lease obtained from the government through a lottery is not includible in income.

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And get this. It is still subject to capital gains once it is sold. :lol:

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ElricSeven Hamlet

ElricSeven

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From IRS Publication 525.  Looks to be pretty clear cut in this case. 

Gambling winnings. You must include your gambling winnings in your income on Form 1040, line 21. If you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings.

Lotteries and raffles.Winnings from lotteries and raffles are gambling winnings. In addition to cash winnings, you must include in your income the fair market value of bonds, cars, houses, and other noncash prizes. However, the difference between the fair market value and the cost of an oil and gas lease obtained from the government through a lottery is not includible in income.

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And get this. It is still subject to capital gains once it is sold.    :lol:

<{POST_SNAPBACK}>

On the amount of the gain in value over what you already paid taxes on, so you wouldn't effectively be double-taxed on the same money, I believe.

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monsoon Gigalopolis

monsoon

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That is correct. Your basis for calculating the capital gain would be the difference between the sales price and the fair market value you gave the IRS when you acquired it.

If you sell it for more, then there are capital gains to be accounted for. If you sell it for less, well there is no such thing as a capital loss anymore. Chalk that up to Republican tax simplification too.

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ElricSeven Hamlet

ElricSeven

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Posted

That is correct.  Your basis for calculating the capital gain would be the difference between the sales price and the fair market value you gave the IRS when you acquired it. 

If you sell it for more, then there are capital gains to be accounted for.  If you sell it for less, well there is no such thing as a capital loss anymore.  Chalk that up to Republican tax simplification too.

<{POST_SNAPBACK}>

For more simplification, I think that if you sell it after less than a year, it is ordinary income(?). If more than a year, the increase is capital gains. And, if more than two years and you lived in it, it would be tax free up to some amount. $250,000?

We just need a flat tax on all income, with a personal deduction of $20,000 and no other deductions at all. The savings in transaction costs of accountants, lawyers and collections would balance the federal deficit.

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monsoon Gigalopolis

monsoon

Posted
Posted

We just need a flat tax on all income, with a personal deduction of $20,000 and no other deductions at all.  The savings in transaction costs of accountants, lawyers and collections would balance the federal deficit.

<{POST_SNAPBACK}>

haha. See the UrbanPlanet coffeehouse if you want to join in on those kind of discussions.

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DigitalSky City

DigitalSky

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Posted

So that explains why the Charlotte section slows down at 4PM.  Everyone is watching Oprah.  (hint:  this was just mentioned above)    :whistling:

<{POST_SNAPBACK}>

It's true. Oprah does quite well in the Charlotte market... also one of the few TV markets to air Oprah in both daytime and primetime.

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