These home listings- What kind of job do these people have to be this rich?

[ponyo]

he should start a toy store as well. just for lego :awe:

He could later in life. Some people turn hobbies into business.

 

[sdifox]

He could later in life. Some people turn hobbies into business.

how is later in life going to safe him from his current lego spending?

 

[Exterous]

he should start a toy store as well. just for lego :awe:

Heh I can see it now: All he would do is run around screaming at all the kids "Don't touch that" and "Thats not for sale! Nothing is for sale!"

 

[sdifox]

Heh I can see it now: All he would do is run around screaming at all the kids "Don't touch that" and "Thats not for sale! Nothing is for sale!"

Sigh... Ebusiness, dropship merchandise.

Call it Guns n' Legos

 

[ponyo]

how is later in life going to safe him from his current lego spending?

He buys legos and guns. I buy rocks. It's not a total waste because it satisfies our spending urges while still keeping some value. If madoka didn't buy legos and guns, he would waste his money on more useless electronics, cars, and other items that only depreciates. At least with legos and guns, it might hold some value and maybe even outpace inflation. So it's a hobby that's a form of savings that satisfies his need to buy that could turn into a business later down the line. So there's method to his madness but he's still little crazy.

 

[sdifox]

He buys legos and guns. I buy rocks. It's not a total waste because it satisfies our spending urges while still keeping some value. If madoka didn't buy legos and guns, he would waste his money on more useless electronics, cars, and other items that only depreciates. At least with legos and guns, it might hold some value and maybe even outpace inflation. So it's a hobby that's a form of savings that satisfies his need to buy that could turn into a business later down the line. So there's method to his madness but he's still little crazy.

What are you on about? I am talking about him setting up an e business to sell guns and lego to himself to save money

 

[ponyo]

What are you on about? I am talking about him setting up an e business to sell guns and lego to himself to save money

Any potential savings is not worth additional IRS scrutiny. I believe he was already audited by the IRS couple years back. You don't want to repeat that if you don't have to.

 

[sdifox]

Any potential savings is not worth additional IRS scrutiny. I believe he was already audited by the IRS couple years back. You don't want to repeat that if you don't have to.

Why will there be any audit to the business?

 

[ponyo]

Why will there be any audit to the business?

So you want be cute with the IRS after you already had an audit.

 

[Jeeebus]

the amount of wealth in South Florida is crazy. taking the boat out through the intracoastal and around the beach, you see hundreds of homes/boats that are multi-millions of dollars. we laughed a couple weeks ago when a yacht passed by whose tender was a 30' + contender with triple 300s. The tender was a $500,000 boat.

 

[sdifox]

So you want be cute with the IRS after you already had an audit.

I still don't see what you mean by that, you are not avoiding the tax man at all, you are cutting out retail profit. You still pay all your taxes.

 

[SearchMaster]

Of course it's possible to get rich in this country. I have two close relatives that are good examples. One served a prison sentence for a stupid act as a very young adult. When he got out, it was hard to get employment other than the construction business. After a few years, he had saved up a few thousand dollars and started his own construction company. Was it easy? No, but he's a very ethical, hard-working person in an industry full of shady characters and word got around. He's now a multi-millionaire with several million dollar-plus homes and his client list is full of names you'd know. Another relative took his inheritance from his grandfather (about $3000) and got some IT certifications. He worked his way up quickly at a fairly large company until he was making 6 figures. He saw a need and quit his job to start an IT staffing company. It was rough for a few years but he got over the hump, built the company up, sold it, and started another company with a different IT focus. That company sold for $30M a few years later, before he was 40.

Hell, for that matter my neighbor is a success story. She was a teacher all her life but lived as frugally as possible. She paid cash for her first and only house, and has been an avid investor all her life. She does a TON of research into every company she invests into, and it has paid off. She's been retired for as long as I've known her (20+ years), and has several million dollars to her name now. I'm sure she never made more than $50K in her life.

 

[madoka]

Any potential savings is not worth additional IRS scrutiny. I believe he was already audited by the IRS couple years back. You don't want to repeat that if you don't have to.

Man, I HATED that experience. In the end, the auditor said that I was only the second refund he's had, but I was sweating bullets for two weeks before the audit.

I remember he didn't blink over my receipts for $5,000+ worth of hard drives (didn't even ask why I would need so much or make the obligatory porn comment), but he invalidated ALL of my travel expenses over a trivial reason (because I had dinner with my uncle one night).

So you want be cute with the IRS after you already had an audit.

At the end of my audit, I specifically asked my auditor whether I was now more likely to be audited in the future and he said no. I wonder if it's because I ended up with an additional refund that I wouldn't be more likely to be flagged in the future.

 

[Red Squirrel]

I hope I never have to go through an audit, but I do get my taxes done professionally so I SHOULD be fine. But if there is an issue I think it's still me that's responsible even though it was done by someone else. I've had people in my family get nailed and it was like over 10 grand.

 

[madoka]

I hope I never have to go through an audit, but I do get my taxes done professionally so I SHOULD be fine. But if there is an issue I think it's still me that's responsible even though it was done by someone else. I've had people in my family get nailed and it was like over 10 grand.

Your tax preparer will probably absolve themselves of any blame by saying that you provided all the numbers.

I asked why I would get audited, and the IRS auditor said that while he did not know for sure, it was likely due to me reporting an increase in my income during the Great Recession. I became an outlier.