Thread: Tax shelter...
01-17-2008, 10:11 AM #1
Serious question - I want to create a tax shelter. How about a business, a failing business where I don't make any money yet I buy a RXP-X, trailer, parts for the ski , and write off some of my vehicle towing it for a "X Adventure Tour Guide" business. Where I go around the waters and look for people that want to pay to ride on the back and tour their local watering holes.
So I get a business tax ID and then what? Could it be done? Maybe a better name or something else but the same kind of scenario. I also have a nice camera so of course a "water tour guide/photographer" business.
Any chance of this?
01-17-2008, 10:18 AM #2
Mabey you can, but its illegal to knowingly start a failing business for personal gain .... so mabey you shouldnt be saying this...
01-17-2008, 10:54 AM #3
2nd thing. If you want to do this, why are you putting it out on a forum for everyone to see?
01-17-2008, 11:18 AM #4
Dude, I would be careful... I sold boats a few years back (01) and about year and a half ago I gave a depostition to the FBI regarding someone who had purchased from me, for someone doing pretty much what you're looking to do. I dont know the outcome, but regardless, his "little business" didn't fool em.
01-17-2008, 11:31 AM #5
Well, I do know this. I'm going to be living in a shelter after paying my taxes this year.
01-17-2008, 11:46 AM #6
01-17-2008, 12:02 PM #7
- Join Date
- Jun 2007
- Syracuse, Indiana
Don't know if anyone would look into this but, you would need a Coast Guard license to operate any boat for hire. No exceptions. The easiest would be the O.U.P.V. (operator of unispected passenger vessel) license or "6 pack" as it's often referred to.
If you don't have one, and someone (or some agency) did a little investigating, you would at the least, be put out of business.
01-17-2008, 12:34 PM #8
- Join Date
- Nov 2007
- Odessa, TX
01-17-2008, 05:31 PM #9
The Roth IRA seems to be best...I was just throwing out the idea. This year's taxes suck! I was expecting more and got much less and that equates to no immediate mods! So of course I want to stick it to the man that stuck it to my hobby.
I could always start up an Atkins business next to Krispy Kreme - at least it wouldn't be a deliberate failure (well maybe that is). The Feds would probably be all over that venture!
01-17-2008, 07:43 PM #10
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