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Wednesday, November 30, 2016

TNT UPDATE, 30 NOV

Kozmo:  If the RV is for real and the US is involved it appears the event should happen before the end of the year.If taxes are to be paid there would be a huge infusion of money into the government by April 15 in 2017. If the RV is delayed to 2017 the taxes would also be delayed.It makes sense to RV this year.

Capt.Willie:  IF this exchange is a taxable event it MIGHT be in our best interests for the exchange to occur after Jan 1. That gives Trump and his government time to implement their tax plan.

Capt.Willie:  There have been reports of "Friends & Family" exchanges for at least two years. However, I've yet to hear - one way or another - if those exchanges were taxable events. You'd think that we would have heard something definite unless there was an NDA of some sort.

Herekemiah:   assuming the rules are the same, if you have to pay your own taxes, and you don't exchange until 2017, you would now owe any taxes until 2018. If you exchange in 2016, you would need to pay taxes by April 15 2017, and them quarterly thereafter

Freeway2:  I don't believe at this point anyone knows what is going to happen with the taxes on the RV, even if they are a tax prof. - we just have to wait and see.


RVAlready:  Do not try to interpret the tax code for yourself. Upon RV, hire a tax lawyer immediately!!! Failure to do this could set you up for some huge losses and penalties.

Briona :  There is a good chance this will be a tax free event.

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