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View Full Version : Taxes #$#^&$%


maestrowork
02-28-2008, 05:08 PM
After doing my own taxes for many years I just realized (yeah, dumb ass) that my state doesn't allow offsetting losses in different categories! ARGH! That means if I get $1000 in capital gain distribution, I can't offset that with the $1000 capital loss in a stock sale (Federal will allow that). WTF? Why would anyone report the loss anyway, since it won't be calculated? Seriously, WTF? The only way a loss would make a difference is if you actually have a gain, too, in the same category (say, you sold IBM with a gain of $1000, then you sold Microsoft with a loss of $1200) -- even then, the $200 difference doesn't count because the state won't consider negative numbers! WTF? That seems very scammy on their part -- meaning you can NEVER offset your income with any capital loss. If you have a bad year in the stock market, it's your problem -- you still have to pay taxes on your mutual funds' capital gain distributions. That's ridiculous.

Oh, and capital losses can't be carried over to the following year. Again, WTF?

So watch out for those nasty capital gain distributions.

Rolling Thunder
02-28-2008, 05:11 PM
That's why PA is losing businesses to other states.

maestrowork
02-28-2008, 05:13 PM
That's why PA is losing businesses to other states.

I think I'm going to write a letter to my state senator, with whom I have had a cordial connection. Seriously, I think the PA tax laws are highly unfair to investors and businesses, especially in a down market.

auntybug
02-28-2008, 05:43 PM
I feel your pain Ray. We had a Cyber Cafe for 7 years. We never took pay & operated at a loss from the get go. We closed it 3 years ago. We still have some transfered debt in misc loans/credit cards. We finally sold the building a few months ago & will have the joy of paying over $9,000 in capital "gains". WTF?

heyjude
02-28-2008, 10:45 PM
Hubby started a company several years ago. Ended up incorporating in TX instead of our dear old home state of PA. Fees, taxes, etc., are astronomical.

But, hey, they need those bonuses, right? Blech. I shouldn't even get started on our state government.

bluntforcetrauma
02-28-2008, 10:51 PM
Fed taxes are illegal. It's a collection agency based in Puerto Rico, I believe. No Joke.

Jaycinth
02-28-2008, 10:51 PM
Ray.

So sorry to hear that.

I totally commiserate.

You should do what we accounting professionals do.

Go out and get roaring drunk.

Ok?

Hugs.

XXX
Jay (the pretty one)

Joe270
03-05-2008, 11:35 AM
Move to Texas or Nevada.

I highly recommend both.

Mandy-Jane
03-05-2008, 01:14 PM
I have to say, the world would be a better place if there were no taxes!

Inky
03-05-2008, 01:25 PM
Better still if they were put towards University & Medical...but Americans would scream about not getting their income tax return...you know...to rush out & buy that new tv/car/clothes/crack/Oprah tickets/sun deck/etc., etc., etc.,....

Jaycinth
03-07-2008, 08:59 PM
Better still if they were put towards University & Medical...but Americans would scream about not getting their income tax return...you know...to rush out & buy that new tv/car/clothes/crack/Oprah tickets/sun deck/etc., etc., etc.,....


Inky...Inky...Inky....

we BOTH know the nasty little secret of those Federal Tax returns...don't we?

The question is...should we SHARE it?????

JimmyB27
03-07-2008, 09:01 PM
That's why PA is losing businesses to other states.
PA is losing business? Well that's good news, right? :tongue

Inky
03-07-2008, 09:37 PM
No, PA as in Pennsylvania, not Publish America....on the other hand...