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Financial Planning / Tax Strategies


Subject:  Re: tax deductions Date:  5/30/2003  12:39 PM
Author:  JAFO31 Number:  65592 of 127549


<<<<I am new here so please point me in the right direction. We have paid off our home and I am looking for some ideas on tax deductions. Our children are grown and we do not have a business.>>>>

"Short answer: Why?

Long answer: Since you're new here you've never had the thrill of reading my harping about what I call taxphobia. I'm not saying this applies to you, but there are plenty of people who get so fixated on reducing taxes that they'll spend $100 to save $20 in taxes. This is not wise planning, and such people are also very easy to scam."

Excellent post, Phil.

You forgot, however, to illustrate this point by offering to borrow whatever amount the OP would like to lend on non-recourse, unsecured basis so that your failure to repay would generate a bad-debt deduction. (;>)

Regards, JAFO

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