Paying taxes

[Taylor2000]

So I fI was going to put 30,000 in retirement can I use that as collateral or finance a toyhauler?

[Old-Biscuit]

Changing the title and asking it a different way doesn't result in different answers.

Talking with a tax/investment professional is what you really need to do.

[Old-Biscuit]

It was in the wording of your title.......'Avoiding taxes' and the statements n your post......."Been offered 30,000 dollars in profit" & "That would keep me from paying income tax on that 30,000 right?

Seems you were looking for a way to 'avoid'

Talking with a tax/investment professional is what you really need to do.

Ask most any question. If they are inappropriate the moderators will delete, change, alter the post. Sometimes you might scratch your head trying to figure out WHY. :B
And you might get called out by others......such is the life of forums. Oh well :B

[darsben]

Taylor2000 wrote:
ok I did not know, I was just told this. Im not trying to avoid taxes. Im sure Ill recieve enough of them by buying my rv. Seems like Im the only one in town paying my taxes on my other toys. Yards full of them and the city says its on a honest system. If the person doesnt come tell us we have no way of charging property taxes on boats, jetskis, snow machine, 4 wheelers etc. I pay mine every year.
Bu Im not trying to avoid taxes it was just a question for I need to put some in retirement

sniff sniff:R

[Taylor2000]

I didnt know that was a question not to ask. I hope i do not get removed. Im about to become rver like the rest of you out here

[Taylor2000]

ok I did not know, I was just told this. Im not trying to avoid taxes. Im sure Ill recieve enough of them by buying my rv. Seems like Im the only one in town paying my taxes on my other toys. Yards full of them and the city says its on a honest system. If the person doesnt come tell us we have no way of charging property taxes on boats, jetskis, snow machine, 4 wheelers etc. I pay mine every year.
Bu Im not trying to avoid taxes it was just a question for I need to put some in retirement

[F105]

WyoTraveler wrote:
You need a tax man not opinions from RVers

Right on - the Mods should have deleted this when it was first posted.

[Poppy___Nana]

HappyKayakers wrote:
This is a joke, right? Sure, we'll give you advice on how to avoid taxes so we can pay more.

Your capital gains would be taxed first. You're limited as to how much you can contribute to a retirement account each year. Anything you take out before retirement eligibility would be subject to immediate taxation plus penalties.

x2

[Francesca_Knowl]

ADAD437 wrote:

WyoTraveler wrote:
You need a tax man not opinions from RVers

X2

X3

OR (A better alternative):

Give me the money. I'll have My Man in Nigeria invest it for you. Then the WHOLE THING will be deductible! 🙂

[ADAD437]

WyoTraveler wrote:
You need a tax man not opinions from RVers

X2

[HappyKayakers]

This is a joke, right? Sure, we'll give you advice on how to avoid taxes so we can pay more.

Your capital gains would be taxed first. You're limited as to how much you can contribute to a retirement account each year. Anything you take out before retirement eligibility would be subject to immediate taxation plus penalties.

[WyoTraveler]

You need a tax man not opinions from RVers