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- Apr 6, 2010
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I don't know if it's even possible to help me... but here's the rundown.
In 2007 I did 6 real estate flips and had sales in excess of $550k. My net profit was roughly $150k.
I spent $61,000 on interest, and had about $350K in other expenses...
I had about 20 other properties and all was good and well until my banker who had told me he'd loan me into the millions, turned the tables when I had my $180,000 savings out and $490k out with him. He said I have to cut you off at 1/2 million.
That left me with 10K to fix 20 houses. Needless to say my downfall was eminent.
I say that, to say this. In 2008 I didn't have the money to pay my 07 taxes so I didn't file. In 2009 I didn't have the money to pay my 08 taxes... I guess I could have paid them had I been prepared to crawl out of my depressive stuper.
My reported income in 08 was $975 with $17465 Paid out in interest.
During 08 and 09 all of the homes went into foreclosure. We are declaring bankruptcy in the next couple of weeks.
The IRS wanted my taxes done by tomorrow. I only have limited money so I hired some dude off craigslist but I'm losing faith quickly.
My main areas of concern are: I'm sure in 08 I'll have a loss... But if I use all my write off's from 08 to try to offset my 07 taxes will I end up having to recapture it when it comes time to deal with the foreclosures.
I'm Insolvent... So I've got that going for me. Not much of a claim to fame I guess. But hey you do what you can.
Just an FYI for anyone ever wondering how quickly things can turn on you...
I went from a paid 2 paid off homes, paid off corvette, paid off harley and paid off bonneville with 200k saved.... to getting turned down for 2 liters on my credit card, spending an entire summer without gas... Answering questions from my toddler about "Why can't we use the big tub anymore".... Why are all these pans in the bathroom?
It's been humbling and I wouldn't trade it for the world... But now I just need to take care of these dang taxes... Anyhelp would be appreciated.
In 2007 I did 6 real estate flips and had sales in excess of $550k. My net profit was roughly $150k.
I spent $61,000 on interest, and had about $350K in other expenses...
I had about 20 other properties and all was good and well until my banker who had told me he'd loan me into the millions, turned the tables when I had my $180,000 savings out and $490k out with him. He said I have to cut you off at 1/2 million.
That left me with 10K to fix 20 houses. Needless to say my downfall was eminent.
I say that, to say this. In 2008 I didn't have the money to pay my 07 taxes so I didn't file. In 2009 I didn't have the money to pay my 08 taxes... I guess I could have paid them had I been prepared to crawl out of my depressive stuper.
My reported income in 08 was $975 with $17465 Paid out in interest.
During 08 and 09 all of the homes went into foreclosure. We are declaring bankruptcy in the next couple of weeks.
The IRS wanted my taxes done by tomorrow. I only have limited money so I hired some dude off craigslist but I'm losing faith quickly.
My main areas of concern are: I'm sure in 08 I'll have a loss... But if I use all my write off's from 08 to try to offset my 07 taxes will I end up having to recapture it when it comes time to deal with the foreclosures.
I'm Insolvent... So I've got that going for me. Not much of a claim to fame I guess. But hey you do what you can.
Just an FYI for anyone ever wondering how quickly things can turn on you...
I went from a paid 2 paid off homes, paid off corvette, paid off harley and paid off bonneville with 200k saved.... to getting turned down for 2 liters on my credit card, spending an entire summer without gas... Answering questions from my toddler about "Why can't we use the big tub anymore".... Why are all these pans in the bathroom?
It's been humbling and I wouldn't trade it for the world... But now I just need to take care of these dang taxes... Anyhelp would be appreciated.