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Old 11-23-2017, 10:56 AM   #49
FlyingScot
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FLL--like Outdoorsman, I appreciate your great posts on this topic.

On your tax question, I'm not an expert, but a pretty good amateur. Mr. Everett would be able to deduct the value of his investment from his income when calculating federal income taxes. Assuming he's at the top bracket of 39.6%, let's call that cash back in his pocket of .396 x 2.2= $871K.

(Note--central provisions of the Republican tax plan now under debate would reduce this number, i.e. it would be less beneficial for individuals to make charitable donations)

To Joey's point, I disagree. If Everett has given away the property, he no longer would be liable for any taxes on it.

So Everett would have done a great thing for the lake, but he cannot recover his investment by donating the property.

I think he would have been better off with one of your other ideas--buying a camp that already existed.
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