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  #11  
Old 04-02-2013, 05:50 PM
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TxsRiverRat TxsRiverRat is offline
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Say it aint so taylor..... Ughhh...

You are always welcome on my boat....
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Ring-ding-ding-ding-dingeringeding...

You know they all have a little string hanging out, but it's not a tampon, it's a price tag...
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  #12  
Old 04-02-2013, 06:06 PM
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east tx skier east tx skier is offline
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Perhaps you could create a nonprofit corporation dedicated to teaching people about ski boats, then roll your 197 into the corporation. Get someone to act as secretary. You be the president. Hold one meeting a year, file a no earnings report with the State, depreciate the asset.

I have no idea whether this would get you around the problem. But it wouldn't cost but about $25.
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Previous: 1993 Prostar 205

Red 1998 Closed Bow Ski Boat, Ford 351, 310 hp, Acme 4 blade, Perfect Pass SG.

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Tyler Ski Club


To me, this forum is about love of inboard boats. It is about the sharing of information and, on a good day, some humor. It is not about post count, brand of boat, or any other superfluous labels that lend themselves to a false sense of superiority. Please, respect one another, try to pass on accurate information, and keep your eye on the ball.
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  #13  
Old 04-02-2013, 06:11 PM
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thatsmrmastercraft thatsmrmastercraft is offline
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Quote:
Originally Posted by east tx skier View Post
Perhaps you could create a nonprofit corporation dedicated to teaching people about ski boats, then roll your 197 into the corporation. Get someone to act as secretary. You be the president. Hold one meeting a year, file a no earnings report with the State, depreciate the asset.

I have no idea whether this would get you around the problem. But it wouldn't cost but about $25.
The non-profit corporation would then assume the note?
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  #14  
Old 04-02-2013, 06:16 PM
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drschemel drschemel is offline
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Quote:
Originally Posted by east tx skier View Post
Perhaps you could create a nonprofit corporation dedicated to teaching people about ski boats, then roll your 197 into the corporation. Get someone to act as secretary. You be the president. Hold one meeting a year, file a no earnings report with the State, depreciate the asset.

I have no idea whether this would get you around the problem. But it wouldn't cost but about $25.
I'll bet the IRS just loves you!
But really, should you be buying a house when you have significant debt? Probably a fast way to bankruptcy when Mr. Murphey comes around. Boats are much more fun when you don't have payments. So, either pay off the boat and rent until you can save some money or sell the boat and buy a house. I bet that the boat will be a lot more fun than home ownership. Keeping a house up sucks! There's plenty of cheap places to live around Dallas. Oh yeah, and make yourself a 401C nonprofit so you don't have to pay taxes.
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  #15  
Old 04-02-2013, 06:17 PM
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east tx skier east tx skier is offline
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Originally Posted by thatsmrmastercraft View Post
The non-profit corporation would then assume the note?
The boat is the property of the corporation. So, yes. I assume there would be some sort of dues structure set up for Taylor to cover that. Just spit balling. He would also have to file a Form 1120 each year with the IRS. But he would not end up owing anything.

Seems like an awful lot of trouble. But I do this every year for our ski club and it's not particularly complicated.
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Previous: 1993 Prostar 205

Red 1998 Closed Bow Ski Boat, Ford 351, 310 hp, Acme 4 blade, Perfect Pass SG.

FAQ


Tyler Ski Club


To me, this forum is about love of inboard boats. It is about the sharing of information and, on a good day, some humor. It is not about post count, brand of boat, or any other superfluous labels that lend themselves to a false sense of superiority. Please, respect one another, try to pass on accurate information, and keep your eye on the ball.
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  #16  
Old 04-02-2013, 06:21 PM
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east tx skier east tx skier is offline
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Quote:
Originally Posted by drschemel View Post
I'll bet the IRS just loves you!
But really, should you be buying a house when you have significant debt? Probably a fast way to bankruptcy when Mr. Murphey comes around. Boats are much more fun when you don't have payments. So, either pay off the boat and rent until you can save some money or sell the boat and buy a house. I bet that the boat will be a lot more fun than home ownership. Keeping a house up sucks! There's plenty of cheap places to live around Dallas. Oh yeah, and make yourself a 401C nonprofit so you don't have to pay taxes.
I know it's the internet, but my post was made with tongue firmly planted in cheek. What I am suggesting (in jest) is way more trouble than it's worth.

The IRS does love me. I pay taxes. And I don't get overly creative about things.

I don't know why he would need to be a 501c(x) corp. That status is going to run him $400, and he's not going to be bringing in enough money to owe much, if anything in taxes. Better to file an 1120 and pay a bit, if anything.

/tongue firmly in cheek.
//agree with you on home ownership. Way cheaper to rent and have fun on the boat.
///get a vasectomy while you're at it, Taylor. It'll save you a fortune.
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Previous: 1993 Prostar 205

Red 1998 Closed Bow Ski Boat, Ford 351, 310 hp, Acme 4 blade, Perfect Pass SG.

FAQ


Tyler Ski Club


To me, this forum is about love of inboard boats. It is about the sharing of information and, on a good day, some humor. It is not about post count, brand of boat, or any other superfluous labels that lend themselves to a false sense of superiority. Please, respect one another, try to pass on accurate information, and keep your eye on the ball.
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  #17  
Old 04-02-2013, 06:21 PM
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JohnE JohnE is offline
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That seems ridiculous unless your income to debt ratio doesn't work. Who cares if you have two loans? Sell the truck for a beater then buy a new(er) truck after the home loan.
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  #18  
Old 04-02-2013, 06:27 PM
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east tx skier east tx skier is offline
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Quote:
Originally Posted by JohnE View Post
That seems ridiculous unless your income to debt ratio doesn't work. Who cares if you have two loans? Sell the truck for a beater then buy a new(er) truck after the home loan.
Exactly. Supposedly, it's a lot tighter getting loans these days since I took out (and later refinanced) my home. No trouble getting the boat loan a couple of years later. There has been a car or two in the meantime. Currently, it's just the car and the house. In seven or so years, the note on the house will be history. That will be a good day.

But, in the end, if you can't afford something, don't buy it. I'm not suggesting paying cash for everything, particularly with as low as interest rates are. But if you can't afford it, you can't afford it. If you can, figure out how to make it happen.
__________________
Previous: 1993 Prostar 205

Red 1998 Closed Bow Ski Boat, Ford 351, 310 hp, Acme 4 blade, Perfect Pass SG.

FAQ


Tyler Ski Club


To me, this forum is about love of inboard boats. It is about the sharing of information and, on a good day, some humor. It is not about post count, brand of boat, or any other superfluous labels that lend themselves to a false sense of superiority. Please, respect one another, try to pass on accurate information, and keep your eye on the ball.
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  #19  
Old 04-02-2013, 06:28 PM
TxsRiverRat's Avatar
TxsRiverRat TxsRiverRat is offline
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Join Date: May 2011
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Quote:
Originally Posted by drschemel View Post
Boats are much more fun when you don't have payments.
__________________
What does the fox say?

Ring-ding-ding-ding-dingeringeding...

You know they all have a little string hanging out, but it's not a tampon, it's a price tag...
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  #20  
Old 04-02-2013, 06:31 PM
east tx skier's Avatar
east tx skier east tx skier is offline
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Join Date: Jul 2004
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Quote:
Originally Posted by TxsRiverRat View Post
Boats are equally fun, whether you have payments or not. Payday is more fun when you don't have a boat payment.
__________________
Previous: 1993 Prostar 205

Red 1998 Closed Bow Ski Boat, Ford 351, 310 hp, Acme 4 blade, Perfect Pass SG.

FAQ


Tyler Ski Club


To me, this forum is about love of inboard boats. It is about the sharing of information and, on a good day, some humor. It is not about post count, brand of boat, or any other superfluous labels that lend themselves to a false sense of superiority. Please, respect one another, try to pass on accurate information, and keep your eye on the ball.
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