Lyehopper's Roundup....

[Lyehopper]

Nope. Check the IRS regs. Or better yet, leave taxes to CPAs and tax lawyers.

Hey Dave, You "Pro's" really stick together don't you?.... Speaking of Professionals.... You never gave me the number to that Certified Financial Planner you promised for zip code 24122.

Let's say 'lil Lye saves up the money he gets from shoveling out stalls in big Lye's barn. He empties his piggy bank a couple years later and offers his daddy $$ for his favorite Black Angus calf. He takes care of the calf for months and through his local 4 H club enters it in the county fair and wins Grand Prize. He takes it to the Virginia State fair and is Grand Champion State of Virginia. Little Lye gets on the National news with his story from the beginning and developes quite a following. When he wins the state , a bidding war takes place between Mortons and Ruth's Chris steakhouses and little Lye walks away with $60,000. This has happened before in several states. I'd say 'lil Lye qualifies to open a Roth.

-------------billyjoe

Nope. Check the IRS regs. Or better yet, leave taxes to CPAs and tax lawyers.

[billyjoe]

Let's say 'lil Lye saves up the money he gets from shoveling out stalls in big Lye's barn. He empties his piggy bank a couple years later and offers his daddy $$ for his favorite Black Angus calf. He takes care of the calf for months and through his local 4 H club enters it in the county fair and wins Grand Prize. He takes it to the Virginia State fair and is Grand Champion State of Virginia. Little Lye gets on the National news with his story from the beginning and developes quite a following. When he wins the state , a bidding war takes place between Mortons and Ruth's Chris steakhouses and little Lye walks away with $60,000. This has happened before in several states. I'd say 'lil Lye qualifies to open a Roth.

-------------billyjoe

[skiracer]

Some children have earned compensation at a very early age , especially in the field of agriculture.

-----------billyjoe

Little Lye is a bit young to try and pass off as having earned compensation. But stranger things have happened. From extensive dealings with the IRS I have come to realize that they will be as helpful as you ask or lead them to be and that if you are legit in trying to pay or set up with them they will do almost to a T whatever it is that you want as long as you do as you say. You can't tell them black is white but they will accept some shades of grey. Acting or modelling would be a good job with great compensation for very young kids.

Considering how much can be contributed to an IRA, that kid must be well paid!

[billyjoe]

Some children have earned compensation at a very early age , especially in the field of agriculture.

-----------billyjoe

Lye,
Hope you've started 'lil Lye a Roth IRA since you work him so hard.


--------------billyjoe

Hope you didn't or you'd run afoul of the IRS. To contribute to an IRA, the participant must have earned compensation (usually wages) or received alimony.

[billyjoe]

Lye,
Hope you've started 'lil Lye a Roth IRA since you work him so hard.


--------------billyjoe

[Lyehopper]

FTO.... A great trading stock!

I have been short selling FTO this week. It's a great stock to trade right now. For a quick 1-2% I say short into any strength (like right now $33.30).... Here's where I think it's headed short term....

[Websman]

BTW...Lye and Doug...

I'm down about 10% for the year. That's why I'm laying back. It's all about capital preservation.

[Websman]

Can't argue with that BJ.... What is the sales tax rate in Flordia? (VA is 5%).... With all the tourism and retail sales generated in Flordia they don't need to charge income tax. Plus they lure in more consumer/residents by the no state tax law.... SMART!

We pay 7%...not too bad

[Websman]

There's no state income tax in FL but there is an intangible personal property tax.

"Intangible personal property" is defined as all personal property which is not in itself valuable, but derives its chief value from that which it represents, including but not limited to: stocks, bonds, mutual funds, money market funds, loans, notes, and certain accounts receivable.

True we do pay property tax, but it's not much if your homesteaded. I only pay around $150 per year. If you're not homesteaded though they stick it to you. A 2 million dollar home will cost you around $15,000 per year.

[IIC]

There's no state income tax in FL but there is an intangible personal property tax.

"Intangible personal property" is defined as all personal property which is not in itself valuable, but derives its chief value from that which it represents, including but not limited to: stocks, bonds, mutual funds, money market funds, loans, notes, and certain accounts receivable.

Dave...I'm starting a new country...It is called Oceania...It is located 12 miles off the coast of every other country...I'll be ruling my country as a Benevolent Dictatorship from a 150' yacht.

There will be no taxes of any kind...However, I will be granting royal titles for a princely sum which will finance my yacht.

For example, you can be Baron of The Bering Sea for only $5,000 or perhaps you'd like to be Prince of the Pacific Ocean for just $10,000???

If cash is a problem I have Sultan of The South China Sea available for a paltry $1,000.

Just send the money to my Paypal account...Thanks...Emperor Doug

Fla's also a good state for paying taxes (hard to beat NONE)

There's no state income tax in FL but there is an intangible personal property tax.

"Intangible personal property" is defined as all personal property which is not in itself valuable, but derives its chief value from that which it represents, including but not limited to: stocks, bonds, mutual funds, money market funds, loans, notes, and certain accounts receivable.

[IIC]

And here are State Income Tax rates: http://www.taxadmin.org/FTA/rate/ind_inc.html