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MrBayAreaHokie
Joined: 11/05/2005
Posts: 33,042
Likes: 28,246
MrBayAreaHokie
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tax question for the tax experts

Going to get a windfall for a company option excercise(place i no longer work). Sale is going to be cashless(selling stock for $7/share, option price is $2), so the $5 gain per share will be ordinary income. I am going to end up paying 50% on this as it is ordinary income(37% fed, 13% cali) However, is there a way I can take the money, and for example buy a carwash, and take a massive first year depreciation on it, like an accelerated depreciation in year 1?
Posted: 06/21/2024 at 11:13 AM ET

Thread Replies (29)

Full Thread →
tax question for the tax experts ◄
MrBayAreaHokie • 06/21/24 11:13 AM ET
Write it off. They all do. -Kramer.**
MikeVT85 • 06/22/24 12:08 AM ET
No. **
GreenvilleVT • 06/21/24 04:55 PM ET
actually you can
MrBayAreaHokie • 06/21/24 06:19 PM ET
Better Call Saul**
section11hokie • 06/21/24 03:19 PM ET
start a strip club- you will get even richer**
bigbadbird • 06/21/24 02:15 PM ET
we don't have any of those here in the east bay
MrBayAreaHokie • 06/21/24 06:21 PM ET
well - you have income on the sale- but a schedule C for car wash?
bigbadbird • 06/21/24 02:15 PM ET
wanting more the depreciation to wipe out the gain from the stock sale**
MrBayAreaHokie • 06/21/24 02:57 PM ET
A better question is
turkeywinghokie • 06/21/24 01:47 PM ET
You could have several options 168 (K) bonus depreciaton and Section 179
Hokebury • 06/21/24 01:25 PM ET
based on searching, it looks like year 1 depreciation % is dropping
HokieAl • 06/21/24 01:09 PM ET
thanks chief**
MrBayAreaHokie • 06/21/24 01:15 PM ET
You can make big $$$ using the carwash to launder blue crystal $$$**
Happy Dog • 06/21/24 12:54 PM ET
Sounds like an excellent investment and appreciate all you want!
DonHo-kieHi • 06/21/24 12:51 PM ET
butter face**
MrBayAreaHokie • 06/21/24 12:52 PM ET
Cashless option to this point but you're receiving cash by selling, correct
BG Hokie • 06/21/24 12:02 PM ET
i am getting money
MrBayAreaHokie • 06/21/24 12:50 PM ET
Since it's ordinary income, shouldn't you think about moving to NV, FL, TX?**
EDGEMAN • 06/21/24 11:53 AM ET
nah
MrBayAreaHokie • 06/21/24 12:51 PM ET
plus they would come after me
MrBayAreaHokie • 06/21/24 12:52 PM ET
A bud spent some time in California when he was in the Marines, and...
EDGEMAN • 06/21/24 01:50 PM ET
I guess he screwed up by getting a CA driver's license
EDGEMAN • 06/21/24 01:52 PM ET
Might be a legal question, call Saul Goodman.**
vthhhi • 06/21/24 11:19 AM ET
I love a good car wash. **
Stork • 06/21/24 11:15 AM ET
...and the boss don't mind sometimes if you act the fool**
Tuckahokie • 06/21/24 11:35 AM ET
…better than diggin a ditch**
chumley • 06/21/24 12:00 PM ET
who remembers George Carlin and Richard Pryor, in the same movie?
MrBayAreaHokie • 06/21/24 12:57 PM ET
i do too**
MrBayAreaHokie • 06/21/24 11:20 AM ET
It is taxing to wash the car by hand.**
Guy LeDouche • 06/21/24 11:17 AM ET