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Hey guys, I'm hoping for a happy ending, not a eulogy.
 
You may have more time than you think, Basil...BCF is now an LLC....operating it as such has ramifications to your personal income tax filing...an LLC's profits or losses directly affect the amount of income taxes that Mr. & Mrs. Basil pay.....a loss on the BCF is a win on your income tax filings for 2008!

& I'd go back & do amended income tax filings for 2006 & 2007 claining your losses from the BCF.
 
Basil

You have created an immensely useful resource for us Brit car addicts. We are all indebted to you.

Best,
Steven (Nevets)
 
tony barnhill said:
You may have more time than you think, Basil...BCF is now an LLC....operating it as such has ramifications to your personal income tax filing...an LLC's profits or losses directly affect the amount of income taxes that Mr. & Mrs. Basil pay.....a loss on the BCF is a win on your income tax filings for 2008!

& I'd go back & do amended income tax filings for 2006 & 2007 claining your losses from the BCF.
Click to expand...

If I recall correctly from my fathers little side business he was running years ago you had to actually show a profit every few years or the IRS would claim it was a hobby. Of course there is probably someone here who actually knows about tax law!
 
70herald said:
tony barnhill said:
You may have more time than you think, Basil...BCF is now an LLC....operating it as such has ramifications to your personal income tax filing...an LLC's profits or losses directly affect the amount of income taxes that Mr. & Mrs. Basil pay.....a loss on the BCF is a win on your income tax filings for 2008!

& I'd go back & do amended income tax filings for 2006 & 2007 claining your losses from the BCF.
Click to expand...

If I recall correctly from my fathers little side business he was running years ago you had to actually show a profit every few years or the IRS would claim it was a hobby. Of course there is probably someone here who actually knows about tax law!
Click to expand...
True....but he can get by with a couple of years..I know.
 
Basil,
Thanks for adding so much entertainment to my life on the 'net. This is always my first site to visit when on line. I will miss it if the forum closes, but will savor the friendships made and the information I received keeping Fagin on the road.

I hope that what works best for you is to continue, but if not, your efforts will not be forgotten.
 
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