(Topic ID: 108377)

The Official Pinside Kevin Kulek Skit-B Predator Discussion


By Xerico

4 years ago



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There are 18269 posts in this topic. You are on page 354 of 366.
#17651 1 year ago
Quoted from j_m_:

not sure how that works but it should be a capital loss (just like stocks), in which case you can amortize it over several years (taking the maximum of $3K per year
according to a quick google search:
"A capital loss carryover is the net amount of capital losses that aren't deductible for the current tax year but can be carried over into future tax years. Net capital losses (total capital losses minus total capital gains) can only be deducted up to a maximum of $3,000 in a given tax year."
"Any excess capital loss can be carried over until you die, then it is lost and of no benefit to your estate or heirs."
"Carrying Losses Forward. You can use a maximum of $3,000 of capital losses each year as a write-off against income other than capital gains. If your losses are greater than your gains by more than $3,000, the extra losses above the $3,000 limit should be carried forward to future tax years."

This sounds like a business capital investment loss in which a schedule C should be filled out. Pretty simple thing that turbo tax can do too. But, it is normally used for small businesses...

#17652 1 year ago

I had never thought about taking this as a loss. I have a small business since I have games on route. I am going to ask my accountant this year what I can legally do.

#17653 1 year ago
Quoted from dgoett:

I have a question and forgive me if it's been asked or answered in this giant cluster of a tread.
Is there a way to show a loss on taxes for the $4750 I had in Predator? I have all the paypal receipts.
Or can I not do that with open litigation [even though I'll never see a penny back].
I'm aware you can only show $3K a year but just curious.

This is a quote from a pinhead on RGP that I saw a few years ago on this topic, I talked to an accountant who said its legit but please due your own DD.

"Guys/Gals:

People have asked me "what are you doing about *******?" Are you joining the lawsuit? When you enter into a money and time consuming lawsuit, you should only do so if you have a meaningful chance of recovery. So, in trying to think of the best outcome for everyone who got caught up in this shitstorm, I would suggest you consider taking your loss as "casualty or theft loss" on your 2015 federal tax return.

It turns out that the IRS allows you to deduct losses for "casualty or theft" as an "ordinary loss" which means it is a loss that offsets ordinary income. The other type of loss is a "capital loss" which offsets capital income or income from stocks and securities. An ordinary theft loss is for when someone's home is broken into and money or other items are stolen or for when they are defrauded in a Ponzi scheme.

Under section 165(a) of the IRS tax code, the IRS allows for deductions for "losses sustained during the taxable year and not covered by insurance or otherwise....and allows a deduction for certain losses not connected to a transaction entered into for profit, including theft losses".

The good news is that these "ordinary losses" are "front page" deductions that are direct offsets to net income. In fact, after the Bernie Madoff scheme was discovered the IRS created a so-called "safe harbor" where if certain criteria are met, your theft loss deduction is not subject to an audit. If you use this "safe harbor" you cannot sue Popadick to recover your funds and you agree that this is your only remedy. I would suggest a discussion with your tax advisor and to do some back of the envelope calculations and you may discover that this is your best outcome. You will not be able to recover all of your loss, but you should be able to recover some of it using this approach.

After Bernie Madoff "made off" with everyone's money, the first question the IRS answered for those investors was that they could take an ordinary loss deduction and the deduction isn't subject to the 2% of adjusted gross income (AGI) limit on miscellaneous itemized deductions, the income-based limitation on itemized deductions, or the 10% of AGI limitation on the deduction for casualty losses.

You have to take the deduction in the year that the theft was discovered and if you have insufficient "ordinary income" to cover the amount of the loss, then your "casualty or theft" loss can be carried back 3 years against other returns whereas net operating losses are typically limited to just two years.

The IRS published these rules under Rev Proc 2009- 20, 2009-14 IRB 735. To qualify for relief under Rev Proc 2009- 20, 2009-14 IRB 735, you must file Form 4684. Even if you tax advisor does not think that your loss qualifies under this rule, it likely does qualify under other "casualty or theft" loss rules. State tax laws are different and you may or may not be able to take a deduction under your state's income tax laws."

Good luck.

-5
#17654 1 year ago

Is it just me or does writing this off as a "loss" on your taxes seem not right?

John

#17655 1 year ago
Quoted from Dayhuff:

Is it just me or does writing this off as a "loss" on your taxes seem not right?
John

gonna talk with my accountant and see what the IRS would think. It they will allow it, then seems right to me.

I never even tiptoe on the line, but if it is allowed then sure as hell will take the loss. (I assume if I ever recover a penny then I would need to claim that also?)

#17656 1 year ago

Talk to your accountant, but it should be an itemized deduction under Theft based upon Fraud.

I know someone who did this without issue. It would be up to them if they would like to come forward to confirm.

#17657 1 year ago
Quoted from Dayhuff:

Is it just me or does writing this off as a "loss" on your taxes seem not right?
John

Doesn't matter whether it's right or not (not sure what "right" means.) If the IRS allows it, I'd take it.

#17658 1 year ago
Quoted from Dayhuff:

Is it just me or does writing this off as a "loss" on your taxes seem not right?
John

If it's allowed more power to everyone, little weird for this to be "written off" on the 2017 taxes though?

30
#17659 1 year ago

12357575_428631450679577_584917389_n (resized).jpg

#17660 1 year ago
Quoted from dgoett:

taxman - if anyone should know the answer it's you!
I was hoping to show the predator loss against my litecoin gains [if I sell] to balance it out.
Don't have an accountant but might have to look into that.

I am a software developer not an accountant. Taxman is because my last name is pronounced "tax".

Anyway if what I had read about writing off theft or scam loss it has to be done in the tax year of the theft since that is when you took the loss. Also, you would need the amount declared on an official document to file. When I had a loss it was on a K-1 form from a real estate loss given to me by an accountant that filed it with the IRS.

#17661 1 year ago

it hasn't been settled yet on whether we are getting money back - so you shouldn't take a deduction yet - i am an accountant and that is my view - but if you asked 5 accountants you would get 5 different answers. thanks ed

#17662 1 year ago
Quoted from Taxman:

I am a software developer not an accountant. Taxman is because my last name is pronounced "tax".
Anyway if what I had read about writing off theft or scam loss it has to be done in the tax year of the theft since that is when you took the loss. Also, you would need the amount declared on an official document to file. When I had a loss it was on a K-1 form from a real estate loss given to me by an accountant that filed it with the IRS.

Since Pinside's Taxman says write it off .. who am I to argue against his sound professional advice?

27
#17663 1 year ago

looks like someone else made a write off this year...

Single Witch (resized).JPG

#17664 1 year ago

Kevin is probably on his way to meet his dad in a bar. "Turned out just like you dad."

#17666 1 year ago
Quoted from Whysnow:

looks like someone else made a write off this year...

My guess it is to keep the hooligans from our "adult website" finding her and harassing her.

#17667 1 year ago
Quoted from Whysnow:

looks like someone else made a write off this year...

That's interesting. Was a divorce actually filed I wonder?

10
#17668 1 year ago

This is more serious than a court filling. IT WAS ON FACEBOOK!

#17669 1 year ago
Quoted from desertT1:

Kevin is probably on his way to meet his dad in a bar. "Turned out just like you dad."

catsinthecradle_ (resized).jpg

10
#17670 1 year ago
Quoted from Taxman:

This is more serious than a court filling. IT WAS ON FACEBOOK

I don’t think any of us believe any thing those people say or write at this stage. If they are making a statement, I am just assuming it is some kind of scam in some way. Perhaps they get more assistance if they are not married...something like that.

#17671 1 year ago
Quoted from Whysnow:

looks like someone else made a write off this year...

I'd buy that for a dollar

QSS

predator (resized).jpg

#17672 1 year ago
Quoted from TigerLaw:

I don’t think any of us believe any thing those people say or write at this stage. If they are making a statement, I am just assuming it is some kind of scam in some way. Perhaps they get more assistance if they are not married...something like that.

Yes, even more food stamps they can sell for 50 cents on the dollar, or use to buy loads of soda Kevin can resell in vending machines he bought with PredaBucks.

(Just assuming but those are some typical food stamp scams)

#17673 1 year ago

Lets see if she goes after him for child support? But wait, he testified he doesn't have a job. So 33% of nothing = 0. No marital assets?

13
#17674 1 year ago
Quoted from benheck:

... or use to buy loads of soda Kevin can resell in vending machines he bought....

Its pop.

#17675 1 year ago
Or is it "Soda Pop"? (Mindblown!)

#17676 1 year ago

Wait, she has a photography business and he has been home with the kids. Watch him go for custody and make her pay child support.

#17677 1 year ago
Quoted from Dewey68:

Or is it "Soda Pop"? (Mindblown!)

Coke. Color to be determined later.

#17678 1 year ago
Quoted from Dewey68:

Or is it "Soda Pop"? (Mindblown!)

Quoted from Coyote:

Coke. Color to be determined later.

Soda Pop or Pop is fine.

Soda & Coke are some Dirty South/East coast stuff

EDIT: Did we ever hear if Keith is still on the case?

#17679 1 year ago
Quoted from TigerLaw:

I don’t think any of us believe any thing those people say or write at this stage. If they are making a statement, I am just assuming it is some kind of scam in some way. Perhaps they get more assistance if they are not married...something like that.

Watch for a GoFundMe campaign asking for moving & housing expenses.

Or will she just cast a spell? Which one is befitting her status in the witch community?

#17680 1 year ago
Quoted from TheLaw:

Soda & Coke are some Dirty South/East coast stuff

exactly. just wtf is an "orange coke" or a "grape coke"?!? and the worst of the lot a "coke coke"

#17681 1 year ago
Quoted from Taxman:

Wait, she has a photography business and he has been home with the kids. Watch him go for custody and make her pay child support.

Great he can ask for "maintenance" and the house and her pay for it.. Then he will have income!

#17682 1 year ago

Doesn't she still owe $30,000 to the trustee? How's that comin' along?

#17683 1 year ago
Quoted from Nibbles:

Doesn't she still owe $30,000 to the trustee? How's that comin' along?

I have a feeling that was a factor in her leaving the pinconner from Pinconning.

#17684 1 year ago
Quoted from j_m_:

exactly. just wtf is an "orange coke" or a "grape coke"?!? and the worst of the lot a "coke coke"

You mean like right now, right now?

#17685 1 year ago
Quoted from snakesnsparklers:

I have a feeling that was a factor in her leaving the pinconner from Pinconning.

Do we know for sure that is what happened?

#17686 1 year ago
Quoted from Coyote:

Coke. Color to be determined later.

Yep, in Kentucky and most of the south it goes like this:

ME: "Be sure to pick me up some cokes while you are at the store."

SHE: "What kind you want?"

ME: "Oh, Sprite or Dr. Pepper will be fine."

SHE: "Got it. I'm pickin' up SOFTDRINKS and some chips."

Coke and soft drink . . . interchangeable for any kind of carbonated beverage for most of us southerners.

Mike in Kentucky

#17687 1 year ago
Quoted from Pintucky:

Yep, in Kentucky and most of the south it goes like this:
ME: "Be sure to pick me up some cokes while you are at the store."
SHE: "What kind you want?"
ME: "Oh, Sprite or Dr. Pepper will be fine."
SHE: "Got it. I'm pickin' up SOFTDRINKS and some chips."
Coke and soft drink . . . interchangeable for any kind of carbonated beverage for most of us southerners.
Mike in Kentucky

The real funny is when they ask for cokes, you ask which kind, and they say "Pepsi"

19
#17688 1 year ago

pasted_image (resized).png

#17689 1 year ago

Funny!

Jack & Pepsi is NEVER ok!

#17690 1 year ago

Reverting to her maiden name is just a scam so when the sheriffs come looking for judgement on the $30K, she will just say "Amanda Kulek, don't know her. I'm Amanda Scott."

ken

#17691 1 year ago
Quoted from Yellowdog:

Reverting to her maiden name is just a scam so when the sheriffs come looking for judgement on the $30K, she will just say "Amanda Kulek, don't know her. I'm Amanda Scott."
ken

That can only work one time as after the Sheriff's report is filed the Trustee will point out that she has changed her name and provide the paperwork. Then on round 2 she will owe the 30k and maybe even some new charges due to the lie.

#17692 1 year ago
Quoted from Pintucky:

Yep, in Kentucky and most of the south it goes like this:
ME: "Be sure to pick me up some cokes while you are at the store."
SHE: "What kind you want?"
ME: "Oh, Sprite or Dr. Pepper will be fine."
SHE: "Got it. I'm pickin' up SOFTDRINKS and some chips."
Coke and soft drink . . . interchangeable for any kind of carbonated beverage for most of us southerners.
Mike in Kentucky

IMG_1528 (resized).png

#17693 1 year ago
Quoted from Pintucky:

Yep, in Kentucky and most of the south it goes like this:
ME: "Be sure to pick me up some cokes while you are at the store."
SHE: "What kind you want?"
ME: "Oh, Sprite or Dr. Pepper will be fine."
SHE: "Got it. I'm pickin' up SOFTDRINKS and some chips."
Coke and soft drink . . . interchangeable for any kind of carbonated beverage for most of us southerners.
Mike in Kentucky

Really, thats very interesting. Im from Wyoming and we say pop, but I never heard your version before!

#17694 1 year ago
Quoted from desertT1:

That can only work one time

What are the odds that she's thinking more than one move ahead?

#17695 1 year ago
Quoted from Roostking:

Really, thats very interesting. Im from Wyoming and we say pop, but I never heard your version before!

Pop refers to my dad
..but I drink soda

#17696 1 year ago
Quoted from RCA1:

What are the odds that she's thinking more than one move ahead?

The odds are pretty good that she's capable of thinking one more move ahead of Kevin. But then again she married him in the first place.

*Head asplodes thinking infinite stupidity loop being generated...*

#17697 1 year ago

It's real simple, if the trustee doesn't receive the payment at the agreed time then the house gets repo-ed and who ever gets evicted and house goes up for sale. If it sells for less, who ever is on the hook for the difference.
Now back to the soda discussion.

#17698 1 year ago

I actually don't think this is a scam. She was probably advised that a separation is the best course for her.

Regarding soda pop: In Wisconsin we say pop and anyone saying soda is a Minnesota transplant.

#17699 1 year ago

I am sure someone will put some pointers on the web such as "aka" so it follows her around.

#17700 1 year ago
Quoted from benheck:

Regarding soda pop: In Wisconsin we say pop and anyone saying soda is a Minnesota transplant.

Grew up on the east coast and spent 20+ years saying Soda, been in the midwest for 30 years now and at some point, no clue as to when, I started saying Pop. My brother (still east coast) and sister (west coast) make fun of it every time I say it.

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