In article <a983e182-74e9-45d5-8ffd-7bb134e97f01[at]v13g2000pro.googlegroups.com> ,
removeps-groups[at]yahoo.com <removeps-groups[at]yahoo.com> wrote:
- quote -

Apparently, gross rental income, which is why the tax is low. (Since
the money was used to pay down his mortgage, if it were net, the
mortgage would have been paid off some time ago and he'd have received
money.)

Seth

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Sep 13, 6:12 am, Han <nob...[at]nospam.not> wrote:

- quote -

When they say rental income do they mean rental revenue, or rental
revenue minus expenses?

If it is truly income, and client is in the 33% bracket, then that's
$24,750. Plus, the increase in AGI would decrease various itemized
deductions such as medical. And there are penalties of up to 25% on
the amount owed, and interest on the amount owed. I'm not sure if
there are interest on the penalties. And there's state and local
taxes too.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

rdadams[at]panix.com (Dick Adams) wrote in
news:gafkid$67t$1[at]reader1.panix.com:

- quote -



--
Best regards
Han
email address is invalid

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

prm20871[at]verizon.net (Phil*Marti) wrote:

- quote -

Hear, hear. We bust our butts trying to assist TPs in filling out tax
forms, while those who pass the laws ignore them.

And what about those 4 rent-controlled properties (or something designed
for low-income households) he has in NYC, where the limit is supposed to
be one? Seems he's a serial offender.

Bill

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Dick Adams" wrote:

- quote -

My vote is that I don't care whether the dog, his accountant, his
interpreter or his wife ate his homework. He should resign in disgrace. I
have no patience for politicians who feel free to put their hands in my
pocket but don't act responsibly regarding their own obligations. It's
especially egregious for the Chairman of Ways & Means.

He may have enough excuses to avoid the slammer, but I'd still like to see
the US Attorney give it a whirl so he could explain under oath, rather than
through carefully crafted press releases, how irresponsible he was.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

- quote -

Is not Spanish spoken by a very large percentage of his
constiturnts?

My vote is for his wife doing his bookkeeping and the
resort manager waiving the interest on his mortgage
after two years, possibly without telling him in English
when a small percentage of his constituents spoke
Spanish.

Dick

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Adam H. Kerman <ahk[at]chinet.com> wrote:

- quote -

For those of you who are sophisticated enough to read the
Noo Yawk Time, there is an article at:
http://www.nytimes.com/2008/09/11/ny...in&oref=slogin
http://snipurl.com/3pxzy

Dick

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

- quote -

Apparently a simple language barrier caused all his tax problems.

http://www.nytimes.com/2008/09/11/ny...rangel.html?hp


Condor

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Does anyone have any theories on how Rangle owes several thousands of
dollars in back taxes for the home in the Dominican Republic? Was it a
vacation home that he was taking inappropriate itemized deductions for,
or was it investment property? Didn't think rents would be all that high.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >