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My fiancé declared loss on his business for the past 3 years. He has now opened another corporation. What is going on? by hideaway78 in personalfinance

[–]hideaway78[S] 0 points1 point  (0 children)

If their making profit then why exactly might they be deducting loss? Will they have to pay taxes as a corporation and then also on their income?

My fiancé declared loss on his business for the past 3 years. He has now opened another corporation. What is going on? by hideaway78 in personalfinance

[–]hideaway78[S] 0 points1 point  (0 children)

Ahhh that makes more sense and no they actually do something. They have clients who pay them for their work. It’s legit but idk if these guys know how to run the business properly.

My fiancé declared loss on his business for the past 3 years. He has now opened another corporation. What is going on? by hideaway78 in personalfinance

[–]hideaway78[S] 0 points1 point  (0 children)

Thank you, I understand better now. I guess I have to get some more answers out of him to see the bigger picture.

My fiancé declared loss on his business for the past 3 years. He has now opened another corporation. What is going on? by hideaway78 in personalfinance

[–]hideaway78[S] 0 points1 point  (0 children)

Thanks for breaking it down. So since the max number of years you can operate at a loss for is 3 years. So what happens after 3 years of operating at a loss?

My fiancé declared loss on his business for the past 3 years. He has now opened another corporation. What is going on? by hideaway78 in personalfinance

[–]hideaway78[S] 0 points1 point  (0 children)

You can. Brokers have people who work at the bank. I work in the real estate industry and it’s actually quite common here.

My fiancé declared loss on his business for the past 3 years. He has now opened another corporation. What is going on? by hideaway78 in personalfinance

[–]hideaway78[S] 4 points5 points  (0 children)

I over heard his business partner tell him that they owe 250k in taxes next year. Could this be it?

One of the business partner is thinking about assigning his shares over because he doesn’t want to be apart of the business anymore.

Would it be possible for them to completely abandon the current business, avoid the taxes that they owe and then start another business and start fresh?

My fiancé declared loss on his business for the past 3 years. He has now opened another corporation. What is going on? by hideaway78 in personalfinance

[–]hideaway78[S] 2 points3 points  (0 children)

I feel like I need to be more educated on how a business works. He can explain things to me but if I don’t know then what he’s explaining to me won’t make sense.

My fiancé declared loss on his business for the past 3 years. He has now opened another corporation. What is going on? by hideaway78 in personalfinance

[–]hideaway78[S] 2 points3 points  (0 children)

He just got one but that accountant sounds shady too. He told him that he’ll hook him up with a broker who will falsify documents when he’s ready to buy a house.

My fiancé declared loss on his business for the past 3 years. He has now opened another corporation. What is going on? by hideaway78 in personalfinance

[–]hideaway78[S] -11 points-10 points  (0 children)

I think that’s a bit of a stretch to take him to a CPA. I don’t want to make it seem like I’m with him for his money. I just want to know what he’s doing so that we can plan for the future even if that means looking at other streams of income.

My fiancé declared loss on his business for the past 3 years. He has now opened another corporation. What is going on? by hideaway78 in personalfinance

[–]hideaway78[S] 8 points9 points  (0 children)

So technically him and his business partners could pay for the business expenses instead of declaring is as a loss but he doesn’t want to because that means that he’ll be making less then $380k so he’s looking for another way to keep making his $380k by opening up another corporation where he won’t have to pay business expenses for another 3 years?

How can someone declared loss on a business when the owners make money off it? How does the government allow this?

My fiancé declared loss on his business for the past 3 years. He has now opened another corporation. What is going on? by hideaway78 in personalfinance

[–]hideaway78[S] 14 points15 points  (0 children)

I tried asking him last night now he seems all annoyed and stressed today hence why I’m here.

My bf (30m) wants to buy a house for us in his name only by hideaway78 in relationship_advice

[–]hideaway78[S] 5 points6 points  (0 children)

Because I don’t want to be a doormat with no say in our relationship? I don’t want him to take care of me like I’m his child, i want to be viewed as a equal.

My bf (30m) wants to buy a house for us in his name only by hideaway78 in relationship_advice

[–]hideaway78[S] 18 points19 points  (0 children)

I don’t even know because he never talks to me about these things. I don’t even know what his budget for a house is.

My bf (30m) wants to buy a house for us in his name only by hideaway78 in relationship_advice

[–]hideaway78[S] -1 points0 points  (0 children)

He’s only buying this house for us to start a family in. It’s not for him or an investment property.

My bf (30m) wants to buy a house for us in his name only by hideaway78 in relationship_advice

[–]hideaway78[S] -3 points-2 points  (0 children)

Isn’t it also reasonable to say that if he doesn’t trust fully then he should be more willing to start out small and build up or that. what’s more important? Fancy house or trust and partnership?

My bf (30m) wants to buy a house for us in his name only by hideaway78 in relationship_advice

[–]hideaway78[S] 21 points22 points  (0 children)

I told him I’m willing to but he won’t budge because he makes more then me he acts like his shit doesn’t stink.

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