Universal Basic Income

[videogamesrock]

Using student loans to purchase real estate is not legal. Getting more back than what you paid in to fund your livelihood is living off the government. You've also advised people to do illegal things with filing their taxes, such as claim tuition that was paid for by grants. The rules make it clear that you cannot do that. I can't believe there are people advocating tax fraud on this forum. This isn't creative; this is criminal.

I advised people to use their 1098T forms to enter on their tax returns - schools do not issue 1098T's when grant money has been used to pay for tuition. I've also told people they can classify their education such as clep and other alternatives as continued education expenses, it won't qualify them for the tax credit but will offset some of that tax burden. I have never told anyone to incorrectly categorize their educational expenses to commit tax fraud, in fact I have told people that I do not believe that their graduation fees can be used towards the tax credit.

I've also stated that I've used student loans to indirectly achieve my goals, by using the loans to cover my daily living expenses while I've been able to use my income to cover closing costs. Loans pay for food, shelter, travel and income goes into savings to cover closing costs. This ma'am is not fraud this is playing by the legal rules created by the government. My books clearly show that my loan money went to costs of living and my income went to cover costs of doing business. In my 20's I paid an atrocious amount of income tax up to $60,000 annually not to mention the $15,000 that I sent to medicare and social security. So if the government wants to send me $5200 a year to go to school then I'll take it, and if they want to subsidize my insurance I'll take it, both are not fraud nor illegal. You clearly are upset that my tax structure automatically qualifies me for Pell when I fill out my FAFSA and for Obamacare subsidy, I look at it as a refund for all the years I've sent ridiculous amounts of money so that the government can waste it on fraud and abuse. However, if it were an option, I probably wouldn't buy insurance at all but I'd rather avoid the tax penalty so that they can cover the scam known as Obamacare.

When I log into the Obamacare exchange my insurance is automatically reduced, and the Pell shows up when I fill out my FAFSA.

Now the government guarantees my business loans and educational loans, but loans are made to be repaid and are not considered living off of the government. My wife and I are currently restructuring our mortgages because Fannie/Freddie will allow an individual to have ten mortgages each, but not if both are on the same mortgage. This is all about planning ahead and structuring your finances with the rules that the government hands us. I pay the government backed loan at $450 a month, I collect $975 a month from the tenant, after I depreciate the property I owe zero to the federal government and we are all creating legal commerce in a legitimate business venture.

You've asked me to give people financial advice, I've had several PM because of this thread to get more information which I gladly shared without expecting anything in return. But that fact that you are calling me a criminal and a tax cheat is uncalled for, everything I do is 100% aligned with the laws of the country, I do not bend the rules to achieve unlawful gain.

[sarg123]

Minimum wage job? How is she not eligible for Medicaid or at least a very very large subsidy from Obamacare doesn't sound right.

Yes, she's not paying a penny for the "insurance", but that doesn't help.

[jsd]

Using student loans to purchase real estate is not legal. Getting more back than what you paid in to fund your livelihood is living off the government. You've also advised people to do illegal things with filing their taxes, such as claim tuition that was paid for by grants. The rules make it clear that you cannot do that. I can't believe there are people advocating tax fraud on this forum. This isn't creative; this is criminal.

"It's okay when I do it"

[sanantone]

I advised people to use their 1098T forms to enter on their tax returns - schools do not issue 1098T's when grant money has been used to pay for tuition. I've also told people they can classify their education such as clep and other alternatives as continued education expenses, it won't qualify them for the tax credit but will offset some of that tax burden. I have never told anyone to incorrectly categorize their educational expenses to commit tax fraud, in fact I have told people that I do not believe that their graduation fees can be used towards the tax credit.

I've also stated that I've used student loans to indirectly achieve my goals, by using the loans to cover my daily living expenses while I've been able to use my income to cover closing costs. Loans pay for food, shelter, travel and income goes into savings to cover closing costs. This ma'am is not fraud this is playing by the legal rules created by the government. My books clearly show that my loan money went to costs of living and my income went to cover costs of doing business. In my 20's I paid an atrocious amount of income tax up to $60,000 annually not to mention the $15,000 that I sent to medicare and social security. So if the government wants to send me $5200 a year to go to school then I'll take it, and if they want to subsidize my insurance I'll take it, both are not fraud nor illegal. You clearly are upset that my tax structure automatically qualifies me for Pell when I fill out my FAFSA and for Obamacare subsidy, I look at it as a refund for all the years I've sent ridiculous amounts of money so that the government can waste it on fraud and abuse. However, if it were an option, I probably wouldn't buy insurance at all but I'd rather avoid the tax penalty so that they can cover the scam known as Obamacare.

When I log into the Obamacare exchange my insurance is automatically reduced, and the Pell shows up when I fill out my FAFSA.

Now the government guarantees my business loans and educational loans, but loans are made to be repaid and are not considered living off of the government. My wife and I are currently restructuring our mortgages because Fannie/Freddie will allow an individual to have ten mortgages each, but not if both are on the same mortgage. This is all about planning ahead and structuring your finances with the rules that the government hands us. I pay the government backed loan at $450 a month, I collect $975 a month from the tenant, after I depreciate the property I owe zero to the federal government and we are all creating legal commerce in a legitimate business venture.

You've asked me to give people financial advice, I've had several PM because of this thread to get more information which I gladly shared without expecting anything in return. But that fact that you are calling me a criminal and a tax cheat is uncalled for, everything I do is 100% aligned with the laws of the country, I do not bend the rules to achieve unlawful gain.

You never responded.

The tax credit is only for courses taken at a Title IV school. In order to receive the maximum benefit the school must confirm on your 1098T attendance and if you were full time or part time. Unfortunately the ACE courses will not qualify.

Pell Grant users greatly benefit from this as they can take free courses and get money back when filing.

http://www.degreeforum.net/general-educa...post227480

You can only get money back for costs that weren't covered by grants and scholarships. If you claim tuition and fees that weren't paid for by grants and scholarships, you're violating tax law. Online and software tax packages should automatically deduct the amount of grants and scholarships from the amount of tuition billed as long as you enter the information honestly. Tax preparers should already know to do this.

http://www.degreeforum.net/general-educa...post228474

When I was thinking financial advice, I wasn't thinking tax law. We have enrolled agents, tax accountants, and tax attorneys for a reason. If people want to get advice on tax law from some random guy on the Internet, then I guess Darwinism might take its course.

[videogamesrock]

You never responded.



http://www.degreeforum.net/general-educa...post227480



http://www.degreeforum.net/general-educa...post228474

When I was thinking financial advice, I wasn't thinking tax law. We have enrolled agents, tax accountants, and tax attorneys for a reason. If people want to get advice on tax law from some random guy on the Internet, then I guess Darwinism might take its course.

The 1098T will adjust for scholarships and grants. But what you are quoting isn't telling anyone to commit tax fraud.

But back to my unique situation of clearing 100k and netting into the poverty line according to the IRS. You can clearly see that government needs to get out of the subsidy business and stop pushing social issues. Don't hate the player hate the game.

[StoicJ]

Nevermind. Political threads around here are absurd.

Well, I think you have about 9 posts on this thread :leaving:

[jsd]

Well, I think you have about 9 posts on this thread :leaving:

.... Yes??

[sanantone]

The 1098T will adjust for scholarships and grants. But what you are quoting isn't telling anyone to commit tax fraud.

But back to my unique situation of clearing 100k and netting into the poverty line according to the IRS. You can clearly see that government needs to get out of the subsidy business and stop pushing social issues. Don't hate the player hate the game.

Sure, Jan.

[skyfall123]

Some comments within this thread are way beneath this forum - instead of simply bloviating anecdotal evidence for your claims try researching the subject - it isn't as if research has not been conducted - after all we are not the only generation and country in the history of civilization to experience these issues...this is a good place for you to start Free Market Welfare https://static1.squarespace.com/static/5...IT_WEB.pdf

[Thorne]

this is a good place for you to start Free Market Welfare https://static1.squarespace.com/static/5...IT_WEB.pdf

My favorite quote from this paper (took me a minute to find it, read the paper before) is that, "These plans floundered, as have many other such proposals, for having been thought too generous by conservatives and too mean by liberals."

I tend to believe that if a policy appears somewhat reasonable and is hated by both major parties, it is imperative to consider it further.
It's a solid idea, IMO, and I'd like to see it implemented again with a mandate to continue it for 20 years, come hell or high water, to prove once and for all whether it succeeds or fails on a grand scale.

Before this happens, however, I'd say that we need to close a lot of the tax loopholes and have three well-defined brackets for businesses taxed at a fixed rate with very few deductions. The libertarian in me wants taxes to be abolished, but if taxes must exist, businesses and people should be taxed equally for the sake of "fairness."