and people actually think there is no bubble ready to burst...thats too funny. talk about GREEDY.... Hilfiger Seeks Fast Profit in the Hamptons Fashion designer Tommy Hilfiger is looking to sell his East Hampton, N.Y., home for $24.5 million -- $7.5 million more than he paid for it five months ago. The 2.4-acre Further Lane property has 154 feet of ocean frontage and a private boardwalk leading to the water. The 4,700-square-foot, five-bedroom home has a media room, massage room, double-height living room, an infinity-edge pool overlooking the ocean and an outdoor pavilion with a fireplace. Mr. Hilfiger bought the property in May from William Roach and Robert Marc, an eyewear designer. According to listing agent Deirdre Jowers of Corcoran Group, Mr. Hilfiger did some renovations on the house and took a trip to Bali to oversee the design of custom furniture. The furniture is available for sale, but isn't included in the asking price. Mr. Hilfiger, 55 years old, is the principal designer of the clothing company that bears his name. He couldn't be reached for comment. Sales volume in East Hampton Township fell 48% in July and August compared with the same months last year, according to Long Island Profiles. The median sale price fell 15% in August to $707,500 from $830,000 in the year-earlier month.
Nick Cages neighbors............. Well Clint and i would do fine over coffee times or a beer now and then. Nancy reagan, not much there for a Democrat like me. Jennifer Lopez, now i would go over there and trim the bushes ............... :eek:
Oh damn, you have a point here. I guess I'm going to have to go to tax jail. There has just got to be a free lunch and a place to stay in this deal somewhere. When I get out of jail, then, I'll take the tax write off for the loss of business income to my sole proprietorship, get a small distressed business loan, sign up for a jobs retraining package and get a new company car first-year tax depreciation and start up over again. Ah, the American Dream - what a country! TS
However, a loss would be able to be "added to the cost basis" of future property purchases and could be recovered tax free. (This issue gets complicated where there was a mortgage forclosed upon and "forgiveness of debt" by the lender....)
I would think the Graf /Agassi home was bought under a corporate umbrella. What the tax treatment then? Hmmm!