Post 22 made on Monday January 2, 2017 at 21:02 |
Fiasco Senior Member |
Joined: Posts: | July 2009 1,276 |
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And for those interested in such an endeavor. The banks hate bars/restaurants. Forget about financing. It didn't matter how good our numbers were, they would not loan us money to build.
So we've been in a 100% cash pourback into the building to finance the construction for going on five years now.
The wonderful thing about this is that the building improvements are on a 20 year depreciation. Which means, to the IRS, the money spent to build was profit wrote down each year.
So, on top of taking no paychecks for five years, working 70-80 hours a week and not getting back any money I've put in, I show big income and get hit with massive tax bills each year on money I never took.
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Pump House on Facebook: [Link: facebook.com] |
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