princes new digs

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Reply #60 posted 05/01/08 7:11am

RodeoSchro

First of all, there's no such thing as "a great tax write-off". A "tax write-off" is a deductible expense.

Assume Prince pays the highest individual tax rate of 35%. If he spends $1,000,000 on something that is deductible, then his taxes would be reduced by $350,000. Great, but he had to spend an extra $650,000. Would you spend $1,000,000 just so that you could take a deduction of $350,000?

It makes sense to structure the lease in a company, but I'm not sure if the IRS allows that with regards to living exspenses. They might, but again, spending $1 to save 35 cents is only smart to a point.

As I recall, Prince's lease of the 3121 house was allegedly paid for by a record company, and categorized as a promotional expense. THAT is the way to go. If Prince has someone else paying this rent, then the amount of rent is income to him.

So if he gets $1,000,000 in rent/income, he owes taxes of $350,000. That means he's living in the home for 35% of the market rate. If he's doing that, I can see how this makes sense.

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Reply #61 posted 05/01/08 12:14pm

jasmine3121	Madison88 said: jasmine3121 said: Me too girl No worries...there's plenty of room for all of us.
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Reply #62 posted 05/01/08 12:46pm

superkiss	all this money talk is giving me a rash my innocence raped my trust betrayed my mind deceived my heart in smitherines and u've got the gall to breathe.
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Reply #63 posted 05/01/08 4:02pm

annastesia1	maybe he will let the fans come over like at Paisley Park
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Reply #64 posted 05/01/08 5:41pm

ElCapitan

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muirdo said:

I wonder if he'll refrain from giving this place his own "personal" touch.For $200,000 a month im sure if I felt that the bathroom could use a 3121 logo then to hell with any clause or contract.

but he's not gonna get his security deposit back! eek

"What kind of fuck ending is that?"

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Reply #65 posted 05/01/08 9:16pm

bluestar2006	very nice house i like the pic with all the lights on
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Reply #66 posted 05/02/08 1:48pm

psychodelicide

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Anxiety said:

the back of that place looks gorgeous, especially in that evening shot.

i can't help but think that the front view kinda looks like a motel 6. boxed

And I agree with everybody about the high cost of rent that Prince is paying to live in this place. Most of us don't even make $200,000 per year in earnings, so I can't imagine having that much money to give to a slumlord every month to rent a place. Prince is living large. I guess if you can afford it, why not?
[Edited 5/2/08 13:54pm]

RIP, mom. I will forever miss and love you.

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Reply #67 posted 05/02/08 1:49pm

psychodelicide

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Imago said:

I wish Prince would buy neverland Ranch and turn it into a brothel just so I can watch MJ fans shit themselves.

RIP, mom. I will forever miss and love you.

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Reply #68 posted 05/02/08 1:51pm

psychodelicide

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Madison88 said:

jasmine3121 said:

Me too girl bawl

No worries...there's plenty of room for all of us.
wink

Party at Prince's house!!!! party

I wish.

RIP, mom. I will forever miss and love you.

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Reply #69 posted 05/02/08 2:16pm

pplrain

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Madison88 said:

No worries...there's plenty of room for all of us.
wink

That's the main reason he has a big house to keep his fans out, not in... lol

I think he needs the extra rooms for his staff.

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Reply #70 posted 05/02/08 3:05pm

pplrain

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Eyuridice73 said:

I don't know about that 200k per month thing, all I would need is about 2 weeks vacation there. I'm no stalker but does anyone know if they have extreamly high or electric gates & what about dogs??? I'm more than sure it's a gated community damn! I was just thinking about where I should vacation next. I couuld just camp out by the pool or the firepit in a duffle bag and roast some marsh mellows, I won't even bother anyone. When I get hungry I just need access to the kitchen and the bathroom with the jacuzzi. Hell that's just about all I need oh & a nice bottle of wine.

I'm sure Prince wouldn't mind provided you signed his confidentiality agreement. wink

[Edited 5/2/08 15:07pm]

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Reply #71 posted 05/02/08 3:20pm

Madison88	That makes no sense.....we are a respectable bunch.....The place is huge...he's a performer.....he loves us and we love him back.... It's not like he can't stand to be surrrounded by love.....He shows his love through his music and we show our love by our appreciation....party at Prince's house Man I hated it when people said that in high school about me and my house
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Reply #72 posted 05/02/08 3:31pm

pplrain

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Madison88 said:

That makes no sense.....we are a respectable bunch.....The place is huge...he's a performer.....he loves us and we love him back.... It's not like he can't stand to be surrrounded by love.....He shows his love through his music and we show our love by our appreciation....party at Prince's house excited