MUScoop
MUScoop => Hangin' at the Al => Topic started by: Tugg Speedman on October 27, 2014, 01:00:21 PM
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Or VT booster but Brent's spacious estate in Mequon?
http://www.businessinsider.com/crimson-tide-boosters-nick-saban-mortgage-2014-10
Crimson Tide Boosters Paid Off Nick Saban's $3 Million Mortgage Weeks After Saban's Agent Spoke To Texas
A private foundation set up "to help fund athletics" at the University of Alabama purchased the house of Nick Saban for nearly $3.1 million in 2013, according to Kent Faulk of AL.com. Saban and his wife continue to live in the house, and the foundation now pays the property taxes.
It is not unusual for football coaches at big universities to live in houses owned by others, whether by the school or school interests. But what is unusual about this situation is the timing of the transaction as well as that the deal will allow Saban to live in the house as long as he wants, even after he stops coaching the Crimson Tide football team.
According to the report, the foundation purchased the home from Saban in March 2013. That was just 10 weeks after Alabama won its third national championship under Saban.
That also means the mortgage was paid off by the foundation just weeks after Saban's agent spoke with University of Texas officials, which came days after the championship game, according to an AP report. Eight months later, a report surfaced that Saban's agent had told the University of Texas that his client would be willing to leave Alabama to become the next Longhorns head coach.
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When you're hot, you're hot. And, when you're not, you're not, aina?
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But wait...but wait...shouldn't we buy Buzz's house first, for all he did for us? We must get the Sultan's sage advice.
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According to the report, the foundation purchased the home from Saban in March 2013. That was just 10 weeks after Alabama won its third national championship under Saban.
There's your answer.
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Pretty sure Saban would be liable for income tax on the market equivalent of rent.
In most cases, free housing is only nontaxable if it is for the convenience of the employer. Unless that house is next to Alabama's football stadium, that's not the case.
Saban better hope that the IRS commissioner for the state of Alabama is not an Auburn grad.
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Pretty sure Saban would be liable for income tax on the market equivalent of rent.
In most cases, free housing is only nontaxable if it is for the convenience of the employer. Unless that house is next to Alabama's football stadium, that's not the case.
Saban better hope that the IRS commissioner for the state of Alabama is not an Auburn grad.
He lives to fight another day...
http://revenue.alabama.gov/about-commissioner.cfm
University of South Alabama grad
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There's your answer.
Mark my words.... Benny B is in for $5,000 towards Wojo's house 10 weeks after his third tourney championship. Who's with me? Only 599 more to go.
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Mark my words.... Benny B is in for $5,000 towards Wojo's house 10 weeks after his third tourney championship. Who's with me? Only 599 more to go.
We're talking three championships in four years, right?
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Mark my words.... Benny B is in for $5,000 towards Wojo's house 10 weeks after his third tourney championship. Who's with me? Only 599 more to go.
598 to go.
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We're talking three championships in four years, right?
Heck, I'll take three championships, period, even if it takes 20 years... gives me more time to come up with my five g's.
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598 to go.
If Wojo stays long enough to give us three championships, over any time period, I will personally buy him a new house.
598 now down to zero
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Pretty sure Saban would be liable for income tax on the market equivalent of rent.
In most cases, free housing is only nontaxable if it is for the convenience of the employer. Unless that house is next to Alabama's football stadium, that's not the case.
Saban better hope that the IRS commissioner for the state of Alabama is not an Auburn grad.
Do I hear....gross up
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Pretty sure Saban would be liable for income tax on the market equivalent of rent.
In most cases, free housing is only nontaxable if it is for the convenience of the employer. Unless that house is next to Alabama's football stadium, that's not the case.
Saban better hope that the IRS commissioner for the state of Alabama is not an Auburn grad.
Perhaps it is convenient in the sense that it is in Tuscaloosa, not Austin. You take a very narrow view of the tax code, Chick. Sure you don't work for the IRS?
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Perhaps it is convenient in the sense that it is in Tuscaloosa, not Austin. You take a very narrow view of the tax code, Chick. Sure you don't work for the IRS?
No, but my mom did - for 25 years.
Sounds like you are taking a very aggressive stance on this. So, what is your social security number again, d?
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I'm pretty sure that the IRS would view Saban's free housing as taxable.
http://www.dispatch.com/content/stories/local/2014/07/14/irs-sees-ohio-university-presidents-house-as-taxable.html
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If the IRS is investigating the free lunches at the tech firms and Silicon Valley, they damn well better be investigating Saban's house. Even though the boosters are going to pick up that tab also eventually.
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I'm pretty sure that the IRS would view Saban's free housing as taxable.
http://www.dispatch.com/content/stories/local/2014/07/14/irs-sees-ohio-university-presidents-house-as-taxable.html
Told ya. It's pretty tough to get tax-free housing unless your employer reasonably expects you to be physically available 24/7 or it is not practical for you to return to a private home each night (like working on a cruise ship).
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No, but my mom did - for 25 years.
Sounds like you are taking a very aggressive stance on this. So, what is your social security number again, d?
Where we come from Warriorchick, we call these folks "revenooouers." We don't give those guys our social security number!