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tandrup · 10 February 2008, 11:27 AM

While I was posting a comment in another thread about buying my next Rolex I was installing Turbo Tax and getting ready for the tax-season here in the US. That made me think about this question, that I'd be really interested in hearing people's thoughts on:

"How many of you have already mentally allocated your potential Tax refund to purchasing your next Rolex?"

Let me hear what you think.

Hamilton Carvalho · 10 February 2008, 11:33 AM

I love any idea that motivates me or gives me an excuse to buy another watch. I love your idea.

atldavek · 10 February 2008, 11:36 AM

What tax refund!

hienpham04 · 10 February 2008, 11:38 AM

Initially, that was the plan until I hit someone's car today - backing up in a parking lot. Bummer!

SPACE-DWELLER · 10 February 2008, 11:40 AM

With the Danish MSRP's on Rolex watches, a tax refund would always be welcomed!

Letsgodiving · 10 February 2008, 11:45 AM

This will be the first year in the last 15 that I recieve a tax refund and it is going into the paying off the house pot. Why am I so damn practical!?

mailman · 10 February 2008, 11:47 AM

Don't forget about the extra cheese coming our way between May-July

MORE MONEY CLICK

redshirt1957 · 10 February 2008, 11:59 AM

Quote:

Originally Posted by Letsgodiving

This will be the first year in the last 15 that I recieve a tax refund and it is going into the paying off the house pot. Why am I so damn practical!?

Practical and smart.

Chozn1 · 10 February 2008, 12:05 PM

Quote:

Originally Posted by mailman

Don't forget about the extra cheese coming our way between May-July

MORE MONEY CLICK

Dirty little secret about that: The money received this year is going to be deducted from any tax refund next year. Not that I have to worry about it as I don't qualify due to lack of children, and just barely make too much. Not to thread hi-jack, but just wanted to let everyone know it's just an advance, so if you spend it on a rollie this year you'll be a little short next year.

CoopJr · 10 February 2008, 12:05 PM

Quote:

Originally Posted by atldavek

What tax refund!

X2...I owe 3 grand

Letsgodiving · 10 February 2008, 12:13 PM

Quote:

Originally Posted by redshirt1957

Practical and smart.

Thanks, I needed to hear that!

So many temptations around here to put that money to different cause.

Chozn1 · 10 February 2008, 12:16 PM

I'm paying my house off before I buy my presidential, and it's KILLING me! Glad to see someone else staying strong.

watchlady · 10 February 2008, 12:17 PM

$600 doesn't go far in Rolexland

Letsgodiving · 10 February 2008, 12:18 PM

Quote:

Originally Posted by Chozn1

I'm paying my house off before I buy my presidential, and it's KILLING me! Glad to see someone else staying strong.

As they say, misery loves company.

ryan_m · 10 February 2008, 12:19 PM

Lars, why did you make a thread like this. now it makes me think

should i or should i not?

Travis · 10 February 2008, 12:41 PM

Quote:

Originally Posted by Chozn1

The money received this year is going to be deducted from any tax refund next year.

I won't be receiving a check since my income is over the limit be the above information is just plain wrong.

The rebate checks will not be a loan on 2008 returns. However, those that receive checks will most likely have to include the amount recieved as income on their 2008 filing.

Chozn1 · 10 February 2008, 12:59 PM

I can't really make out what you're trying to say but...

From MarketWatch:

Nuts and bolts

"I guess they need some legal basis to give a rebate check so that's what they came up with," he said. "That would be tied to the 2008 return. That's similar to (the 2001 tax rebate), so basically you would reflect the rebate check as sort of a prepayment on your 2008 return."

The rebate is not taxable at the federal level, and it's unlikely the states would tax it, though that's not entirely clear at this point.

Copyright © 2008 MarketWatch, Inc.

I heard something from a financial guru along these lines, and then went looking around for myself. If you've got something saying otherwise, then i'm definitely interested. As I said, I'm also out of the loop on this and won't be getting a check.

Letsgodiving · 10 February 2008, 01:05 PM

The last time they did this it wasn't a pre-payment on the next years refund from what I remember but I believe it had to be claimed on your next years taxes.

Of course when it comes to anything tax related I could easily be completely wrong.

Chozn1 · 10 February 2008, 01:08 PM

Yeah, I wouldn't personally do it, but I'd just hate to see someone take 12 months same as cash or something thinking they'll pay off the balance with their refund next year, only to get a bad surprise if it's true. One would need to do their own research though, as I'm not a CPA.

etp095 · 10 February 2008, 01:52 PM

Quote:

Originally Posted by mailman

Don't forget about the extra cheese coming our way between May-July

MORE MONEY CLICK

i'll take that cheese and use it for servicing my tt oyster date circa 69'.i'll have to add some extra cheese for that service.

CPCC · 10 February 2008, 02:15 PM

I may put a deposit on a non date sub COSC or the new GMTc

dyeggy · 10 February 2008, 02:19 PM

No watch. Going to car mods!

JBat · 10 February 2008, 03:31 PM

Mu refund won't be big enough. I'll just do it the old fashioned way, and save for my next watch.

Felly Jr. · 10 February 2008, 03:38 PM

Quote:

Originally Posted by watchlady

$600 doesn't go far in Rolexland

$600 wouldn't even cover the tax on most Rolex watches!

Alcan · 10 February 2008, 04:16 PM

No slack in my RRSP purchase to buy a new watch. The tax refund will cover 48.2% of the cost of the RRSP. At the end of the day, I'm still in the hole.

Arturo · 10 February 2008, 04:24 PM

My accountant rolls any overpayment I have into the next quarter's estimated payment so I never see any refund. If I had a refund I might consider it.

The Mole · 10 February 2008, 04:41 PM

I need an accountant to find a way to make my Rolex purchases tax deductable seeing how Rolex is a non-profit company and all. :)

walds11 · 10 February 2008, 07:54 PM

Nah. I have some expenses coming up and I am going to save some.

portable75 · 11 February 2008, 12:12 AM

A little here a little there......maybe by next xmass. Lump sums go to savings, extra family things and regular needs.

Ed Rooney · 11 February 2008, 12:14 AM

The married folks with a couple of kids should see some coin, but total income needs to be under $150K.

The dirty little secret is that all of this money will go right to the energy companies. Look for record gas prices and utility rate hikes by Memorial Day. It's all a planned distribution of wealth to the cronies. Kind of a going away present.

10 February 2008, 11:27 AM	#1
tandrup "TRF" Member Join Date: Jan 2008 Location: USA Watch: 14060M Posts: 921	Tax Refund = Rolex purchase? While I was posting a comment in another thread about buying my next Rolex I was installing Turbo Tax and getting ready for the tax-season here in the US. That made me think about this question, that I'd be really interested in hearing people's thoughts on: "How many of you have already mentally allocated your potential Tax refund to purchasing your next Rolex?" Let me hear what you think. __________________ Regards, Lars 14060M, 16570 White, 116200 Tuxedo Dial Georg Jensen 2347

10 February 2008, 11:40 AM	#5
SPACE-DWELLER "TRF" Member Join Date: Apr 2007 Real Name: Bo Location: Denmark Watch: Rolex, of course! Posts: 22,436	With the Danish MSRP's on Rolex watches, a tax refund would always be welcomed! __________________ With kind regards, Bo LocTite 221: The Taming Of The Screw...

10 February 2008, 11:45 AM	#6
Letsgodiving "TRF" Member Join Date: Jul 2007 Real Name: Mike Location: Virginia, US Watch: SD 16600 Posts: 4,319	This will be the first year in the last 15 that I recieve a tax refund and it is going into the paying off the house pot. Why am I so damn practical!? __________________ The fool, with all his other faults, has this also - he is always getting ready to live. - Epicurus (341–270 BC)

10 February 2008, 11:47 AM	#7
mailman TRF Moderator & SubLV41 2024 Patron Join Date: Oct 2005 Location: . Watch: 126610LN Posts: 35,510	Don't forget about the extra cheese coming our way between May-July MORE MONEY CLICK __________________ JJ

10 February 2008, 12:17 PM	#13
watchlady "TRF" Member Join Date: Dec 2007 Real Name: the other Lisa Location: Metro New York Watch: SS/RG Datejust Posts: 1,014	$600 doesn't go far in Rolexland __________________ Oyster Date 15200 : DJ Mid TT RG 178241: DJ SS 116234 Sub ND 14060M : PLATTY YM 16622 : Milgauss 116400 White

10 February 2008, 11:33 AM	#2
Hamilton Carvalho Banned Join Date: Dec 2007 Location: New York Posts: 1,225	I love any idea that motivates me or gives me an excuse to buy another watch. I love your idea.

10 February 2008, 11:36 AM	#3
atldavek Member Join Date: Nov 2007 Real Name: Dave Location: Michigan Watch: SS SUB Posts: 307	What tax refund!

10 February 2008, 11:38 AM	#4
hienpham04 "TRF" Member Join Date: Nov 2007 Real Name: Hien Q Pham Location: Orlando, FL Watch: Rolex President Posts: 595	Initially, that was the plan until I hit someone's car today - backing up in a parking lot. Bummer!

10 February 2008, 12:16 PM	#12
Chozn1 "TRF" Member Join Date: Jan 2008 Location: South GA Watch: Sub and President Posts: 1,501	I'm paying my house off before I buy my presidential, and it's KILLING me! Glad to see someone else staying strong.

10 February 2008, 12:19 PM	#15
ryan_m "TRF" Member Join Date: Aug 2007 Real Name: Ryan Location: Toronto Watch: Rolex 116710 Posts: 198	Lars, why did you make a thread like this. now it makes me think should i or should i not?

10 February 2008, 12:59 PM	#17
Chozn1 "TRF" Member Join Date: Jan 2008 Location: South GA Watch: Sub and President Posts: 1,501	I can't really make out what you're trying to say but... From MarketWatch: Nuts and bolts "I guess they need some legal basis to give a rebate check so that's what they came up with," he said. "That would be tied to the 2008 return. That's similar to (the 2001 tax rebate), so basically you would reflect the rebate check as sort of a prepayment on your 2008 return." The rebate is not taxable at the federal level, and it's unlikely the states would tax it, though that's not entirely clear at this point. Copyright © 2008 MarketWatch, Inc. I heard something from a financial guru along these lines, and then went looking around for myself. If you've got something saying otherwise, then i'm definitely interested. As I said, I'm also out of the loop on this and won't be getting a check.

10 February 2008, 01:05 PM	#18
Letsgodiving "TRF" Member Join Date: Jul 2007 Real Name: Mike Location: Virginia, US Watch: SD 16600 Posts: 4,319	The last time they did this it wasn't a pre-payment on the next years refund from what I remember but I believe it had to be claimed on your next years taxes. Of course when it comes to anything tax related I could easily be completely wrong. __________________ The fool, with all his other faults, has this also - he is always getting ready to live. - Epicurus (341–270 BC)

10 February 2008, 01:08 PM	#19
Chozn1 "TRF" Member Join Date: Jan 2008 Location: South GA Watch: Sub and President Posts: 1,501	Yeah, I wouldn't personally do it, but I'd just hate to see someone take 12 months same as cash or something thinking they'll pay off the balance with their refund next year, only to get a bad surprise if it's true. One would need to do their own research though, as I'm not a CPA.

10 February 2008, 02:15 PM	#21
CPCC "TRF" Member Join Date: Dec 2007 Real Name: Bill Location: USA Posts: 1,857	I may put a deposit on a non date sub COSC or the new GMTc __________________

10 February 2008, 02:19 PM	#22
dyeggy Member Join Date: Jan 2008 Real Name: Dan Location: Pleasanton, CA Watch: GMT-Master II Peps Posts: 18	No watch. Going to car mods!

10 February 2008, 03:31 PM	#23
JBat "TRF" Member Join Date: Dec 2007 Real Name: John Location: Washington Watch: 16710, 16610, DJ Posts: 7,329	Mu refund won't be big enough. I'll just do it the old fashioned way, and save for my next watch.

10 February 2008, 04:16 PM	#25
Alcan 2024 Pledge Member Join Date: Nov 2006 Real Name: Al Location: Way Up North Watch: your P's & Q's Posts: 10,473	No slack in my RRSP purchase to buy a new watch. The tax refund will cover 48.2% of the cost of the RRSP. At the end of the day, I'm still in the hole. __________________ Member #1,315 I don't want to get technical, but according to chemistry alcohol IS a solution!

10 February 2008, 04:24 PM	#26
Arturo "TRF" Member Join Date: May 2005 Real Name: Arturo Location: Pacific Northwest Watch: Black GMT ll Posts: 1,271	My accountant rolls any overpayment I have into the next quarter's estimated payment so I never see any refund. If I had a refund I might consider it.

10 February 2008, 04:41 PM	#27
The Mole "TRF" Member Join Date: Jun 2007 Location: Bay Area Watch: 116520 Posts: 256	I need an accountant to find a way to make my Rolex purchases tax deductable seeing how Rolex is a non-profit company and all. :) __________________ The Mole "Time is inseparable from existence for us ... It enables the real world not simply to be, but to become." Prof. Albert Facquard Inaugural Conference of the 12th International Chronometer Congress, October 2004.

10 February 2008, 07:54 PM	#28
walds11 "TRF" Member Join Date: Jul 2005 Real Name: Adam Location: Philly ‘burbs Posts: 5,660	Nah. I have some expenses coming up and I am going to save some. __________________ Adam

11 February 2008, 12:12 AM	#29
portable75 "TRF" Member Join Date: Jun 2007 Real Name: Mike Location: MA Watch: Rolex GMT II Posts: 416	A little here a little there......maybe by next xmass. Lump sums go to savings, extra family things and regular needs. __________________ GMT Master II 16710 Yatch-Master 16622

11 February 2008, 12:14 AM	#30
Ed Rooney "TRF" Member Join Date: Aug 2007 Location: Annapolis, MD Watch: Sea-Dweller 16600 Posts: 5,081	The married folks with a couple of kids should see some coin, but total income needs to be under $150K. The dirty little secret is that all of this money will go right to the energy companies. Look for record gas prices and utility rate hikes by Memorial Day. It's all a planned distribution of wealth to the cronies. Kind of a going away present.

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