Quote:
Originally Posted by Mrfish55
I have a RTEF (Reef Tank Expense Fund)
How the RTEF Works
* Starting in 1990, I have spent up to $5,000 every year in a RTEF.
* Contributions to a RTEF will not be deductible for income tax purposes but investment income, including frag sales, earned in a RTEF will not be taxed, unless you are dumb enough to declare them.
* Unused RTEF contribution room can be carried forward to future years.
* You can withdraw funds from the RTEF at any time for any tank expense.
* The amount withdrawn can be put back in the RTEF at a later date if you are carefull to hide it from your spouse.
* Neither income earned in a RTEF nor withdrawals will affect your eligibility to purchase additional livestock.
* Contributions to a spouse’s RTEF (if your lucky to have an understanding spouse) will be allowed and RTEF assets can be transferred to a spouse upon upgading to a larger tank.
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Hey I got one of those!
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RSM 250. Clownfish, Fox face, Blue tang, Yellow tang, Kole tang, Clown tang, Coral beauty angel, French Angel, splendid dottyback. CUC, softies, lps, sps.
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