One more loss added to Mac's record in Gainesville

[GatorInGeorgia]

He cut his final tie to Gainesville, as expected, at a loss. Discuss.

https://www.yahoo.com/sports/m/dec4...ba9ae8a/ss_mcelwain-sells-former-florida.html

 

[MJMGator]

 

[oxrageous]

I would hope he would never set foot in the city of Gainesville again. Thief.

 

[g8tr72]

I hope Mullen and the Gators hang 100 points on ColoSt this year. It'd be therapeutic.

 

[g8r.tom]

 

[gatormandan]

He cut his final tie to Gainesville, as expected, at a loss. Discuss.

https://www.yahoo.com/sports/m/dec4...ba9ae8a/ss_mcelwain-sells-former-florida.html

Tax write off. He can afford it.

 

[Swamp Donkey]

I heard Fooley had a provision to cover any losses.

 

[GatorJB]

McElwain, a former Alabama assistant and Colorado State head coach before taking over at Florida, made a little more than $20 million in salary, bonuses and a buyout for less than three years of work in Gainesville.

They shouldn't allow Foley on campus for this. He has wasted tens of millions of dollars between Muschamp and McElwain.

 

[Chomper]

That was like found money for McElbutt. He didn't lose anything.

 

[NVGator]

Tax write off. He can afford it.

Losses from selling a personal residence are not deductible. You can only claim tax losses for sales of property used for business or investment purposes.

 

[gatormandan]

Losses from selling a personal residence are not deductible. You can only claim tax losses for sales of property used for business or investment purposes.

He still can afford it. I would venture to say he bought the residence for "business" purposes but I am far from a tax person.

 

[NVGator]

He still can afford it. I would venture to say he bought the residence for "business" purposes but I am far from a tax person.

Yes he can still afford it but business or investment would be defined as a rental property with taxable income. Also, I’m not a tax person.

 

[Okeechobee Joe]

There was a $400,000 allowance fee built into the contract so the buyers could have the place cleared of malodorous gaseous fumes and barbecue stains.

 

[ChiefGator]

Not a surprise but he made so much off his contract it is just a pittance. If he had done his job correctly when he sold there would have been a gain or increased basis to apply to his next home.

 

[MJMGator]

Losses from selling a personal residence are not deductible. You can only claim tax losses for sales of property used for business or investment purposes.

It was a business. Where do you think he made his BBQ sauce?

 

[playzwtrux]

 

[Doopree]

I feel sorry for the poor bastard who has to sleep in the same room that Butters dried his balls in...

 

[Double Gator Dad]

He cost the program exponentially more than the $400k he lost on his home.

It is all worth it if he promises to never return to Gainesville