The IRS Audit Blog

Posts Tagged ‘reference’

Question: Donations and tax deductions?

Can I donate items of clothing $500.00 one day and then again totaling $500.00 in the same year? The clothing and shoes I am donating are very nice and expensive. It seems like I can not because of this link I read.

You cannot take a deduction for household goods donated after August 17, 2006, unless they are in good used condition or better. A household good that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. See Deduction over $500 for certain clothing or household items, later.

Deduction over $500 for certain clothing or household items. You must include with your return a qualified appraisal of any single item of clothing or any household item that is not in good used condition or better, that you donated after August 17, 2006, and for which you deduct more than $500. See Household Goods and Used Clothing, earlier.

http://www.irs.gov/publications/p561/ar02.html#d0e556

Answer: You can’t just split the donations across days. The $500 is for the year.

Also, be aware that you can only deduct the amount the items would be sold for at a thrift shop, even if they are very nice, and expensive.

The Savvy Senior: Tax help for lower-income seniors

Dear Savvy Senior: What are the 2009 IRS minimum filing requirements for seniors? My income was very low last year, and I’m thinking I may not have to file tax returns this year. What can you tell me?

Publication 17

Sign up for an MBTA senior pass on March 10

Details are in this listing of events and programs of interest to Watertown seniors.

RP2012 – Daily HR1207/S604 – Email/Fax/Phone Bomb! – Contact list

Question: has anyone used a Purchase Money Security Interest from the IRS?

I never filed a past tax return and the IRS issued a federal lien against me for the amount the said I owed (20K). I recently applied for a mortgage and this lien came up and is preventing me from closing. I immediately filed the return which was for 1999 and paid the correct amount owed (3677). The process of having the lien removed takes between “6-8 weeks” according to the irs rep I have spoken to. I call every week for an update and amazingly they tell me “6-8 weeks” every time I call.

The problem is that my mortgage commitment expires in 2 weeks. If I cannot have this lien lifted and go to closing I will lose the house. Has anyone had this occur and found a way to close?

The IRS publication 785 talks the lender being able to file for a Purchase Money Security Interest that allows them to have priority over the IRS in regards to the mortgage.

Any feedback/help on this is greatly appreciated.

DO NOT CONTACT ME WITH FINANCING OFFERS.

Answer: Talk to a lawyer. There’s probably other routes to go to get this fixed quicker, or at least prevent your mortgage from falling through.

The IRS doesn’t care about you, and odds are neither does the bank. You need someone with power to be your voice, and that’s a lawyer.

Other than that, take all your paperwork to the bank, and show them that the lien is being taken care of and they may believe you.

Former IRS Agent Joe Banister and Ron Paul On CNBC

Question: Why doesn’t the IRS audit where the tax money is being wasted?

They audit people and business, why not our politicians and our tax dollars?

Answer: ask your mama lol

Tax Tip: Don’t Call The IRS

Phone service deteriorates as Congress loads on complications

How to Avoid an IRS Tax Audit : Common IRS Tax Form Mistakes

Question: A few tax-related questions for the US?

Hello, I cannot find this information anywhere, not even on the IRS website.

1) Which specific types of financial documents and related paperwork do I have to keep in order to complete my tax return? What can I safely throw away?

2) Besides wages, salary, commissions, fees, tips, bonuses, interest, dividends from investments, what other forms of income are taxable?

Thanks!

Answer: 1. anything that is needed to verify your income and deductions.
2. ALL income is taxable.
The only exception is if you are selling a previously purchased item – you sale if for more than you purchased it for = Officially, that needs to be taxed. If you sold it for less than you purchased it for = that is not taxable.

Newsday union asks members to vote on “horrible and unprecedented” contract terms

Attached please find the tentative agreement for the editorial unit, a proposed contract that now awaits the membership’s ratification. Union officials are all quite upset that provisions of the proposed contract include deep cuts in benefits and salaries.

Tips from the IRS-Unemployment Compensation