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+--- Thread: Want 6-digit tax deductions from the IRS? Donate it to your local emergency services! (/showthread.php?tid=16822)
Want 6-digit tax deductions from the IRS? Donate it to your local emergency services! - WillDaSnail - 2009-09-26
http://finance.yahoo.com/banking-budgeting/article/107824/burning-down-the-house-IRS-nixes-tax-deductions.html?mod=taxes-filing
Apparently some people found out that donating your house to your local emergency crews for "live, up-close training" - including training SWAT officers, setting fires for firefighters to put out for training, and setting the entire house on fire - nets you a 6-digit tax deduction! Hey at least you got something out of this deal. xD
Apparently, this is an unusual tax "loophole" that people might exploit, according to the IRS.
Want 6-digit tax deductions from the IRS? Donate it to your local emergency services! - TøbiasBlack - 2009-09-26
WillDaSnail Wrote:http://finance.yahoo.com/banking-budgeting/article/107824/burning-down-the-house-IRS-nixes-tax-deductions.html?mod=taxes-filing
Apparently some people found out that donating your house to your local emergency crews for "live, up-close training" - including training SWAT officers, setting fires for firefighters to put out for training, and setting the entire house on fire - nets you a 6-digit tax deduction! Hey at least you got something out of this deal. xD
Apparently, this is an unusual tax "loophole" that people might exploit, according to the IRS.
...wow...
if this gets out, americans are SO gonna exploit this if they are poor.
Want 6-digit tax deductions from the IRS? Donate it to your local emergency services! - Takebacker - 2009-09-26
How big of a 6 digit reduction are we talking? O_o (if it says so in the article, i didn't read it
)
Want 6-digit tax deductions from the IRS? Donate it to your local emergency services! - TøbiasBlack - 2009-09-26
Takebacker Wrote:How big of a 6 digit reduction are we talking? O_o (if it says so in the article, i didn't read it
6. digit. thats enough.
Want 6-digit tax deductions from the IRS? Donate it to your local emergency services! - Takebacker - 2009-09-26
TobiasBlack Wrote:6. digit. thats enough.
6 digits could be anything from 100k to 999k though. (i probably have no idea what i'm talking about since i don't pay taxes, nor do i know if taxes even go that high in the first place)
Want 6-digit tax deductions from the IRS? Donate it to your local emergency services! - Bacon - 2009-09-26
Takebacker Wrote:6 digits could be anything from 100k to 999k though. (i probably have no idea what i'm talking about since i don't pay taxes, nor do i know if taxes even go that high in the first place)$.000001
Six Digits.
Want 6-digit tax deductions from the IRS? Donate it to your local emergency services! - WillDaSnail - 2009-09-26
About the mid 6-digits ($300,000 ~ $500,000) or so. Freaking big deduction if you ask me.
Apparently people also do this for tax deduction + demolish the house so they can build a new one on it later. lulz
Want 6-digit tax deductions from the IRS? Donate it to your local emergency services! - Mira - 2009-09-26
Wow, that's hilarious. I hope people don't start making a trend of this. .... at least they get more houses to practice on though, right?
Want 6-digit tax deductions from the IRS? Donate it to your local emergency services! - Derimed - 2009-09-26
Well, it could be exploited.
In rural areas it's very possible to buy a house for 100k. Let's say you're a multi-millionaire and are working your tax forms. You buy some house for 100k, get it demolished for like 300k, voila. I dunno if that's how it works, but if it is, then there's your loophole.