Want 6-digit tax deductions from the IRS? Donate it to your local emergency services!

http://finance.yahoo.com/banking-budgeti...xes-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.

http://finance.yahoo.com/banking-budgeti...xes-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.

How big of a 6 digit reduction are we talking? O_o (if it says so in the article, i didn't read it )

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.

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)

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.

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

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?

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.