April 29, 1990 |
With home prices skyrocketing and lenders requiring increasingly large down payments, you might be thinking about buying a home with someone else. Perhaps you have some extra money that you can use to help your children buy a home or maybe you're the one who needs help with the down payment.
December 25, 1993 |
Searching for year-end tax deductions? Look in your attic, basement or garage. Old clothes, books and household goods can be worth hundreds of dollars on your next federal income tax return if they are donated to qualified charities by Dec. 31 and adequate records are maintained. "If you haven't worn . . . or used it . . . in a year, then go ahead and donate it," said William R. Lewis, a Lincoln, Neb.
March 18, 1992 |
Less than two years after ending her marathon financial battle with Irvine Co. owner Donald Bren, heiress Joan Irvine Smith is involved in a new high-stakes dispute with another formidable foe: the Internal Revenue Service. In a petition filed in U.S. Tax Court earlier this year, Smith is challenging an IRS ruling that she is not entitled to about $7.5 million in business deductions she claimed on returns for the years 1980 through 1987.
February 13, 2009 |
A proposed tax break for new-car buyers has been downsized by Congress. The compromise version of the ginormous economic stimulus bill includes a Senate-approved provision that would allow consumers to claim a federal income tax deduction for sales taxes and excise taxes paid on new vehicles. But the compromise worked out between House and Senate negotiators deletes another provision that senators had approved, which would have made interest on new-vehicle loans deductible as well.
March 1, 1994 |
The Internal Revenue Service has vastly expanded its computer matching program, which may cause thousands of additional taxpayers to trigger so-called "computer audits" on their 1993 returns. The nation's tax police have also boosted scrutiny of those who claim certain types of income and deductions. These so-called "audit triggers" boil down to a handful of expenses, deductions and credits that the IRS believes are frequently exaggerated or fabricated.
September 28, 1991 |
The state Supreme Court refused to let state tax officials see membership records of an exclusive private club in San Francisco. The Franchise Tax Board had sought the membership list of the Pacific-Union Club to allow tax audits that would determine whether members were illegally claiming expenses at the club as tax deductions. State law forbids business tax deductions for payments to clubs that discriminate on various grounds, including age and sex.
November 17, 1989 |
State Controller Gray Davis filed suit in San Francisco Superior Court to force the city's Pacific Union Club to turn over its membership list so state tax officials can randomly audit members. Davis argues that the club's refusal to allow women as members is illegal because club members derive tax benefits from membership.
July 22, 2006 |
Health and Human Services Secretary Mike Leavitt defended his family's charitable giving, as two senators called for tighter regulation of private foundations. Leavitt and his relatives have reportedly claimed millions of dollars in tax deductions through a charitable foundation that until recently paid out little in actual charity. A spokeswoman for Leavitt said the foundation's activities are "totally legal and proper."