Tax Litigation Is Not The Place For Alternative Facts
The substantiation standards that would be real estate pros with full-time day jobs are held to are close to insurmountable. If you are going to try it, you need contemporaneous logs that ideally will correlate with things like invoices and phone records. Given that you are already working something like eighty hours a week between your properties and your day job, it is hard to see how you will get it done. Losing on the issue is not necessarily the end of the world, since your deductions are suspended and will be used when you finally start making money or dispose of properties.
Florida Man Runs Afoul Of IRS Basis Rules For S Corporations
This is where the execution problems come in. The business continued to operate under the name Command Computers and when the bank renewed the note in 2011, it did so in the name of Command Computers. Mr. Tinsley argued that it was merely a matter of administrative convenience. That argument went nowhere.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.