Archive for August 21st, 2006
Posted by taxguru on August 21, 2006
Understanding the New Tax Rules
Why Reselling a Time Share Can Be Anything but a Vacation – Another reminder of why timeshares are the absolute worst way to invest in real estate.
New Rollover Option for Inherited Accounts – From Gail Buckner
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Donating Used Items
Posted by taxguru on August 21, 2006
A provision in the most recently enacted tax law tightens up on the condition of used items donated to charity for which a deduction may be claimed.
From QuickFinder’s summary of the new law:
Charitable Donations of Clothing And Household Items. For contributions after the August 17, 2006, no deduction is allowed for contributions of clothing or household goods unless the items are in good used condition or better. This rule does not apply to donations of a single item valued at $500 or more, if a qualified appraisal is included with the return. (Note: The new law does not define “good used condition”.)
From F.R. Duplantier:
USED
For Bill Clinton, it just isn’t fair
That donations be in good repair:
What to do with worn socks,
Dirty hankies and jocks,
And his raggedy old underwear?
Joe Kristan also covered this a few weeks back.
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Tax Guru - Ker$tetter Letter 