Archive for March, 2009
Posted by taxguru on March 9, 2009
Q:
Subject: Vacant Land
If I sale my vacant land and meet all requirements can I still take an Exclusion on the land without the sale of my residence? Still confused about the tax law/ publication #523 any response would be greatly appreciated! Thanks
A:
You didn’t say if the vacant land was connected to your primary residence or not.
I have a section on this topic on my page on home sales.
Unless you are planing to sell your home within two years of the separate sale of adjoining bare land, it will not qualify for any exclusion of gain.
You really need to be working with a professional tax advisor to see if there will even be any capital gains taxes on the land sale. There is a special zero percent tax on some gains for some people in 2009 and 2010 that you might be able to utilize.
Good luck.
Kerry Kerstetter
Follow-Up:
KERRY, Yes the vacant land is connected to my primary residence. Thank you for the current reply.
Posted in 121 | Comments Off on Selling Vacant Land
Posted by taxguru on March 9, 2009
I came across this page on the Tax Analysts site that has links to download pdf copies of several tax returns for a number of US Presidents (Obama, Bush 43, Clinton, Bush 41, Reagan, Carter, Nixon, & FDR), some Vice Presidents (Cheney & Biden), and some recent candidates (McCain & Palin). From a true historical perspective, the 1913 tax return for FDR is interesting to look at because it was the very first year tax returns were required to be filed in this country.
Posted in Uncategorized | Comments Off on Presidential Tax Returns
Posted by taxguru on March 8, 2009

(Click on image for full size)
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Posted by taxguru on March 8, 2009
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Posted by taxguru on March 8, 2009
From the AP: IRS dumps private debt collectors, shifts pendulum
From IRS: IRS Conducts Extensive Review, Decides Not to Renew Private Debt Collection Contracts
I didn’t have any real world experience dealing with the private collectors, so I can’t comment on how this experiment actually worked out. If anyone wants to share some examples of their real life experiences with the contract collectors, I’d be glad to post those. There’s a good chance this will be attempted again in the future.
Posted in Uncategorized | Comments Off on IRS ends use of private collectors
Posted by taxguru on March 7, 2009
From Jay Leno via NewsMax:
Quite a scare in Washington, D.C. today. Police were called to the White House. Apparently President Obama was in a meeting with some potential Cabinet nominees when someone noticed a suspicious-looking document on the table that no one had ever seen before. Turns out it was just a tax form.
The president’s latest nominee for U.S. trade representative, Ron Kirk, who owes the government $10,000 in back taxes, has agreed to pay his taxes. When was there a choice? You try that on April 15.
Treasury Secretary Timothy Geithner announced he plans to go after tax evaders . . . this after failing to pay his own taxes. This is part of operation “Do As I Say, Not As I Do.”
From Jimmy Fallon via NewsMax:
Ten office workers won New Jersey’s $260 million Mega lottery. Unfortunately, under Barack Obama’s tax plan, they now owe $300 million.
Posted in Uncategorized | Comments Off on Leading by example…
Posted by taxguru on March 5, 2009
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Posted by taxguru on March 5, 2009
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Posted by taxguru on March 5, 2009

From last night’s Leno show via NewsMax:
Here we go again: President Obama’s latest nominee for U.S. trade representative, a man named Ron Kirk, owes $10,000 in unpaid back taxes. Apparently when it comes to taxes, “yes we can” is now “no we didn’t.”
One of his tax deductions was $17,000 for tickets to a Dallas Mavericks game. He deducted $17,000 for basketball tickets. But to be fair, since it was the Mavericks, he should be able to write that off as a failed investment.
Posted in comix, Crooks, Obambi | Comments Off on Required to work for the 0bambi team…
Posted by taxguru on March 4, 2009
Last night, we were watching a NetFlix DVD by the extremely funny and talented ventriloquist, Jeff Dunham, and he had the following short bit about our favorite government agency. As Jeff has said in interviews, he is lucky by being able to say a lot of politically incorrect things through his dummies that wouldn’t be tolerated from a human.
Posted in humor, IRS, video | Comments Off on Visiting IRS HQ…