Wednesday, May 12, 2004
Other blogs have followed up on Monday’s TaxProf Blog piece on the tax consequences of ABC’s plan to help the recipients of home makeovers avoid tax on the value of the improvements by characterizing the items as short term rental payments within the meaning of Code section 280A(g):
• TaxGuru
• JD2B
• Marcland
3 responses to “More on Extreme Makeover = Extreme Taxes”
$50,000 to rent a home for 10 days? Come now, folks. That will never fly. If I were the judge (i.e., if there were no background checks), I’d sustain penalties for that cute little story.
$50,000 to rent a home for ten days for the sake of a TV show may seem extreme, but I highly doubt that it can be considered too far out of line considering what it costs to make TV shows and movies these days
I have been chosen for a trailer ‘makeover’ by a US tv show. I am a Canadian citizen without US assets . How can the IRS withold the 30% tax?