March 10, 2007

Tax No-No: Don't Inflate Your Deductions by 6x (duh)

For those of you working on your taxes trying to figure out all of your charitable donations from the past year, keep in mind that it's probably a bad idea to try and claim deductions six times the fair value of your donation. TaxProf Blog has a post about a court case involving a Goldman Sachs investment banker who made $115k and tried to deduct $55k in used clothes donations. While the tax court found that the fair value of the clothing donation was only $9k, amazingly enough it found that the Goldman investment banker was not negligent in overestimating the value of her donation. So, how in the world do you explain $9k in used clothing? From the Tax Court's ruling:
According to [the Goldman banker], she routinely purchases designer clothing and shoes, wears the items once or twice, and then donates them to an upscale thrift shop in New York, New York.
That's terrific. My only question is how in the world she found the time to do all of this shopping, especially given the legendary hours that i-bankers are known to work.

Labels:

2 Comments:

Anonymous Anonymous said...

Thanks for another magnificent article. The place else may
just anybody get that type of info in such an ideal manner of writing?
I have a presentation next week, and I am at the look for such information.



Here is my webpage polo ralph lauren outlet

May 23, 2013 at 7:45 AM  
Anonymous Anonymous said...

After looking at a number of the blog posts on your web page,
I truly appreciate your way of writing a blog. I saved as a
favorite it to my bookmark webpage list
and will be checking back soon. Please check out my web
site too and let me know what you think.

My blog post ... ralph lauren polo sale

May 23, 2013 at 10:35 AM  

Post a Comment

Subscribe to Post Comments [Atom]

<< Home

Subscribe to Post Comments [Atom]