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Rich, Famous, and in Arrears to the IRS: Recent Celebrity Tax Debacles

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TurboTax Articles

What is IRS Form 8824: Like-Kind Exchange

Ordinarily, when you sell something for more than what you paid to get it, you have a capital gain; when you sell it for less than what you paid, you have a capital loss. Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges.

What are ABLE Accounts? Tax Benefits Explained

Achieving a Better Life Experience (ABLE) accounts allow the families of disabled young people to set aside money for their care in a way that earns special tax benefits. ABLE accounts work much like the so-called 529 accounts that families can use to save money for education; in fact, an ABLE account is really a special kind of 529.

What is IRS Form 8829: Expenses for Business Use of Your Home

One of the many benefits of working at home is that you can deduct legitimate expenses from your taxes. The downside is that since home office tax deductions are so easily abused, the Internal Revenue Service (IRS) tends to scrutinize them more closely than other parts of your tax return. However, if you are able to substantiate your home office deductions, you shouldn't be afraid to claim them. IRS Form 8829 helps you determine what you can and cannot claim.

What is IRS Form 8859: Carryforward of D.C. First-Time Homebuyer Credit

Form 8859 is a tax form that will never be used by the majority of taxpayers. However, if you live in the District of Columbia (D.C.), it could be the key to saving thousands of dollars on your taxes. While many first-time home purchasers in D.C. are entitled to a federal tax credit, Form 8859 calculates the amount of carry-forward credit you can use in future years, not the amount of your initial tax credit.

What is IRS Form 8379: Injured Spouse Allocation

The Internal Revenue Service (IRS) has the power to seize income tax refunds when a taxpayer owes certain debts, such as unpaid taxes or overdue child support. Sometimes, a married couple's joint tax refund will be seized because of a debt for which only one spouse is responsible. When that happens, the other spouse is said to be "injured" and can file Form 8379 to get at least some of the refund.

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efvann

Interesting.... a two to one ration of ethnic backgrounds which didn\'t pay their tax burdens. And they are incarcerated for criminal activities at more than a two to one ratio. Makes one wonder what\'s really the cause of all this crime, if not an cultural/behavioral thing.

April 17 2013 at 12:34 AM Report abuse +1 rate up rate down Reply
Hitmanblues

If the rich and famous would quit being so greedy and pay their taxes instead of hoarding they would not have problems in this area.

April 14 2013 at 10:50 AM Report abuse rate up rate down Reply
1 reply to Hitmanblues's comment
byronre

You failed to mention the 350 billion in back taxes owed by federal employees

April 16 2013 at 8:36 PM Report abuse rate up rate down Reply
rkeeeballs

Millionaire tax cheats......what else is new ?

April 14 2013 at 10:34 AM Report abuse +1 rate up rate down Reply
streetsweeper57

Besides money what does she see in that creep? Pomous with anger management issues! They say when you have sex with someone you are having sex with all of their past partners and all of their past partners so he\'s definately carrying some cooties!

April 13 2013 at 9:28 AM Report abuse +1 rate up rate down Reply
momavera

Hi.....didn't expect to see you here this morning

April 13 2013 at 8:25 AM Report abuse rate up rate down Reply
Paul MacLeod

an incredible foolish and malicious article.. why would you write it in the first place..???? what are you trying to accomplish ? you make it sound like it's the IRS who is a victim.. when are nothing more than a collection agency for the federal reserve and a bunch of thugs.. why not write a story about the federal reserve.. how federal is it.? who owns it.. how do they make money .. or create money of thin air ? explain why the IRS was formed.. instead you attempt to vilify innocent citizens ..

April 13 2013 at 7:24 AM Report abuse +2 rate up rate down Reply
1 reply to Paul MacLeod's comment
clarita995

aaaaaaaaaiiiiiiiiiiiiiiiiiyaaaaaaaaaaaaaaaaaaaaaaa
malicious ?
these morons are in their own elitist class and thought they didn't have to pay tribute like ALL THE REST of us.

April 13 2013 at 11:20 PM Report abuse +1 rate up rate down Reply
flfisherjc

The colors need to match.

April 13 2013 at 12:51 AM Report abuse rate up rate down Reply
YO REF

i hate ******** that have to write storis like this. mind your ownf------ business.

April 13 2013 at 12:23 AM Report abuse rate up rate down Reply
carolinacookie4

Maybe if Tiger would find himself a nice black girl, things would go better.

April 12 2013 at 10:55 PM Report abuse +1 rate up rate down Reply
Jorge

Hugh Hefners wife is just as pretty as Tiger's gal. Tell you something Tiger?

April 12 2013 at 10:17 PM Report abuse rate up rate down Reply