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There's no place like home
Holy Loophole, Batman.Last edited by RitaB; 08-23-2011, 09:22 AM.If you loan someone $20 and never see them again, it was probably worth it. -
It's early for me, and being the Wall Street Journal, I broke my own rule against following blind links. But I figure I may as well provide some details for the benefit of others:
The Journal reports on the Driscoll case, where the Tax Court concluded that the clergy housing allowance didn't place a dollar limit on the exclusion nor a limit on the number of homes to which it could apply. The result for Mr. Driscoll was a savings of over $400K in taxes. The IRS is appealing, while the Senate Finance Committee has been investigating the general issue.
The Journal triggered one of my pet peeves, which is to quote a multi-year number without annualizing it, or even mentioning the number of years. In this case, the $400K tax bill (excluding penalties) was for four years of returns.Comment
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