When Burning Down Your Own House Ends Up Not Being Such A Great Idea
Who would think that setting your own house on fire and writing it off as a tax decuction would have such disappointing results?
Unfortunately, that is the situation ESPN college football analyst Kirk Herbstreit finds himself in as he is now suing the IRS (always an awesome plan) because they forced him to pay $134,000 in back taxes in interest after he burned his house to the ground and wrote it 0ff as a charitable tax deduction in 2004.
Of course, there is more to the story.
Herbstreit and his wife owned a home and property in Columbus, Ohio. They wanted to build a new house on the property so they were going to tear it down until they heard that the local fire department wanted a house to set on fire to assist them with training. Someone (who that was is not clear) informed Herbstreit that he could write off associated costs as a charitable tax deduction.
Obviously, the IRS disgreed and collected the $134K from the Herbstreits. Now they are suing the IRS to get it back. It’s a whole big mess.
Columbus lawyer Terry Grady, who is representing the Herbstreits in the matter, says the Herbstreits made the donation under the impression that they’d get the tax deduction, and it’s not fair for the IRS to tell them they can’t have the deduction after their home has already burned down.
“People have been led to believe (the practice) is sanctioned by the IRS,” Grady told the Columbus Dispatch.
But hey, you know how these big time celebrities and athletes are – they write-off everything.
What I want to know is what do they write it off of?
To be honest, I don’t think the Herbstreits even know what a write-off is.
But the IRS does, and they are the ones not allowing the write-off.
Alright, that’s enough of that nonsense – let’s just move on to the central point of this post – a reason to embed a performance of “Burning Down the House” by the Talking Heads.
Yeah, that was nice.
Kirk Herbstreit Sues IRS [Fanhouse]