When two people fall in love, they tend to be blind to life’s realities. The last thing they want to do is bring up issues that might generate conflict, and let’s face it, the topic of taxes is definitely turbulent.
Ask these tough tax questions before you get married – to avoid an inevitable divorce.
Substantiation and Reconstruction of Records –
We all know that in an exam situation the IRS is all about records. In the case of a casualty or disaster the rules are relaxed slightly. The IRS is aware that in most cases when a major casualty occurs there is a good chance that the records you would normally use for substantiation are victim of the casualty. The IRS has several great resources out there to help in this event including Publications 584, 584B, and 2194 as well as a Disaster Assistance Hotline (1-866-562-5227).
Of course, the best records are a listing and pictures or videos of your property kept off site and updated regularly. And some clients, especially those that have been through this or Read More