Year End Tax Tips for Tax Year 2007
Tax Question Central
Submit your tax questions to Kevin McCormally and read his recent answers here.
Question: Donation of House for
Fire Department Training
I donated my house to the city fire department to practice their skills before the house was demolished. I was told I can write off the donations as part of the charitable contribution. But what should I base the contribution amount on? Is that the replacemnt value, insurable value or structure value? Is the Fire Dept. considered a public charity or private charity?
-- Ken in Virginia
Answer:
Oh, my, you've really raised a complicated issue...and one for which I'm afraid I can't find a definitive answer. Back in 1973, a Tax Court case (TC Memo 1973-265) allowed a taxpayer to claim a charitable contribution deduction, over IRS objections, for allowing a fire department to turn down a house as a training exercise. And, the deduction was based on the fair market value of the house before its destruction. However, the IRS is fighting a similar...+ More
-- Kevin McCormally
It's tax time, which means it's also time for NBR's special series -- "Tax Tips with Kevin McCormally." Once again, Kevin McCormally -- a noted personal finance expert and the Editorial Director of Kiplinger's Personal Finance -- tells you how to use the tax law to keep more of your money out of the IRS' hands.
Kevin's tips will air Mondays in March and throughout the week of April 7th. Review the tips below. Explore the Q&A section to ask Kevin your own tax questions and to read his answers.
Tip #4 - Spin-offs & Settlements
March 31, 2008
Accounting for spin-offs and settlements can drive investors bonkers.
Read Transcript
Tip #3 - Foreclosure Tax Law
March 24, 2008
Beware, the tax law contains a time bomb for foreclosure victims.
Read Transcript
Tip #2 - Tax Audit Truths
March 17, 2008
There's only a slim likelihood that you'll ever be audited by the IRS.
Read Transcript
Tip #1 - Tax Rebate Facts
March 10, 2008
Tax rebate checks are a nice way to start the tax season.
Read Transcript
A list of general tax resources as well as links to any websites Kevin McCormally mentions in his tips.
Internal Revenue Service (IRS)
The IRS is a division of the U.S. Department of Treasury. The IRS collects taxes and enforces tax law. Among other things, the IRS website contains tax forms and a system for filing taxes online.
Kiplinger's Personal Finance
Kevin McCormally is editorial director of Kiplinger's Personal Finance. He specializes in covering federal and state income taxes and retirement and estate planning.
*If you click these links, you will be taken off the NBR website on PBS.org. NBR has no affiliation with these sites.


