Posted on 04/23/2009 9:42:40 AM PDT by rightwingintelligentsia
She has been provided with a “loaner” house. What is the value of this loaner house. What would it rent for, if it were on the open market. These are questions to which Ms. Hughes needs to know the answer. She now has “Imputed Income” and will need to account for it on her 2009 tax return.
What is the chance that the IRS will somehow over look this particular account, and forget to ask her for taxes due on the rent that she did not pay. The 0bama admin is full of people who managed to lived rent-free and failed to pay taxes..
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