Sunday, October 5, 2008

Palin in Violation of IRS

According to the Alaska Daily News, it seems Palin is clealry in violation of IRS laws in not listing her $60,000 she received in per diems in 2007 as income.

The address listed on the 1040’s is Palin's family home in Wasilla, which would seem to suggest Palin considers that, not the governor’s mansion in Juneau, her "tax home." However the McCain-Palin campaign maintains that her “tax home” is technically the governor's mansion in Juneau.

The point is potentially significant because any per diems and travel reimbursements received in connection with someone’s “tax home” would likely be taxable as income. According to IRS regulations: "If you (and your family) do not live at your tax home (defined earlier), you cannot deduct the cost of traveling between your tax home and your family home. You also cannot deduct the cost of meals and lodging while at your tax home."

Also, Palin and her husband listed assets worth from $960,000 to $2.3 million. Because the values of assets are reported in broad ranges, it's not possible to calculate an exact value for their holdings.

So this Joe sixpack family are technically millionaires? And tax dodgers?

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