* Did you make a political contribution this year? The TURBO TAX BLOG answers the question "Are Your Political Campaign Contributions Tax Deductible?" (highlight is mine) -
“Though giving money to your candidate of choice is a great way to get involved in civic discourse, donations to political candidates are not tax-deductible. According to the IRS: ‘You can’t deduct contributions to organizations that aren’t qualified to receive tax-deductible contributions, including political organizations and candidates.’ This includes Political Action Committees (PACs) as well.”
If you donated to Biden/Harris or a Democratic candidate for Congress – thank you! If you donated to Trump or a Trump enabler, I expect by now you know what I think of you.
* Tony Nitti explains in detail the rules for deducting real estate losses in “President Trump Used Rental Losses To Reduce His Taxable Income: But Can You?” at FORBES.COM.
Before getting into the meat of the post Tony makes a sad but true observation (highlight is mine) -
“And likewise, if the returns show —as they do — a terrifying cocktail of debt, tax avoidance, and conflict of interest — not a soul who has supported President Trump is suddenly going to say, ‘this is where I draw the line’.”
* Jason Dinesen tells you “What to Do When YourEx Wrongly Claims the Kids” at DINESEN TAX TIMES.
The bottom line of Jason’s post (this time the highlight is Jason’s, not mine) – “Drill this into your head: THE IRS DOESN’T CARE ABOUT YOUR DIVORCE DECREE!”
* From THE TAX FOUNDATION – “10 Common Tax Myths, Debunked”.
One myth they missed – all CPAs are Form 1040 experts.
* Another list, this one from Kay Bell at DON’T MESS WITH TAXES – “6 tax moves to make this October”.
* One more from Kay before I go – “Garage sale proceeds typically aren't taxable”.
You wouldn’t think people are having garage sales during the pandemic, but apparently some people and organizations are. At the end of her post Kay provides links to 5 articles that discuss “how to hold COVID-safe yard sales”.
THE LAST WORD
NO care or concern.
NO thoughts and prayers.
I DO NOT wish Trump a speedy recovery.
To be honest, I am actually pleased that Trump has been infected. I would be a hypocrite, like the Republicans in Congress, if I did not acknowledge this pleasure. If there is anyone who deserves to be infected with COVID-19 it is Trump.
Trump’s infection, and the infection of those in his circle of enablers and explainers, is a direct result of Trump’s, and his Administration’s, incompetent handling of the virus and Trump’s, and his Administration’s, total disregard for necessary health and safety precautions and total disregard for how their actions affect others.
You get what you give. Trump has never shown any genuine sympathy or concern for anyone in any situation, especially the victims of this virus. He does not deserve to get any sympathy or concern from anyone.