Yesterday, I received a six page document from the Internal Revenue Service stating that I had claimed too much for my Mortgage Interest Deduction on my 2004 return and I therefore owed the government an additional $1,850 paid within a month.
After doing a bit of sleuthing (thank god I harbor my Dad's gene for filing away documents for situations exactly like this) by reviewing my 2002, 2003 and 2004 tax returns I found that because the 2004 tax return was the first time I calculated my taxes with Turbo Tax and didn't file through my Dad's accountant, I entered my deduction amount on Line 10 of the Schedule A instead of Line 11 and added a statement of explanation at the end.
The issue stems from the fact that the building is owned as a TIC and all the 1098 forms have the name and SSN of one of the other owners, therefore the IRS doesn't automatically apply the portion I paid in mortgage interest to my return. Entering the amount on Line 11 should be done when claiming mortgage interest in the case one doesn't have a 1098. Pretty obvious that I missed that key instruction and that miscue is coming back now.
I went down the the IRS office and consulted with a very helpful agent and was in and out of there in under five minutes. So, I've written a letter explaining my mistake and included a number of supporting documents. I hope this gets resolved quickly.
The silver lining here is that in going over my forms, I may have UNDERREPORTED my actual total mortgage interest because I didn't include the interest I paid on the Line of Credit I had in 2004. So, I actually might get money back from this whole ordeal. Ironic if I actually gain financially from this whole thing.
Friday, July 07, 2006
Tuesday, July 04, 2006
What good friends are for....
Hot Dogs & Sodas...........$21.00
Picture Number 16 .......PRICELESS
Love you bud - Dave, Thom & Donald
Monday, July 03, 2006
"My life is ironic, yours is just funny"
This was a quote as I was ending my conversation with a former advisee/student of mine who I chatted with as I sat in the New Orleans airport waiting for my flight to Orlando to visit friends of mine who moved from San Francisco last year. Hers is ironic because I've been correctly predicting the events of her life for the past five years and mine is funny because upon arriving in Florida and watching the delay of the shuttle launch, I attended my first NASCAR race, the Pepsi 400 at the famed Daytona International Speedway.
The racetrack is called a "trioval"
The Vice-President was on hand
Members of pit row stand for the national anthem
Our seats were right before turn 1 where the cars exited pitrow
One of the things I learned quickly was that Dale Earnhardt Jr. is beloved and Jeff Gordon is loved by women and hated by men. I really didn't understand it until Jeff Gordon responded to his exit from the race by blaming the "out of control" driving of those racers around him, but taking none of the blame himself. Lame.
Jeff Gordon's #24 car coming to halt after trying to re-enter the race following a crash near with 10 laps left in the race.
I must confess that I had a great time. Just like I found with horseracing, I simply couldn't experience the speed, sound and smells of the race unless I witnessed it live. And Jeff Gordon sucks!
One of the things I learned quickly was that Dale Earnhardt Jr. is beloved and Jeff Gordon is loved by women and hated by men. I really didn't understand it until Jeff Gordon responded to his exit from the race by blaming the "out of control" driving of those racers around him, but taking none of the blame himself. Lame.
I must confess that I had a great time. Just like I found with horseracing, I simply couldn't experience the speed, sound and smells of the race unless I witnessed it live. And Jeff Gordon sucks!
Save the NCCC
What is the NCCC? It stands for the National Civilian Community Corps and the budget planners of the Bush Administration are trying to cut funding for this program. It takes 18-24 year olds from across the country and for 10 months bases them at one of five different campuses across the country, trains them in crisis management and whatever other skills they need to go into any disaster situation and be of assistance.
Why am I such a huge proponent of this program at this time? Because I was so impressed with the quality of young men and women I met from this program in my week of work in New Orleans that I had to publically make a statement of support. Since the days after the flooding of Hurricane Katrina, NCCC have been on site in New Orleans doing hands-on relief work. Groups of 8-12 NCCC members from the different campuses have spent on average two months at the Hands On site serving as leaders for the groups being sent out to gut houses.
Gutting of houses took on three phases, of which I participated in only the first two over my weeklong stay. As you saw in pictures that I previously posted, it starts with removing all the debris from a house that a homeowner wants. Generally, it is everything, save for the occasional lighting fixture or to look out for some precious keepsake, but it's all moved out to the curbside. Currently, the federal government is still paying for debris removal in Orleans and St. Bernard Parishes. Debris removal consists of all major appliances and electrical items. I watched in complete awe and a pride as 19 year old young women of the NCCC enter homes and remove refrigerators (these are NOT to be opened under any circumstances) and hot water heaters without so much as a second thought. Debris removal was generally an all day affair for a team of six or seven, all while wearing the white Tyvek suits in which sweat became a veritable swimming pool inside by the end of the day.
The second phase was removing the sheetrock and the all parts of the house below the water line right down to the 2x4 studs. This again was an all day to two day affair for larger homes. Everything had to be removed and all the studs denailed in order for the third part of the gut to occur, mold remediation.
My experience in all this was one of a 36 year old who just got on site working with the NCCC members who have been here for weeks on end. They were all understanding of when I lost some zip after lunch and let me have longer breaks. But I was inspired by the quality of the work these NCCC members, and the numerous alumni of the NCCC who heeded the call to help, did on all these guts. And they did the work with good cheer, humor and a sense of purpose that the call to service wasn't because of the $4,700 they were to receive upon completing their 10-month service year, it was the fact that this current generation responds to the call of service as a part of their lives, it is ingrained in them and it isn't a burden. Service to others is simply another aspect of their busy fulfilling lives. These members of the NCCC embody that spirit and I urge all readers to write their Congressmen and Senators to save the NCCC and in turn continue to help the residents of the Gulf Coast reclaim their lives.
Why am I such a huge proponent of this program at this time? Because I was so impressed with the quality of young men and women I met from this program in my week of work in New Orleans that I had to publically make a statement of support. Since the days after the flooding of Hurricane Katrina, NCCC have been on site in New Orleans doing hands-on relief work. Groups of 8-12 NCCC members from the different campuses have spent on average two months at the Hands On site serving as leaders for the groups being sent out to gut houses.
Gutting of houses took on three phases, of which I participated in only the first two over my weeklong stay. As you saw in pictures that I previously posted, it starts with removing all the debris from a house that a homeowner wants. Generally, it is everything, save for the occasional lighting fixture or to look out for some precious keepsake, but it's all moved out to the curbside. Currently, the federal government is still paying for debris removal in Orleans and St. Bernard Parishes. Debris removal consists of all major appliances and electrical items. I watched in complete awe and a pride as 19 year old young women of the NCCC enter homes and remove refrigerators (these are NOT to be opened under any circumstances) and hot water heaters without so much as a second thought. Debris removal was generally an all day affair for a team of six or seven, all while wearing the white Tyvek suits in which sweat became a veritable swimming pool inside by the end of the day.
The second phase was removing the sheetrock and the all parts of the house below the water line right down to the 2x4 studs. This again was an all day to two day affair for larger homes. Everything had to be removed and all the studs denailed in order for the third part of the gut to occur, mold remediation.
My experience in all this was one of a 36 year old who just got on site working with the NCCC members who have been here for weeks on end. They were all understanding of when I lost some zip after lunch and let me have longer breaks. But I was inspired by the quality of the work these NCCC members, and the numerous alumni of the NCCC who heeded the call to help, did on all these guts. And they did the work with good cheer, humor and a sense of purpose that the call to service wasn't because of the $4,700 they were to receive upon completing their 10-month service year, it was the fact that this current generation responds to the call of service as a part of their lives, it is ingrained in them and it isn't a burden. Service to others is simply another aspect of their busy fulfilling lives. These members of the NCCC embody that spirit and I urge all readers to write their Congressmen and Senators to save the NCCC and in turn continue to help the residents of the Gulf Coast reclaim their lives.
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