The taxpayers in Partyka v. Commissioner were victims of scammers who rented the Partyka’s furnished house and stole the furniture. While not a common occurrence, the case does discuss some common problems with substantiating loss deductions claimed for income taxes.
Below is a link to an excellent, readable, short article on why it is important to answer all IRS notices by the date stated in the notice. http://taxprof.typepad.com/taxprof_blog/2017/09/contesting-tax-liability-in-a-collection-due-process-hearing.html The takeaway if that waiting means you can lose your ability to
Tax season is upon us and there are temptations all around to snip a little income off here, add a deduction there, and generally trim the tax bill. First, don’t listen to the advice that everyone is doing it, be