Let’s say you own a fixer-upper of a home. Let’s suppose you find that home in another part of town, so you decide to donate your home to the local fire department so they can burn it down. You get a tax write-off, and the fire department can practice on something that’s an eyesore anyway. Everyone wins, right?
Well, there’s a problem with this strategy from a tax standpoint: What’s the fair market value of a home that’s about to be burned down? About zero, right? Joe Kristan has more on a tax strategy that went up in flames.
Here’s some music that backs that up:
