Word: geithner
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...Since Geithner certainly has an office at his Fed job, he can't claim his home as a place of business. But if he telecommuted, he could write off a portion of the cost of his computer and other gear needed to run the largest branch of our nation's bank from home. To get the deduction, though, Geithner, on the basis of his salary, would have had to spend at least $8,000 on home office equipment. But that shouldn't be too tough. If you are the head of the New York Fed, a 73-in. high-definition...
...Hunting? Save Your Receipts The Secretary of Treasury job is not a position that finds you. Presumably, Geithner did some high-level networking and even flew out to Chicago a few times to meet with Obama in order to land the nomination - not to mention the trip to Washington for the confirmation grilling. Good news, Tim. According to Barbara Weltman, editor of the popular tax guide J.K. Lasser's Your Income Tax, all those trips are tax deductible. So we hope you saved your receipts. The IRS will let you write off a third of the amount of your...
There's a catch in write-offs, however. Because of his high income, Geithner will most likely run afoul of the dreaded alternative minimum tax (AMT). Among other things, the AMT applies to people who would be able to use deductions to reduce a large portion of their federal income tax. The idea of the AMT is to make sure wealthier types pay their fair share. State income taxes and property taxes are federal-income-tax deductions. And since Geithner pays nearly $45,000 in those two taxes, he most certainly would be caught by the AMT. When...
...information and software to accountants, points out that if you have to relocate because of your job, you can deduct a portion of your move. To qualify, your new commute would have to be 50 miles longer than it would be if you stayed in your current home. Since Geithner's place of work may be changing from lower Manhattan to Washington, he qualifies. And unlike the job-search deduction, moving expenses are not subject to the AMT. So don't go with one of those flat-fee moving services, Tim. On the basis of your current salary, taxpayers could...
...Geithner could also get a tax benefit when he sells his home. That's because he's not likely to get back the $1.6 million he paid for the house when he bought it in 2004. If he were to sell it today, Geithner's house would fetch $1,357,500, according to Zillow. Add in real estate agent fees, plus any money Geithner put into the house in remodeling and repair costs, and Geithner is probably looking at an investment loss of more than $300,000. He can use that to lower the taxes he may have...