IRS to Mine Payment Data on Mortgages (paying mortgage will increase chances of audit)

Wall Street Journal ^ | September 1, 2009 | Martin Vaughan

[madison10]

No, they don’t, not if they took their pension earlier than originally planned.

[taildragger]

Precusor for those that try to drop out of the system with Obamacare.

IMHO they are tryig to make it hard to go "GALT".

Rumor was at the Sun and Fun Flyin the FAA or DOT wanted to get rid of the LSA catagory, it requires no medical.

With that said, when do they use all this data for ultimate control.....

[Spok]

I love the premise-if you’re not going bankrupt under Obamanomics, you’re corrupt. It actually is consistent with Obama’s policy, which is to inflict hardships only on hard working, honest Americans.

[No Socialist]

Great! I’m a roofer and don’t get a whole lot people paying for their roofs in cash, but I’m targeted by highly intellectual Obama as a tax cheat. These people make me sick. Obama and his communist buddies know that they won’t have their majority long, that’s why we hear about some new sick communist plan almost everyday.

[haircutter]

mortgage paid OFF when we retired???

Don't we wish...Not when you put two kids through college and grad school...

we were doing fine under GWB but in 2008 the gates opened and then OBAMA took over...just love how he blames BUSH for every thing...

IN 2010 I'm voting ALL new folks and NO Democrats.

[thinking]

This is just the first step....what the IRS is really after, is a one tax system, where all taxes are paid into the IRS, and they in turn pay the State and city taxes....that way they can link reported income to property taxes....welcome to the Brave new world....

[ventana]

Oh, that’s precious. Good one. V’s wife.

[rcrngroup]

Just ONE more reason to abolish the IRS and the income tax.

Absolutely!!! Implement the Fair tax and abolish the IRS & income tax altogether. AND make the federal gubmint spend only what it takes in, not borrowing or printing more worthless money.

[PjhCPA]

READ THE ARTICLE PEOPLE. NOT JUST THE HEADLINE.

It makes sense to me. As a non-tax cheat I want everyone who IS cheating to be caught and made to pay up.

What they are going to do is not gather more data but do more with the data they already have. They are proposing comparing income to mortgage interest. Makes sense to me.

[glorgau]

State of California did this to me. Didn’t file one year because I’d had no income in that state, but they saw that I’d paid mortgage interest.

So, they imputed that my income was a least three times said mortgage payment and sent me a bill for the income taxes on that amount.

In essence, they just made up a number out of thin air and went on to enforce it to the point of grabbing the funds directly out of my bank account.

Coming soon on a Federal level.

[vharlow]

I’m convinced they have been aware of moves for flat tax and fair tax and sales taxes....and like them...but not to replace the IRS, but to supplement it. That’s the kind of mindset there is in Washington now.

[andy58-in-nh]

Charlie Rangel is working tirelessly to address the issue of tax fairness.

[laxcoach]

“I think it is probably more like: If you pay $50,000 in mortgage interest, but only report income of $40,000, you are suspected of being a tax cheat “

I think you are right. I don’t have a problem with it, until we change the overall system. All of the open, bragging tax cheats I know are also rabid democrats. Audit them all.

[mockingbyrd]

Geeze, what a shmuck. I pay our mortgage on time every month. Have since we bought our house. Even during periods of unemployment, always made sure that we had six months worth of mortgage payments saved up.

Didn’t realize being responsible meant screaming for an audit.

[BAW]

This appears to be aimed at the self-employed taxpayer who understates his income.

Someone who pays $30,000 mortgage interest, but makes an annual income of $25,000, might have additional sources of income which is not being reported, or under-reported.

[JDoutrider]

That Cali Tax Franchise Board is pure EVIL!

[Straight Vermonter]

I think the bigger question here is why does the IRS get access to this info in the first place? Why are my mortgage payments a matter of public record?

[timestax]

bttt

[SteamShovel]

all taxes are paid into the IRS, and they in turn pay the State and city taxes....that way they can link reported income to property taxes.

Link this to a National ID Card and you can be tracked and taxed based on.....

.....your working hours (say 8 AM to 5 PM for example)

.....you normally work in Champaign, Ill but flew to Dallas with a 2 hour layover in Chicago.

.....Chicago charges you for two hours you were being paid while sitting at O'Hare.

.....You have to file a return in Champaign to get your 2 hours pay back from them.

.....You have to file in Chicago and Dallas because you were reported to be earning while in the cities, even if it is only once.

.....the increased accounting costs are paid by YOU.

[timestax]

bump to the top