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Thursday, March 31, 2005
  The TurboTax defence, I will need to remember this one
TaxProf Blog: IRS Grants Relief to Taxpayer Who Used TurboTax to Prepare His Tax Return: "In a not-yet published private letter ruling obtained by Tax Analysts, the IRS granted relief to a taxpayer who claims he overlooked a tax election worth over $70,000 because he used TurboTax software to prepare his return:

In the March 22 ruling provided to Tax Analysts by the taxpayer's enrolled agent, the IRS considered and granted a request to make a late election to treat capital gains as investment income under § 163(d)(1) and 163(d)(4)(B). By making the election, the taxpayer will be able to deduct otherwise disallowed investment interest expense. The IRS determined that when the taxpayer filed his return he did not understand that the option to make the election existed or would affect his liability."
 
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