Article Date:
August 2007


Word Count:
351

 

 

Spreadsheets and Credit Card Receipts Not Close to Correct Evidence


Mila Alemasov and Victor Popov, wife and husband, worked together in a real estate finder business that they reported on Schedule C of their federal income tax return. This same year, Mila received a $400,000 settlement from the Bank of America related to her employment that ended the previous year. On their Schedule C for the real estate finder business, the couple reported zero income against expenses of $31,261, consisting of the following:

 

Advertising

 

$376

 

Car and truck

 

$4,991

 

Depreciation

 

$8,586

 

Other interest

 

$336

 

Office

 

$1,689

 

Supplies

 

$143

 

Travel

 

$9,615

 

Meals and entertainment

 

$1,940

 

Other

 

$3,585

 

 

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