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In 2004, Kirk Herbstreit -- the Ohio State quarterback turned ESPN analyst -- bought a home in Columbus, then allowed it to be burned to the ground. Sounds strange, until you hear the details: He and his wife wanted to build a new place on the lot, the local fire department wanted to burn down a house to give firefighters some intense but safe training, and Herbstreit had been told the IRS would consider the whole thing a tax-deductable charitable donation.
Everyone wins, right? Not quite.
No, it turns out that the IRS disagreed with Herbstreit's assessment of whether he could write the whole thing off, and that left Herbstreit with a big, fat tax bill. He ended up paying $134,606 in back taxes and interest, but now he's suing the IRS, saying he deserves to get that money back.
Columbus lawyer Terry Grady, who is representing the Herbstreits in the matter, says the Herbstreits made the donation under the impression that they'd get the tax deduction, and it's not fair for the IRS to tell them they can't have the deduction after their home has already burned down.
"People have been led to believe (the practice) is sanctioned by the IRS," Grady told the Columbus Dispatch.
Herbstreit and his wife wouldn't comment, and neither would the IRS, other than to say it takes such instances on a case-by-case basis. But it sounds like Herbstreit either got some bad advice froman accountant, or he got a bad deal from the federal government.
Hat tip: Fang's Bites.
Kirk Herbstreit Sues IRS
Jul 23, 2009 – 12:45 PM
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