Two Setbacks and the change I’m fighting for at the IRS…
I have always wanted to live in a big city so as I launched this new exciting chapter in my life, I decided to go for it and bought a place in the center of Philadelphia. As it turns out, I took two hard hits right out of the gate:
1. I bought a renovated property where flippers took shortcuts so I ended up spending the last year and a large chunk of my savings having to re-do a lot of their work. This type of hit, alone, would be a big financial burden for someone but I took a second hit as well.
2. I used money from my retirement account to buy the house and even though I called the IRS to confirm the taxes that I owed (which included the penalty), there was an error in the amount so I now face a major tax bill and escalating interest, fees and interest.
Instead of feeling defeated, I’ve decided to fight for change.
My case against the IRS…
I am representing myself to push for the following changes at the IRS:
First, the IRS allows money in retirement accounts to be used for education and health but not for housing when housing is a basic human need and the number one thing we need to secure for retirement. We shouldn’t be charged a 10% penalty for taking money out for primary housing. This change, alone, could help millions of families buy houses and pay off mortgages and ease the financial burdens that many are feeling.
Second, the IRS wont tell us what we owe but yet they will come after us hard with penalties, fees and interest if thr amount js wrong. They are also difficult to reach and won't put anything in writing. That's an unfair tax system. The United States of America was founded because the tax structure was getting to be unfair--Changes are needed and I'm trying to push for them for all of us!