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Deducting $1 million in renovations on a 15k sqft second home - what could go wrong?
A lot. Witasick was an attorney who mostly served Arizona clients. He bought this 56 acre monster home and for two years renovated it - while deducting a majority of the costs as business expenses.
The Court called it fraud and he served jail time. We dig into repair and maintenance, business / personal use, and unreimbursed partner expenses.