Extreme Home Tax Liability?

Hope you filed your taxes on time and expecting a large refund this year. If you were the beneficary of one of those home makeover reality shows you may not be so lucky. You probably owe the IRS some serious money. Of course some shows, like ABC’s Extreme Makeover: Home Edition, work with the home owner to lessen the tax burden. One method is to lease the home for the two week construction period. (Did that article say two weeks? I thought the show promised to do it in 7 days. Well you learn something new everyday.