Thursday, September 18, 2008
Continuing our coverage of House Ways & Means Committee Chair Charles Rangel's tax troubles (here, here, here, and here): the New York Post reports today, Big Wheel Benz the Rules: Rangel's Illegal Free Parking May Be New Tax Woe, by Daphne Retter:
Rep. Charles Rangel has been using a House of Representatives parking garage for years as free storage space for his old Mercedes-Benz --a violation of congressional rules and a potential new tax woe for the embattled lawmaker ... House rules forbid use of the garage for long-term storage more than 45 days - and congressional aides told The Post that Rangel's car has been sitting there for years. ...
A House Web site on parking regulations informs anyone with a space that, under IRS regulations, the benefit of the free parking is considered "imputed income" and must be declared to the government. The spaces are valued by the House at $290 per month, the site says -- about the monthly cost of leasing a space in a private DC-area garage. If the car has been in that space since its license plates were surrendered four years ago, the imputed income would be nearly $5,000.