Tag Archives: tax
IRS Finalizes Regs Removing Requirement To File Code Sec. 83(b) Election With Return
Final regs have been issued that remove the requirement that a taxpayer making a Code Sec. 83(b) election file a copy of the election with the taxpayer’s return for the year of the Code Sec. 83 transfer. The final regs track proposed regs issued … Continue reading
Reduced Exclusion Available To Couple Who Sold Residence After Birth Of Second Child
A married couple could take advantage of the reduced maximum exclusion of gain from the sale of their home after the birth of their second child, the IRS has determined. Unforeseen circumstances were the primary reason for the sale and … Continue reading
IRS Announces Acquiescence In Per Taxpayer Mortgage Deduction Ruling
The Ninth Circuit Court of Appeals, reversing the Tax Court, had found that when multiple unmarried taxpayers co-own a qualifying residence, the debt limit provisions apply per taxpayer and not per residence.
IRS Unveils Procedures For Expensing, Bonus Depreciation And More Under PATH Act
The IRS has released guidance related to Code Sec. 179 expensing, bonus depreciation and other related changes in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). The guidance describes the procedures for filing amended returns and taking other actions.
Proposed Regs Clarify Reporting Of Educational Expenses On Form 1098-T
The IRS has issued proposed regs that provide detailed guidance to higher education institutions on how to report tuition and other qualified expenses on Form 1098-T, Tuition Statement. The proposed regs also provide penalty relief for the institution’s failure to … Continue reading
Ninth Circuit Allows Home Developer’s Use Of Completed Contract Method For Entire Development
Affirming the Tax Court, the Court of Appeals for the Ninth Circuit has found that a residential home developer properly used the completed contract method (CCM) of accounting for the entire development, not just individual houses. The taxpayer’s method of … Continue reading
Tax Court Ruling on Activity Qualified As Business, Not Hobby
Tax Court Ruling on Activity Qualified As Business, Not Hobby In TC Memo 2016-71, the Tax Court found that a taxpayer’s hair-braiding activity qualified as a business, where the taxpayer had a genuine, if optimistic, … Continue reading
Rental Losses Not Automatically Nonpassive Due To Status As Real Estate Professional
The Court of Appeals for the Ninth Circuit has found that a taxpayer’s rental losses were not automatically nonpassive because of her status as a real estate professional. The court rejected the taxpayer’s argument that she did not need to … Continue reading
Self-Certification Procedure Streamlines Relief For Late Rollovers
The IRS has unveiled a new self-certification procedure for taxpayers who inadvertently miss the 60-day time limit for certain retirement plan distribution rollovers. The IRS described a number of mitigating circumstances.
