While this is from the CA Board of Realtors, it has nationwide implications. The article links to the revised IRS docs.
This legal article discusses the income tax consequences to the borrower in the event of a foreclosure on the borrower’s property, in the event the borrower transfers title to the lender as part of an agreement with the lender deed-in-lieu of foreclosure, and if the borrower sells the property to another in a short sale in which a lender accepts less than the balance due on the loan as payment in full.
MID, the authors say, is the largest of the complicated deductions, credits, and loopholes that fill the U.S. federal income tax code. According to the Internal Revenue Service IRS itemized deductions excluded $1.2 trillion in income from the 2011 tax base, 14 percent of total adjusted gross income AGI. The MID accounted for 35 percent of these deductions.
Effective January 1, 2014, the standard mileage rates for the use of a vehicle such as a car, van, SUV or pickup will be:
56 cents per mile for business miles driven
Can the Internal Revenue Service handle tax credit programs that pump out billions of dollars to homeowners and buyers? A new federal investigation on home energy tax credits suggests the answer may be: Not quite yet.
The law of unintended consequences is affecting thousands of taxpayers who took advantage of the 2008 First Time Homebuyer Tax Credit. The credit, really more of a loan, has created problems in the software used to process returns. Those that filed and are due a refund have been delayed for months from getting their money back
Did you lose your house to foreclosure this year? Did your lender forgive some of your mortgage debt because the house sold for less than it the mortgage balance?If so, you could be facing a big tax hit.
via Yahoo! Finance.
In a recent court case, Thomas F. Hale v. Commissioner, TC Memo 2010-229 the IRS determined that the taxpayer was not entitled to deductions for his rental properties because of the lack of substantiation.
via Minnesota Investment Property Blog.
Death and taxes, Ben Franklin wrote, are the only things that are certain in this world. Margaret Mitchell indirectly added babies to the list when she wrote in Gone With The Wind that there’s never a convenient time for death, taxes, or childbirth. But even if taxes are inconvenient and death is certain (or the other way around), there is much we can do to make them easier on our family.
via American Express OPEN Forum.