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.
via bubbleinfo.com.
May 28
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
Apr 16
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.
Mar 29
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.
Jan 17
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.
Nov 21
This bill contains two key provisions for the real estate industry: enhanced Section 179 depreciation and the return of “bonus” depreciation. Both provisions are designed as incentives targeted to small business owners, but many large business owners will benefit, too.
via Hartford Business.
Oct 30
Which homeowner’s tax advantage would you rather give up?
The tax-free capital gain?
Or the mortgage income tax deduction?
Sep 29
The President’s 2011 budget provides for a hundred new IRS agents to ramp up their enforcement efforts. Mislabeled contractors are among their priorities. 6,000 companies have already been targeted as potential violators.
