When you borrow money to buy property and then fail to repay the loan, the lender can foreclose, or take back, the property. Under current tax law, you figure and report gain or loss from the foreclosure as if it was a sale.
... Read This Post
Definition — Caution! Guidance ahead.
The initial due date for the first year of tax returns affected by the Tax Cuts and Jobs Act is in the rear view mirror. Additional IRS-issued guidance for the changes created by the law still lies ahead.
... Read This PostDecisions — Crediting the children
The Tax Cuts and Jobs Act of 2017 contained 119 tax provisions, many of which took effect for 2018 federal income tax returns. One of those provisions requires all taxpayers claiming the full child tax credit to provide qualifying children's social security numbers on returns.
... Read This Post
Definition — Stating the benefit
In the case of state tax refunds, the idea of the "tax benefit rule" is fairly simple.
... Read This PostDefinition — Qualifying the business income
Have you figured out the new federal income tax deduction for qualified business income?
... Read This Post
Decision — The mailbox rule
How well do you know the "timely mailed, timely filed" rule, also known as the "mailbox" rule?
... Read This Post