The Patient Protection and Affordable Care Act created a new 3.8% Medicare tax

The Patient Protection and Affordable Care Act created a new §1411, which is effective for tax years beginning after December 31, 2012. This section will impose on high-income households a 3.8% Medicare tax on the lesser of “net investment income” or

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Posted in Medicare

Limitations on tax credit or refund claim

TITLE 26 > Subtitle F > CHAPTER 66 > Subchapter B > § 6511 - Feb 01, 2010 (a) Period of limitation on filing claim Claim for credit or refund of an overpayment of any tax imposed by this title in

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Posted in Amended Tax Return, Appeals & Audit Resolution, Refundable Tax Credit, Tax Credit, Tax Refund, Tax Relief

Number of Decedents Subject to Estate Tax Continues to Drop

Citizens for Tax Justice has released State-by-State Estate Tax Figures: Number of Deaths Resulting in Estate Tax Liability Continues to Drop: New data from the IRS show that only 0.6 percent of deaths in the U.S. in 2008 resulted in

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Posted in Estate Tax

Specific lines provided on Colorado income tax forms for subtractions from income

Taxpayers and tax professionals should note that the Colorado individual income tax form (104) and the Colorado corporation income tax form (112) have specific lines on them for Subtractions from Federal Taxable Income, such as United States government interest and

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Posted in Colorado Department of Revenue

Homeowners Can Deduct Interest on Mortgage Loans Up To $1.1m

The IRS today ruled that indebtedness in excess of $1 million incurred to acquire, construct, or substantially improve a qualified residence may constitute home equity indebtedness within the meaning of § 163(h)(3)(C). Rev. Rul. 2010-25, 2010-44 I.R.B. ___ (Nov. 1, 2010). In

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Posted in Mortgage, Tax Guidance & Preparation, Tax Problems & Requests, Tax Refund, Tax Relief, Taxable Income

1031 Like Kind Exchange Example

Bill and Geri completed a like-kind exchange a little over a year ago when one rental property was exchanged for another rental property in Florida.  Bill and Geri intend to retire to Florida as soon as possible and would like

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Posted in 1031 Exchange, Like/Kind Exchange, Rental Real Estate

Tax Implication of a ‘Short Sale’

A new term that has entered the mortgage loan industry in recent years is a short sale. Simply put, a short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on

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Posted in Rental Real Estate

Self Employed Health Insurance Deduction

For tax year 2010, a self-employed taxpayer will be eligible to claim a self-employed health insurance deduction on Line 29 of Form 1040. Additionally taxpayers also receive a corresponding deduction when calculating self-employment taxes. When calculating self-employment tax, taxpayers can

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Posted in Health Insurance, Self Employ

Scum Bags Millionaires Collecting Unemployment

Its a rare occasion that I pontificate in my tax blog but this just took me over the top this morning....... Recently released IRS data indicates that 2,840 households making at least $1 million collected $18.6 million in unemployment insurance

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Posted in Unemployment

2010 Adoption Tax Credit – New IRS Guidance

IRS on Wednesday issued guidance on the expanded adoption credit included in the health care reform legislation passed earlier this year. The Affordable Care Act raises the maximum adoption credit to $13,170 per child (from $12,150 in 2009) and makes

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Posted in Refundable Tax Credit, Tax Credit
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