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 estate tax liability in 2009. (Estate...
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 pension-annuity subtractions for individuals; exempt federal interest, excludable...
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 the ruling, a taxpayer who purchased...
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 to convert the acquired rental...
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 the property’s loan. This answer...
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 claim a self-employed health insurance...
Its a rare occasion that I pontificate in my tax blog but this just took me over the top this morning...
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 the credit refundable. The credit...
The Small Business Jobs Act of 2010 permits employers to amend their §401(k) or §403(b) plans to allow participants to transfer an eligible rollover distribution (ERD) into their designated Roth account in the plan if the transfer is of an ERD: 1. made after September 27, 2010; 2. from a non-designated...
The Internal Revenue Service today issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009. Revenue Procedure 2010-36 enables affected taxpayers to treat damages from corrosive drywall...
