News

Keep the Bush Tax Cuts for a Couple of Years, But Reshuffle the Dollars

It seems increasingly likely that Congress will extend most, if not all, of the Bush... 

Do You Owe More Than $100,000 In Tax?

Often, before your tax problem is assigned to a revenue officer for collection “in... 

Uncompassionate Economics: Blaming Unemployment Compensation for Our Job Woes

In a Wall Street Journal op-ed this morning, Robert Barro lays blame for the nation’s... 

Obama’s Tax Reform Panel: A Missed Opportunity

You buy what you think will be a state-of-the-art GPS device to give you driving... 

Comments on Social Security Reform

We’ve gotten some interesting comments on our recent post about Social Security... 

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Articles

Lowering the Heat Around Raising Retirement Age

In commentary to the San Francisco Chronicle, Gene Steurle asserts that all the following... 

Five Myths about the Bush Tax Cut

The tax cuts enacted in 2001 and 2003, known as the Bush tax cuts, are set to expire... 

Extending Tax Credits for Low-Income Families

Policymakers should be thinking hard about low-income families with children and... 

The Impact of the Bipartisan Tax Fairness and Simplification Act of 2010 ("Wyden-Gregg") on Effective Marginal Tax Rates

The Wyden-Gregg tax reform proposal would represent a broad reform of the federal... 

The Future of Individual Tax Rates: Effects of Economic Growth and Distribution : Leonard Burman’s Testimony before the Senate Committee on Finance

Leonard Burman’s testimony before the Senate Committee on Finance on whether... 

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Questions & Answers

Real Estate Dealer

Today TaxMama hears from David in the TaxQuips Forum, who defines a dealer in real estate as someone who sells a single property for profit, as long as the intent to act as a dealer to real estate is present.” Dear David, You tell us that IRC 453(l)(1)(B) defines a dealer disposition as: Any disposition of real property which is held by the... [Read more of this review]

Selling Inherited Home

Today TaxMama hears from Jami from California in the TaxQuips Forum, who has this question. “My aunt left me her condo and I have to sell it. The deed passed to me a week after I turned 55. Will the 55 & over real estate rule apply to me when I file my tax return?” Dear Jami, Sorry to learn about your aunt dying. But how sweet of... [Read more of this review]

Gain on Real Estate

Today TaxMama hears from Toni in the TaxQuips Forum, who tells us. “I’m doing my own partnership taxes and am confused about entering information. In 2009, I bought, fixed up and sold 2 properties. [and Toni adds lots of details. ] I’m confused because I’ve added the gain twice from Form 4797. What am I doing wrong?” Dear... [Read more of this review]

Selling_Inherited_Home

Today TaxMama hears from Jami from California in the TaxQuips Forum, who has this question. “My aunt left me her condo and I have to sell it. The deed passed to me a week after I turned 55. Will the 55 & over real estate rule apply to me when I file my tax return?” Dear Jami, Sorry to learn about your aunt dying. But how sweet of... [Read more of this review]

Loss on Surrender

Today TaxMama hears from Karla in the TaxQuips Forum, with this question. “Is the loss on surrender of life insurance deductible on 1040?” Dear Karla, It’s not clear why you would have a loss when you surrender a life insurance policy. Of course, I don’t have much experience in this area. Chapter 12 of IRS Publication 17... [Read more of this review]

Ask TaxMama Issue 565 – Thank YOU

Dear Family, THANK YOU. Did I remember to tell you just how much I appreciate you – your friendship and support, your comments and even, sometimes, your silences? Well, THANK YOU. We don’t always remember to show our gratitude or appreciation. So, many years ago, I created a holiday for this very purpose. (You’ll even find mentions... [Read more of this review]

Making IRS Payments

Proposed Regulations Expand the Use of Electronic Payment System and Discontinue Paper Coupons Next Year WASHINGTON — Consistent with a Financial Management Service initiative announced in April of this year, the IRS today issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal... [Read more of this review]

The Sheer Genius of Politicians

In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn) proposed that borrowers be required to make a 5% down payment in order to qualify. His proposal was rejected 57-42 on a party-line vote because, as one Senator explained, “passage of such a requirement would... [Read more of this review]

Happy Thanks for All the Gifts Week

Is there someone you forgot to thank? Is that Thank You card burning a hole in your pocket? Is Mom pestering you about calling your aunt? How long have you meant to thank him for that locket? Well, for all you procrastinators, you ‘I meant to do it’ divas, you folks with good hearts and poor memories – This one’s for YOU!... [Read more of this review]

Is This Taxable Income

Today TaxMama hears from Karen in California in the TaxQuips Forum, who tells us. “My father died from lung cancer that was determined to be caused by job conditions. My brother and I may be receiving a one-time survivors benefit compensation check for a large amount of money. Will this be taxable income?” Dear Karen, How awful about... [Read more of this review]

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