Individual Tax Report
by Karl L. Fava, CPA, Jonathan Horn, CPA, Daniel T. Moore, CPA, Susanne Morrow, CPA, Annette Nellen, J.D., CPA, Teri E. Newman, CPA, S. Miguel Reyna, CPA, Kenneth L. Rubin, CPA, Amy M. Vega, CPA, and Donald J. Zidik Jr., CPA
Published September 01, 2013
The American Taxpayer Relief Act of 2012 reestablishes a limitation on itemized deductions for high-income taxpayers beginning in 2013.
- Proposed regulations upon which taxpayers may rely provide guidance on the interplay of the Sec. 121 exclusion of gain from the sale or disposition of a principal residence with application of the new 3.8% surtax on net investment income.
- In Rev. Proc. 2013-16, the IRS provided guidance for exclusion from cancellation-of-debt income of mortgage assistance payments under the government’s Home Affordable Modification Program.
- In a case involving investment losses, the Court of Federal Claims held that the meaning of “theft” for purposes of Sec. 165 should be defined by federal law, not state law. Read full article…………………