The Cesarinis argued to the IRS that the money wasn’t income, and so it should not be taxed as such. The IRS wasn’t swayed by the couple’s argument. The case went to federal court, and the IRS won. “Found” property and money has been considered taxable income ever since. If...
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An IRS rule can sometimes be used (but not abused) to claim tax-free rental income on your home.
s determined by the amount of your earned income, filing status, and family size (although you don’t have to be married or have children to qualify). The IRS says that one in four eligible taxpayers fails to claim this credit. Use theEITC Assistantatirs govto see if you’re eligible....
IRS CHIEF COUNSEL ADVICE FINDS SUBSTANTIAL SERVICES SUBJECT RENTAL INCOME TO SELF-EMPLOYMENT TAXVINCENT, SCOTTJournal of the Missouri Bar
The Court notes that it is unclear from the record whether Obrien and Hillgren were intending to get married. The IRS argues further that under California law as a community property state Hillgren still had the right to transfer her interest to a spouse and had the power to approve that ...
Our panel of astute federal tax experts will break down the tax treatment of these interests by type of arrangement, review Section 83(b) elections, and discuss recent court decisions pertaining to th... Read More Complex IRS Penalty Abatement Procedures for Failure-to-File, Failure-to-Pay,...
The IRS petitioned the court in the Northern District of California to issue this order, following Kraken’s settlement of charges related to a violation of securities law. The tax agency alleged that it issued a summons to Kraken in 2021, which the exchange failed to comply with, sparking ...
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For example, the Internal Revenue Service (IRS) allows charitable donations to be tax deductible for up to 50% of an individual’sadjusted gross income (AGI). If a taxpayer with an annual income of $82,000 elects to donate $12,000 to aqualified charitable organization, for example, their...