• Sale Primary Residence BUT NOT TWO YEARS in Last Five

    Reduced Maximum Exclusion Code Sec. 121(c)(2) provides for a reduced maximum exclusion for a taxpayer who sells or exchanges his or her principal residence but fails to meet the use-and-ownership requirements or the two-year limitation. In order for a taxpayer to claim a reduced maximum I.R.C. § 121 (c) (2) (B) — such sale or exchange is by reason…

  • 2022 Vehicle Mileage Rates

    For 2022, the standard mileage rates for cars, vans, pickups or panel trucks) is 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021, 18 cents per mile driven for medical, or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for…

  • IRS Backlog Continues

    In late November, IRS has still yet to process 6.5 million personal 2020 tax returns. And it is 2.6 million amended returns behind. […]Read More… from IRS Backlog Continues

  • 2022 Gift Tax

    Starting in 2022 the gift tax exclusion is $16,000 per donor in a calendar year. […]Read More… from 2022 Gift Tax

  • IRS Amended Returns as of 09-08-21

    IRS is behind on alot of stuff…… Including, as of 09.08.21 …. 2.8 MILLION Amended Returns have yet to be processed! […]Read More… from IRS Amended Returns as of 09-08-21

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