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For owners of pass-through entities to claim the 20% qualified business income (QBI) deduction, they must be in a trade or business. When it comes to real estate activities, it’s sometimes difficult to determine whether they are a business or merely investments. The IRS has created a safe harbor that can be used show that [...]
A wife was ordered by a divorce decree to transfer $10,000 from her retirement account to her former husband. She instructed her broker to transfer this amount to an IRA set up for the former husband at the same brokerage firm. Within a week, he took a distribution of all the funds and closed the [...]
A high school senior with a perfect attendance record and good grades was entered by the school into a “Strive to Drive” drawing held by a local car dealership. She won a Jeep Renegade valued at over $23,000, which she kept. The dealership sent her Form 1099-MISC reporting this prize, but she didn’t report the [...]
The IRS has announced that the interest rates applicable to overpayments and underpayments of federal taxes for the fourth quarter of 2019 are the same as for the third quarter of the year (Rev. Rul. 2019-21). The rates are: 5% for overpayments by individuals and other noncorporate taxpayers 4% for overpayments by corporations 2.5% for [...]
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