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Following the widespread losses of investments with Bernard Madoff, the IRS issued a safe harbor (Rev. Proc. 2009-20) to enable investors to take losses even though some recovery was possible. One couple tried to use this safe harbor for their investment losses sustained through a pump-and-dump scheme. However, the Court of Federal Claims concluded that [... […]
If you use your vehicle for business driving, you have a choice in how to handle your expenses. You can deduct your actual costs, including an allowance for depreciation (up to certain dollar limits) if you own the vehicle or your lease payments if you lease it. Or you can rely on an IRS-set mileage [... […]
If you conduct an activity without a profit motive you can prove, then the hobby loss rule applies. Under the Tax Cuts and Jobs Act, you have to report all of your income (nothing has been changed here), but can’t deduct any of your expenses. This is because of the suspension of the miscellaneous itemized [... […]
More than 62 million Social Security beneficiaries will receive a cost-of-living adjustment (COLA) of 2.8% starting with the December 2018 benefits, which are payable in January 2019. This COLA adjustment is higher than the 2% increase last year (Social Security Administration Press Release and Fact Sheet, 10/11/18; https://www.ssa.gov/news/press/factsheets/colafacts2019.pdf). However, for many Social Security recipients, the [... […]
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