IRS Issues Ponzi Procedures The April 2009 CPA Client Bulletin included an article on the tax relief available to victims of investment fraud. Since that issue went to press, the IRS has issued guidance for investors who have lost money in such schemes and has provided a safe harbor for determining the amount of the investor’s loss and the year of the loss. Under this safe harbor, such investors can claim a theft loss deduction for the year in which they became aware of the fraud. They can deduct an amount based on their entire investment, incl...
First Time Homebuyers Get a Real Tax Credit In last year’s Housing and Economic Recovery Act of 2008, Congress provided certain home purchasers with a “tax credit” of 10% of the home’s price, up to...
How the Bear Market Affects Your Retirement For investors, 2008 was one of the worst years since the 1930s. How this market dive affects your retirement plans depends largely on your stage in life.Young workersIf you are...
Take an Active Role in Using Passive Losses Many real estate investors have suffered setbacks from recent turmoil in the economy and the financial markets. If you sold a property last year, you might overlook a key tax...
