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Part 2. Understanding the Principal Home Sale Gain Exclusion.

WEBThe prorated gain exclusion equals the full $250,000 or $500,000 figure (whichever would otherwise apply) multiplied by a fraction. The prorated gain exclusion …

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URL: https://pierretax.com/2021/10/20/part-2-understanding-the-principal-home-sale-gain-exclusion/

Part 3 of 3. Understanding the Principal Home Sale Gain Exclusion

WEBAfter owning the home for only 18 months, you sell it for a $150,000 gain, including $2,000 attributable to the depreciation deductions. Your premature sale is …

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Are You an Employee or an Independent Contractor

WEBIn Pediatric Impressions Home Health, Inc. v. Commissioner (T.C. Memo. 2022-35), the Tax Court held, on April 12, 2022, that a corporation engaged in the …

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A Look at Some Key Provisions of the American Rescue Plan Act.

WEBCongress passed H.R. 1319, the American Rescue Plan Act (the Act) and President Biden signed it into law on March 11, 2021, to relieve the financial burdens …

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Part 1 of 5. Do You Have a Year-End Tax Savings Strategy

WEBTax legislation enacted at the end of 2019, as well as new tax laws enacted in 2020 in response to the coronavirus pandemic (COVID-19), will affect your 2020 …

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Are you Eligible for the Education Tax Credits

WEBThere are two types of education related tax credits that taxpayers may claim for qualified tuition and related education expenses paid or incurred during the tax year: …

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Do You Know When Partners and LLCs Members Do Not Pay Self …

WEBUnder proposed IRS regulations: Members of member-managed LLCs cannot be treated as limited partners and must pay self-employment tax. Members of …

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How t he New Covid-19 Related Legislation Impacts Taxpayers and

WEBThe Consolidated Appropriations Act, 2021, H.R. 133, passed by both houses of Congress on December 21, 2020 and signed into law on December 27, 2020 …

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Year End Tax Planning Strategies. Part 1 of 4

WEBIt is that time of year again where you should consider meeting with a tax professional to discuss any year end tax planning strategies that might reduce your 2022 …

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Taxpayers Be Aware!

WEBTaxpayers could alleviate the challenges that will continue during this tax season because of the Covid-19 pandemic that tremendously affects tax processing at …

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Tax Court Ruled Doctor Misclassified Workers

WEBIn Cardiovascular Center LLC v. Commissioner of Internal Revenue Service, the Tax Court had to determine the employment status of the workers at cardiovascular …

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Abused Taxpayer Gets Tax Debt Relief

WEBIn Gans v. Commissioner, the taxpayer prevailed over the Internal Revenue Service by establishing that she was abused by her husband, among others, and …

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What Business Owners Could Learn from Pediatric

WEBIn Pediatric Impressions Home Health, Inc. v. Commissioner (T.C. Memo. 2022-35), the Tax Court held, on April 12, 2022, that a corporation engaged in the …

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2022 Inflation Reduction Act. Part 1 of 2

WEBPresident Biden signed into law the 2022 Inflation Reduction Act (the Act). The Act includes numerous tax provisions – most notably an array of new tax credits …

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Tax Law Changes Affecting 2022 Tax Return

WEBSome changes include amounts for the Child Tax Credit (CTC), Child and Dependent Care Credit, and the Earned Income Tax Credit (EITC). Taxpayers who …

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2023 Year End Tax Planning Strategies and Updates

WEBWe are at that time of the year again where you should consider meeting with a tax professional to discuss any year end strategies that might reduce your 2023 taxes. …

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