Federal Tax Posts Aug28

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Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

Post 1:

Federal Tax Posts

The IRS has updated its lists of countries with nonresident alien interest reporting requirements. The two lists are of countries with which the U.S. has, in effect, an agreement that requires payers to report certain deposit interest paid to nonresident alien individuals who’re residents of the other country under the U.S. tax code. One list is of countries with which the U.S. has, effectively, an income tax or other treaty or a bilateral agreement. The other list is of countries with which the IRS has determined that automatic exchange of information is appropriate. You can find the lists in IRS Revenue Procedure 2019-23.

Post 2:

Federal Tax PostsAnother court case shows how important it is to properly document qualification for real estate activity loss deductions. Generally, a loss from real estate activities is considered a passive activity loss (PAL) that can’t be deducted from nonpassive income. But there’s an exception for “real estate professionals.” One requirement is that the taxpayer performs more than 750 hours of service involving the real estate. In a recent case, a rental property owner deducted a net loss from other income. As proof of his eligibility, he presented calendars purporting he’d met the 750-hour test. The IRS disputed his claim, and the U.S. Tax Court determined that his loss was a PAL.

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