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EGTRRA

IRS Releases Guidance (But No Form) for 2010 Estates

16 August 2011

Whew. It has taken awhile but the IRS has finally issued guidance for the treatment of basis for certain estates of decedents who died in 2010. As you’ve probably heard, there was no federal estate tax due for decedents who died in 2010. Well, er, sort of… Under the Economic Growth and Tax Relief Reconciliation [...]

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Deduct This: The History of Student Loan Interest

13 June 2011

This week, I reached a pretty significant milestone: I finally paid off my undergraduate student loans. Hold the champagne: I now get to plug away at graduate loans which are much bigger. Don’t read too much into that, it’s not a complaint in the real sense. I have always considered my education an investment and [...]

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IRS Delays Basis Reporting for Decedent’s Estates

31 March 2011

The IRS has announced that federal form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, is not due on April 18, 2011 and should not be filed with the final federal form 1040 of persons who died in 2010. Of course, if you’ve tried to file a federal form 8939, you [...]

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10 Expiring Tax Cuts to Watch For

6 December 2010

The expiring Bush tax cuts – and what will happen to them – are all over the place these days. Folks seem to have very definite opinions about what should (and shouldn’t) happen. But it also seems like, for all of the publicity over the cuts, taxpayers really don’t understand what it all means. I [...]

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Permanent Federal Estate Tax Repeal: Making a Comeback?

20 October 2010

Quick pop quiz: what form of tax do most Americans claim to hate the most? Income taxes? Nope. Payroll taxes? Nope. Tax on alcohol? Tax on cigarettes? Nope and nope. It’s the federal estate tax. That’s a pretty remarkable statement considering that fewer than 2% of Americans are generally subject to the federal estate tax [...]

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Federal Estate Tax Bill Up for A Vote

30 November 2009

I, for one, am just reeling about the possibility that the House may vote on legislation to extend current estate tax rates. Shocked. I mean, there are, what, four weeks left until the end of the year? That’s just crazy. Tax professionals have just gotten comfortable with the idea that there’s no news on the federal [...]

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