Gross Income
This semiannual update of recent developments in the area of individual taxation includes cases on conservation easements, discharge of student loan debt, net operating loss deductions, and real estate professional status.
Litigation support payments received by lawyer are
includible in gross income.
Taxpayers can exclude from gross income a discharge of qualified principal residence indebtedness before Jan. 1, 2021; under the CARES Act, certain taxpayers may also request forbearance from foreclosure on their residence.
Under proposed regulations, the IRS would return to a modified version of the rules that predated the temporary regulations.
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
Filing rules for businesses owned by spouses contain several exceptions to the partnership filing rules, and this article discusses when the exceptions apply, how to implement them, and if they are worth the effort to elect.
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
Are gifts to clergy taxable income for federal income tax purposes? The answer involves a careful consideration of the surrounding circumstances.
The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
This article is a semiannual review of recent developments in individual federal taxation, covering cases, rulings, and guidance on a variety of topics.
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule.
This article reviews how some scholarships might be considered taxable income to a student.
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule.
The IRS released Notice 2018-99 providing further guidance on determining the loss of the deduction under certain qualified parking fact patterns.
The IRS issued initial guidance on the application of Sec. 83(i), which allows certain employees to defer recognition of income attributable to the receipt or vesting of qualified stock.
The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.
