If you have been in the market to purchase a new home the last few years good news may have been few and far between. Prospective home buyers who had been faced with rapidly rising prices and heavy competition for available homes then got hit with equally rising mortgage interest rates. For many there was not much positive news.
That is changing for those home buyers financing their purchases with FHA loans.
Have you bought a new home this year! Did you sell one? Maybe you refinanced your current home? Buying, Selling and Refinancing real estate all can have an impact on your personal federal and state tax returns. Join Long Island Real Estate Attorney Joseph Beige and David Korcz, CPA discuss the tax implications of real estate transactions. Learn about the effects these transactions can have on your personal tax returns, how to maximize your refunds and tips on important conversations to have with your tax preparer.
The IRS has recently announced that taxpayers filing amended returns (Form 1040-X) will now be able to choose to have any refund directly deposited into their bank account.
Prior to this change taxpayers filing amended returns had to wait for a physical, paper check to be issued. This added time to the process and delayed taxpayers in receiving their refunds.
The Internal Revenue Service has announced that it will begin accepting tax returns for tax year 2022 beginning January 23, 2023 thus commencing the 2023 tax season. It was also announced that the filing deadline for 2022 returns will be April 18, 2023 due to holidays and weekends.
Taxpayers who have suffered the past three years with pandemic related customer service issues with the IRS have some good news. The IRS announced it has hired more than 5,000 new telephone assistors and added more in-person staff to help support taxpayers and expects an improvement in taxpayer experience.
The Internal Revenue Service recently made several announcements intended to give taxpayers some advance notice of changes that may affect their 2022 filings.
Some of the highlights that taxpayers should be aware of include:
But…as incredible as it may seem there is some good news to report!
The Internal Revenue Service recently announced increases to the amount that individuals can contribute to their 401(K) and IRAs.
For individuals who participate in 401(k), 403(b), most 457 plan or the federal government’s Thrift Savings Plan the contribution limit has increased to $22,500 (up from $20,500). For individuals with IRAs the limit on annual contributions has increased to $6,500 (up from $6,000).
One thing that all real estate loans have in common, regardless of the type of property or size of the loan, is that the lender will be represented by an attorney. Knowing what the lender’s attorney does, the limits of their responsibility to the borrower and how best to coordinate with them will go a long way towards ensuring a smooth loan closing. This month Long Island real estate attorney Joseph Beige is joined by Christopher Delisle, Esq. of Puleo Delisle, PLLC to discuss the lender’s attorney role and tips for making your next loan closing an enjoyable one.
The Internal Revenue Service announced today that the agency is seeing a tremendous increase in text message-based scams aimed at taxpayers. IRS Commissioner Chuck Rettig referred to this increase as “phishing on an industrial scale” and warned that thousands of taxpayers may be at risk of receiving these scam messages.