Archive for September 4th, 2008
It’s Hurricane Season…
Posted by taxguru on September 4, 2008
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Reduced Sec 121 Exclusion Worksheet
Posted by taxguru on September 4, 2008
As I was perusing the latest draft tax forms on the IRS website, I came across this file that contains some new worksheets and other info for Publication 523, which deals with the tax free sales of primary residences.
What I was mainly interested in is the brand new provision in the law that limits the tax free exclusion for homes that were also used as a rental or second personal home. For that calculation, IRS has this new worksheet, which is on Page 7 of the draft pdf file.
(Click on image for full size)
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Recovery Rebate Credit Worksheet
Posted by taxguru on September 4, 2008
As we have discussed quite a bit, there is a lot of confusion over how the rebates will be handled on the 2008 tax returns, both for people who receive checks and for those who don’t.
IRS has just released this draft of the instructions for the 2008 1040. On pages 18 and 19 are the rebate credit worksheets for computing the amounts to enter on Line 70 of the 1040.
From the 9/1/08 draft of the 2008 1040 form:
(Click on image for full size)
I used my trusty SnagIt program to create the following images of these worksheets.
Part 1 from Page 18:
(Click on image for full size)
Part 2 from Page 19:
(Click on image for full size)
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Tax Guru - Ker$tetter Letter 