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Bernie Sanders’ Dumb FTT Plan

Before I criticize Bernie Sanders’ financial transaction tax plan, let me give him some credit for his willingness to impose a payroll tax to pay for a new “Family and Medical Leave Act” and for his willingness to impose an across-the-board income tax rate increase to fund a “Medicare-For-All” plan. He’s taken a lot of […]

How the IRS Taxes Debt

In December Congress passed and the President signed the Mortgage Forgiveness Tax Relief Act of 2015. The act extends the tax exclusion for “canceled mortgage debt”. This affects taxpayers who were foreclosed upon or did short sales or renegotiated mortgages on their primary residence. The exclusion was first enacted into tax law in 2007 and […]

Are You Ready for the New Capital Gains Reporting

Starting this year, brokerage firms, banks and mutual funds are required to report to the IRS the “cost basis” of stocks and other publically-traded securities sold during 2011.  In the past “sale amounts” were reported.  The new reports will also indicate whether sales are short-term or long-term.  Only gains on long-term sales qualify for preferential […]