Friday, May 20, 2022

IR-2022-108: IRS revises 2021 Child Tax Credit and Advance Child Tax Credit frequently asked questions

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Issue Number:    IR-2022-108

Inside This Issue


IRS revises 2021 Child Tax Credit and Advance Child Tax Credit frequently asked questions

WASHINGTON – The IRS today issued a revised set of frequently asked questions for the 2021 Child Tax Credit. These frequently asked questions (FAQs) are released to the public in Fact Sheet 2022-29, May 20, 2022.

These FAQ revisions are as follows:

  • Topic A: General Information: Updated questions 1,2,3,4,5,8,9,10,11,13,14,15,16
  • Topic E: Advance Payment Process of the Child Tax Credit: Updated questions 2,3
  • Topic F: Updating Your Child Tax Credit Information During 2021: Removed questions 1,2 and updated 3,4
  • Topic G: Receiving Advance Child Tax Credit Payments: Updated questions 1,6,7,9,10,11
  • Topic H: Reconciling Your Advance Child Tax Credit Payments on Your 2021 Tax Return: Updated questions 1,2,9 and removed 10
  • Topic J: Unenrolling from Advance Payments: Updated question 1 and removed 2,3,4,5,6,7
  • Topic K: Verifying Your Identity to View your Payments2021 Child Tax Credit: Updated 2,3,5,6 and removed 7
  • Topic L: Commonly Asked Shared-Custody Questions: Updated 1 and 2

More information about reliance is available.

IRS-FAQ

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IR-2022-107: IRS interest rates increase for the third quarter of 2022

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Issue Number:    IR-2022-107

Inside This Issue


IRS interest rates increase for the third quarter of 2022

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1, 2022. The rates will be: 

  • 5% for overpayments [4% in the case of a corporation].
  • 2.5% for the portion of a corporate overpayment exceeding $10,000.
  • 5% for underpayments.
  • 7% for large corporate underpayments. 

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points, and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during April 2022 to take effect May 1, 2022, based on daily compounding.

Revenue Ruling 2022-11 announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2022-23, dated June 6, 2022.

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IRS video tax tip: Day Camp and Other Child Care Expenses

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Issue Number:  Day Camp and Other Child Care Expenses


Here is a video tax tip from the IRS:

Day Camp and Other Child Care Expenses English | Spanish 

Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL.

  • www.youtube.com/irsvideos
  • www.youtube.com/irsvideosmultilingua
  • www.youtube.com/irsvideosASL     
                                                                                                                                                                                   

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Consejo en video del IRS: Campamento diurno y otros gastos por cuidado de hijos

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Edición Número: Campamento diurno y otros gastos por cuidado de hijos  

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Aquí un consejo en video del IRS: 

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Thursday, May 19, 2022

Recordatorios tributarios importantes para quienes venden su casa

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Consejos Tributarios del IRS 19 de mayo de 2022

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Consejo Tributario del IRS 2022-78SP

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Recordatorios tributarios importantes para quienes venden su casa

Muchas familias se mudan durante el verano. Los contribuyentes que venden su hogar pueden calificar para excluir la totalidad o parte de cualquier ganancia de la venta de sus ingresos al presentar su declaración de impuestos. Aquí están algunos de los temas que los propietarios deben tener en cuenta al vender una casa:

Propiedad y uso

Para reclamar la exclusión, el contribuyente tiene que cumplir con los requisitos de propiedad y uso. Durante un período de cinco años que termina en la fecha de la venta, el propietario tiene que haber sido dueño y vivido en la casa como su vivienda principal por al menos dos años.

Ganancias

Los contribuyentes que venden su casa principal y obtienen una ganancia por la venta tal vez pueden excluir hasta $250,000 de esa ganancia de sus ingresos. Los contribuyentes que presentan una declaración conjunta con su cónyuge podrían excluir hasta $500,000. Los propietarios quienes excluirán toda la ganancia no necesitan reportar la venta en su declaración de impuestos a menos que se haya emitido un Formulario 1099-S.

Pérdidas

Algunos contribuyentes tienen una pérdida cuando su casa principal se vende por menos de lo que pagaron por ella. Esta pérdida no es deducible.

Múltiples casas

Los contribuyentes que poseen más de una casa sólo pueden excluir la ganancia sobre la venta de su casa principal. Tienen que pagar los impuestos sobre la ganancia de la venta de cualquier otra casa.

Venta declarada

Los contribuyentes que no califican para excluir toda la ganancia tributable de sus ingresos tienen que reportar la ganancia de la venta de su casa cuando presenten su declaración de impuestos. Cualquier persona que decida no reclamar la exclusión tiene que reportar la ganancia tributable en su declaración de impuestos. Los contribuyentes que reciben el Formulario 1099-S, Producto de transacciones de bienes raíces (en inglés), tienen que reportar la venta en su declaración de impuestos, incluso si no tienen ganancias tributables.

Deuda hipotecaria

En general, los contribuyentes deben reportar (en inglés) la deuda perdonada o cancelada (en inglés) como ingreso en su declaración de impuestos. Esto incluye a las personas que tuvieron una renegociación hipotecaria, ejecución hipotecaria u otra deuda hipotecaria cancelada en su casa. Los contribuyentes que tuvieron la deuda liberada, en su totalidad o en parte, en una residencia principal calificada no pueden excluirla de los ingresos a menos que se haya cancelado antes del 1ro de enero de 2026, o que haya un acuerdo por escrito para la condonación de la deuda antes del 1ro de enero de 2026.

Posibles excepciones

Hay excepciones a estas reglas (en inglés) para algunas personas, incluidas las personas con discapacidad, ciertos miembros de las fuerzas armadas, la comunidad de inteligencia y los trabajadores del Cuerpo de Paz.

Hojas de cálculo

Las hojas de trabajo incluidas en la Publicación 523, Venta de su hogar (en inglés) pueden ayudar a los contribuyentes a calcular la base ajustada de la casa vendida, la ganancia o pérdida de la venta, y la ganancia por la venta excluida.

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Tax Tip 2022-78: Important tax reminders for people selling a home

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Issue Number:  Tax Tip 2022-78

__________________________________________________________

Important tax reminders for people selling a home

A lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. Here are some things that homeowners should think about when selling a home:

Ownership and use
To claim the exclusion, the taxpayer must meet ownership and use tests. During a five-year period ending on the date of the sale, the homeowner must have owned the home and lived in it as their main home for at least two years.

Gains
Taxpayers who sell their main home and have a gain from the sale may be able to exclude up to $250,000 of that gain from their income. Taxpayers who file a joint return with their spouse may be able to exclude up to $500,000. Homeowners excluding all the gain do not need to report the sale on their tax return unless a Form 1099-S was issued.

Losses
Some taxpayers experience a loss when their main home sells for less than what they paid for it. This loss is not deductible.

Multiple homes
Taxpayers who own more than one home can only exclude the gain on the sale of their main home. They must pay taxes on the gain from selling any other home.

Reported sale
Taxpayers who don't qualify to exclude all of the taxable gain from their income must report the gain from the sale of their home when they file their tax return. Anyone who chooses not to claim the exclusion must report the taxable gain on their tax return. Taxpayers who receive Form 1099-S, Proceeds from Real Estate Transactions must report the sale on their tax return even if they have no taxable gain.

Mortgage debt
Generally, taxpayers must report forgiven or canceled debt as income on their tax return. This includes people who had a mortgage workout, foreclosure, or other canceled mortgage debt on their home. Taxpayers who had debt discharged, in whole or in part, on a qualified principal residence can't exclude it from income unless it was discharged before January 1, 2026, or a written agreement for the debt forgiveness was in place before January 1, 2026.

Possible exceptions
There are exceptions to these rules for some individuals, including persons with a disability, certain members of the military, intelligence community and Peace Corps workers.

Worksheets
Worksheets included in Publication 523, Selling Your Home can help taxpayers figure the adjusted basis of the home sold, the gain or loss on the sale, and the excluded gain on the sale.

Share this tip on social media -- #IRSTaxTip: Important tax reminders for people selling a home https://go.usa.gov/xu6Nb

 

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