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Best Answer Click here
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No
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You might be a little behind on your CPE.
The general 4-year income averaging rule expired in 1986. Currently, income averaging can only be used by farmers and fishermen for their business income and, in some cases, for lump-sum retirement plan distributions.
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1986? Time really does fly when you are having fun.
Can the gain be deferred if another home of equal or greater value is purchased?
Slava Ukraini!
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That law was repealed in 1997. Are you SURE you should still be preparing tax returns...........
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1997? We are getting warmer. 😁
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IRMN forgot to use the sarcasm font.
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- New York City places a special tax on prepared foods, so sliced bagels are taxed once as food and again as prepared food, thus creating a sliced bagel tax.
- Maine has special tax on blueberries, a valuable state resource.
- Pennsylvania has a tax on coin-operated vacuum machines at gas stations.
- States like Iowa, Pennsylvania, and New Jersey exempt pumpkins from a sales tax but only if they will be eaten and not carved.
- In 2005, Tennessee began requiring drug dealers to anonymously pay taxes on any illegal substances they sold.
- The IRS taxes stolen property. The 1040 instructions say that you should report it as stolen property. However, doing that would be self-incrimination, from which we are protected by the Constitution; therefore, one has the option of reporting it as "other income".