Larry K Hurt Income Tax Services

The following information is from the IRS website, "People who don't normally file a tax return and don't receive federal benefits may qualify for these stimulus payments. This includes those experiencing homelessness and others. If you're eligible and didn't get a first or second Economic Impact Payment (that is, an EIP1 or EIP2) or got less than the full amounts, you may be eligible for the 2020 Recovery Rebate Credit, but you'll need to file a 2020 tax return. See the special section on IRS.gov: Claiming the 2020 Recovery Rebate Credit if you aren't required to file a tax return."

There is a new SCAM being emailed to everyone. It is a "WELLS FARGO SUPPORT ALERT" stating that your account has been SUSPENDED due to unauthorized attempts to sign on to your account. They want you to click on their link and input your information. DO NOT CLICK ON THE LINK. DELETE IT. Clients with a Wells Fargo account, PLEASE call your bank and inform them of the email. I do not have a Wells Fargo account and I received an email. Please tell your family and friends about ...this SCAM. BELOW IS A COPY OF THE LETTER WellsFargo To:[email protected] Sat, May 9 at 11:17 AM Your account access has been suspended. What is happening Account security is a top priority for Wells Fargo. As a safety measure, we have suspended your access to Wells Fargo Online because we detected a possible unauthorized attempt to sign on to your account. What this means for you To regain access, you'll need to verify your account information, if you haven't already done so. What you should do: Sign on to your account by click on the link below Begin Account Verification Wells Fargo has the Legal right to close your account if we do not hear from you after 24 hours you received this email. If you have questions about your account, please refer to our Customer Service , Wells Fargo Customer Service is available 24 hours a day, 7 days a week

Thanks to all of you who liked and follow me on FB. If you every have a problem with your taxes, please feel free to contact me. Go to my website: larrykhurttaxpreparer.net or call, 1st hour free (951-653-2794).

Tax tips for taxpayers to consider when selling their home June 19, 2019 IRS Tax Tip 2019-60, May 15, 2019 The IRS has some good news for taxpayers who are selling their home. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. 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. 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 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 after December 31, 2017, can’t exclude it from income as qualified principal residence indebtedness unless a written agreement for the debt forgiveness was in place before January 1, 2018. 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 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. This article was originally published here: https://www.irs.gov//tax-tips-for-taxpayers-to-consider-wh