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May 2015 Archives

The home sale tax exemption

Georgia residents who sell their primary residence will generally not be required to pay capital gains tax on the first $250,000 of profit generated by the sale. Spouses filing a joint return may exclude the first $500,000 gained from the sale of their home. The exemption may be applied to the sale proceeds of homes, condos, apartments and mobile homes.

U.S. Supreme Court strikes down Maryland "piggy back" tax

Georgia residents may be interested to learn that the U.S. Supreme Court has ruled a Maryland tax unconstitutional because it essentially results in the double taxation of income that its residents earn in other states. The 5-4 decision, which came down on May 18, means Maryland will lose out on hundreds of millions of dollars in tax revenues. It could also affect tax laws in nearly 5,000 local governments in other states, including Indiana, New York, Ohio and Pennsylvania.

Treasury proposes new regulations for certain partnerships

Georgia residents may have heard about the proposed regulations issued by the Internal Revenue Service regarding the income of master limited partnerships whose activities pertain to natural resources and minerals. The proposed regulations were issued on May 5 and particularly refer to Section 7704(d)(1)(E) of the Internal Revenue Code for MLPs.

IRS conducts faster audits due to budget cuts

Due to IRS budget cuts, it may seem logical for Georgia residents to believe that audit rates are lower. In 2011, those who made more than $1 million had a one in eight chance of being audited. Today, someone who makes more than $1 million has a one in 13 chance of being audited. However, the audits that are conducted today are being conducted at an expedited rate of speed.

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