Here are a few reminders on claiming losses from property transactions with a focus on an informal ruling the IRS issued in January 2023 to help explain losses from certain cryptocurrency transactions. This article focuses not only on what CCA 202302011 provides, but also what it doesn’t cover regarding possible losses from cryptocurrency and digital asset transactions.
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The IRS has spent the past several months crowing about the relative ease of filing season 2023 and improvements the service has made on behalf of American taxpayers. Filing season 2024 opened on Monday, January 29 with Commissioner Danny Werfel thanking the tax professional and assuring us that “your efforts make a difference, not just for your clients, but for the IRS and the entire nation.”
Despite Werfel’s rose-colored press releases, there’s still plenty of room for improvement, especially on the tax-professional-facing side of the service.
If your clients are married, at this time of year they’re probably choosing to file their taxes under the status of Married Filing Jointly. But is MFJ the best move? Married folks have other options; one of them is Married Filing Separately (MFS). Despite this status sounding like someone’s dressing for divorce court, it can be useful in certain circumstances – or harmful.
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