Real estate agents can claim a special tax break on their rental loses.

Their losses are exempt from the passive loss rules, the Tax Court says. The exemption applies only to agents who spend more than half of their time and at least 750 hours per year materially involved in real estate…the same rule that applies to landlords, developers and brokers. The IRS said that agents were not covered, but the Tax Court disagreed (Agarwal, TC Summ. Op. 2009-29). In this case, the agent who was audited was not licensed as a real estate broker.

Find all the tax breaks to save you money at Traders Accounting.

Regulation of unlicensed tax return preparers is moving closer to reality.

The IRS is establishing a task force to review problems with preparers and offer options by year-end. Among the likely recommendations: Registration of any preparers who aren’t CPAs, Lawyers, or enrolled agents. Minimum education and training requirements. Tougher IRS punishment of misconduct by preparers. If IRS needs authority to implement its plans, the commissioner will push Congress to give it to her so the agency can get going. IRS officials won’t need much time. They’ve studied Oregon’s program, which is seen as a model for preparer regulation.

IRS takes a pro-taxpayer view on the sales tax deduction on new vehicles.

Buyers can deduct the sales tax paid on more than one vehicle this year, according to IRS officials. Although this break applies only to the tax on the first $49,500 of the cost for the vehicle purchased after February 16, 2009 and before January 1, 2010, IRS will apply the cap to each individual car purchased. So if you buy two cars for $30,000 apiece, total sales tax paid on the vehicles qualify for the break.

Buyers living in states with no sales tax can claim this break, says IRS. They can deduct other related fees imposed by states and municipalities if the levies are assessed on purchasing a vehicle and are based upon the vehicle’s sales price.

The 2010 Mediacre Part B premium is projected to rise to $104.20 a month.

This will mainly affect upper incomes ( married with AGI's above $170,000 and singles over $85,000) who pay a stiff surtax on top of the basic Part B premium. Lower income folk who are already on the rolls will continue to pay $96.40 a month. They avoid the price hike, thanks to a rule that bars a cut in Social Security benefits solely on account of a PArt B premium increase. the rule comes into play in 2010 because the Social Security tustees project that benefits will not go up next year.

Court of Federal Claims Finds LLC and LLP Interests Are Not Limited Partnership

Court of Federal Claims Finds LLC and LLP Interests Are Not Limited Partnership Interests Under Passive Loss Rules (Thompson, FedCl)

A limited liability company (LLC) member's interest in his LLC was not a limited partnership interest for purposes of applying the more stringent test for material participation under the passive activity rules because the IRS lacks the authority to apply that rule to anyone who is not, strictly speaking, a limited partner. Accordingly, material participation of an LLC member is evaluated using the more generous criteria that normally applies to anyone who is not a limited partner. This decision by the Court of Federal Claims follows within days the Tax Court's similar decision against the IRS in P.D. Garnett, 132 TC No. 19, Dec. 57,875 (TAXDAY, 2009/07/01, J.1).

More Information from the Traders Tax Experts

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