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Federal Tax Update — November 2016

from By David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong PC

In Bobo v. Commissioner, TC Summary Opinion 2016-74, the Tax Court found that $20,500 cash paid to a couple for vacating their home in lieu of foreclosure was not taxable as it was part of the "purchase price" and the house was disposed at a loss.

In Pham v. Commissioner, TC Summary Opinion 2016-73, the Tax Court refused to allow a couple to offset winnings reported by a casino where they kept no documentation or other proof to support losses. They stated that they gave up writing down their losses because it was "bad for your psyche ... you need to be strong mentally" when playing cards.

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