The IRS Audit Blog

Archive for March, 2007

Question: IRS Form 8822…do I use this for a name change? Where do I mail it to?

I live in northern California. I was recently married and I need to update the IRS with my new name. I believe I need to use the 8822. If I do, where do I mail the completed form?

Answer: 1. Contact the SSA and get your name changed with them. (The IRS verifies your name with the SSA records.)

2. Yes, you can use 8822, line 5 to show the name change.
The address is in the instructions for the form.

Five tax tips from the IRS for recently married taxpayers

If you recently got married or are planning a wedding, the last thing on your mind is taxes. However, there are some important steps you need to take to avoid stress at tax time. Here are five tips from the IRS for newlyweds to keep in mind:

Question: Capital Loss on House Sale?

Publication 544 from the IRS specifies that losses from personal use property (such as houses and cars) cannot be deducted as a capital loss, but I cannot find the specific section in the Tax Code (http://www.law.cornell.edu/uscode/html/uscode26/usc_sup_01_26.html) that addresses this. I would like to read the exact rules. Anyone know the section? Thanks

Answer: By ommission.
section 1221 says the house is a capital asset.
section 1222 talks about the fact that you have to be eligible to include the loss when calculating income.
section 1231 says you can take certain losses on schedule D. Personal use property isn’t listed, so you can’t.

Coming up in the Chesters, Mendhams, Harding and Washington Twp.

THURSDAY, Jan. 7 The Chester Lioness Club will celebrate the new year with a dinner and meeting at 6:30 p.m. in the Lamplighter Restaurant, 190 W. Main St. The speaker, Jill Lattmann, will discuss health tips and easy ways to obtain the seven to 13 servings of fruits and vegetables a day as recommended by the federal government for good health. The public is invited to attend by reservation only …

Recovery: Vehicle Tax Deduction – June 09

Half of workers changing jobs hit 401(k)s

DES MOINES, Iowa — Millions of workers take a huge chance with their retirement savings every year: They cash out their 401(k) accounts when they lose their jobs or move to new employers.