BrokerageIndustry News

Tax changes to note as filing deadline nears

Real Estate Tax Talk
Published on Feb 17, 2012

Here are some important tax changes for 2011 that you should be aware of as you prepare your return.Different due date for return Ordinarily, your tax return is due April 15. However, this year the deadline has been extended to April 17. The reason: April 15 is a Sunday and April 16 is the Emancipation Day holiday in Washington, D.C. If you file for an extension, you have until Oct. 15, 2012, to file your return. New tax form for capital gains and losses The Internal Revenue Service has created a new form, Form 8949: Sales and Other Dispositions of Capital Assets, that most people will have to use to report their capital gains and losses. Then, you report certain totals from that form on Schedule D of your Form 1040. Two standard mileage rates If you use the standard mileage rate to deduct your business driving, be aware that there are two different rates for 2011.  The rate is 51 cents per mile for all the business driving you did from Jan. 1 through June 30, and ...

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