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Lesson From The Tax Court: No §163 Deduction From Foreclosure Proceeds

(TaxProf Blog) - Section 163(h)(2)(D) permits taxpayers to deduct “qualified residence interest.” As the term suggests, the deduction requires a “qualified residence” which can be either or both the taxpayer’s principal residence and one other residence that the taxpayer actually makes personal use of for the greater of 14 days or 10% of the days it’s rented out.


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The Evolution of Nexus and its Implication for Income Tax 
(CPA Practice Advisor) - Although Wayfair was strictly a sales tax case, states have also begun to assert economic nexus for income tax purposes. Unlike sales tax, currently only a handful of states...

10 Innovative Opera Features that Lured Me Away from Chrome 
(PC World) - What’s standard in Opera requires extensions in Chrome—if you can even find them.

Is the U.S. in a Recession? GDP is not the Only Measure 
(Reuters) - By some early estimates, the U.S. economy, as measured by gross domestic product, may have shrunk in the three months from April through June. Add that to the decline from January through March, and that would be a contraction for two quarters in a row.

USPS Increases Stamp Prices 
(NewsNation) - A Forever stamp, as its name suggests, can be used to mail a letter regardless of when it was purchased. That means if you bought a book of Forever stamps 10 years ago, when the price was 45 cents each, you can still use them to mail letters now, even though prices have climbed.

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