EPISODE 11. Deadline passes for IRS $80B spending plan. Daniel Werfel finally goes to Senate hearing. Tax Implications of Selling your Rental. Artwork

Taxcast With Chelsea

Welcome to Taxcast with Chelsea: My background ranges from corporate finance, small business accounting roles, and now serving clients in a tax advisory role. While I enjoy researching and resolving tax issues for clients, I understand not everyone has the same tax resources and the information online can be overwhelming. My goal is to provide tax understanding to the everyday taxpayer. Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice. https://www.irs.gov/pub/irs-pdf/pcir230.pdf

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Taxcast With Chelsea

EPISODE 11. Deadline passes for IRS $80B spending plan. Daniel Werfel finally goes to Senate hearing. Tax Implications of Selling your Rental.

February 27, 2023 • Season 2023 • Episode 4

Today's topics:
1. The IRS missed its strategic plan deadline - what's at stake and what to expect in the coming weeks. [:48]
2. Daniel Werfel went before the Senate Finance committee and still wants to be the next IRS commissioner and makes a daily commitment to taxpayers if confirmed. [5:00]
3. Selling a Rental: what you need to calculate the tax impact & possible other alternatives you haven't considered. [7:48]
**FYI: In this recording, I realized I said form "1310" instead of form "3115" - Sorry about that!** It's tax season folks so my brain is all over the place.

Links

· Recap on how the IRS will spend IRA funds: https://crsreports.congress.gov/product/pdf/IN/IN11977

· Senator Mike Crapo opening statements: https://www.finance.senate.gov/ranking-members-news/crapo-statement-at-irs-commissioner-nomination-hearing

· Good recap of senate hearing by Kelly Phillips Erb: https://www.forbes.com/sites/kellyphillipserb/2023/02/15/bidens-irs-nominee-promises-change-at-senate-confirmation-hearing/?sh=7d8a9c984f83

· Taxpayer Bill of Rights: https://www.irs.gov/newsroom/taxpayer-bill-of-rights-the-ten-rights-of-every-taxpayer

· https://www.irs.gov/publications/p527

· Depreciation rules: https://fitsmallbusiness.com/rental-property-depreciation-rules/

· IRS How to Depreciate property: https://www.irs.gov/publications/p946

> FORM 3115 for Catch Up Depreciation: https://www.irs.gov/forms-pubs/about-form-3115

Connect with Chelsea:
Email: taxcastwithchelsea@proton.me
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**DISCLAIMER**
Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and I am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice.
https://www.irs.gov/pub/irs-pdf/pcir230.pdf