Dr. Friday Radio Show – September 25, 2021

Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

• Tax Extension deadline Oct. 15 to file your tax return
• The Infrastructure Bill being debated in Congress and the IRS monitoring bank accounts
• Letter 6470 from the IRS about the Recovery Rebate Credit
• The New Charitable Contribution Deduction
• The IRS Using Collection Agencies
• How to ensure your Stimulus Status
• Tax advantages and disadvantages of inheriting a home vs buying a home from an elderly parent
• Changes in the tax law for Real Estate Professionals
• Donating a commercial property and how to appraise
• Cryptocurrencies and how to track for tax purposes
• Cryptocurrencies and wash sales
• Veterans and Taxes
• Capital Gaines in the sale of Motorcycle, Airplane or Boats
• Earned Income Credit for taxpayers with non-qualifying children
• Using the taxpayer’s prior year income for the purposes of EIC
• Catching up if you’ve fallen behind in your taxes

and much more!

Transcript

Announcer 0:00 No, no, no, she's not a medical doctor, but she can share cure your tax problems or financial woes. She's the How-To Girl. It's the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here's your host, financial counselor, and tax consultant, Dr. Friday. Dr. Friday 0:29 Good day, I'm Dr. Friday and the doctor is in the house. So if you're working on your tax return, remember October 15 is our deadline. So many of us are working through the weekends, trying to make sure everybody's taxes are done and completed. So if you haven't done your taxes yet, probably now would be the time to start thinking about them. You don't want to wait to the very, very last minute, you know. You can always wait until the last second to hit the send button. But you do want to get them prepared. So you can at least see what you have or what's going on. Dr. Friday 0:56 So there you go. So you want to make sure so if you've got questions, you haven't filed your 2020 taxes yet... this is the show you want to call 615-737-9986. Dr. Friday 1:10 I thought I'd start off the show a little bit with some new information about what's coming down the line from Congress. The infrastructure bill, excuse me, is being debated. Obviously, we all keep hearing about it. 3.5 trillion something along that line. Interestingly enough, I got this from my bank. And they're basically saying that part of this bill will be that the United States Congress contains a proposal that would require financial institutions to report to the Internal Revenue Service, the IRS, the amount that flows through account holders that have more than $600. So now we're going to start reporting... this kind of reminds you of Greece when they started charging the tax on people that held money in the bank. They're now going to have the IRS be notified if anyone has more than $600 in their bank at any given time. Now, I mean, let's be honest, that's would be a very large number of people in society. So it says money that flows through an account for more than $600. Paychecks. You know, a lot of things would be over $600. So this is part of that infrastructure bill that they keep trying to say isn't going to do anything but give us a better type of roads, better internet. You know, they keep trying to sell us, but what kind of personal information are we losing, by having this personal privacy situation that we are not getting. This is an extraordinary regulation, Burnie c