Internal Revenue Bulletin: 2013-6
February 4, 2013
Final regulations under section 704 of the Code regarding the application of the substantiality de minimis rule. In the interest of sound tax administration, this rule is being made inapplicable. These final regulations affect partnerships and their partners.
This notice extends earlier guidance on the federal tax consequences of payments made to or on behalf of financially distressed homeowners under programs established pursuant to the Treasury Department’s Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets and the Department of Housing and Urban Development’s Emergency Homeowners’ Loan Program. This notice also extends the earlier guidance on the information reporting requirements for these payments. Notice 2011-14 and Rev. Proc. 2011-55 amplified and supplemented.
This procedure provides an optional safe harbor method for an individual taxpayer to use to determine the amount of deductible expenses related to a qualified business use of the taxpayer’s home. The safe harbor method is an alternative to calculating and substantiating actual expenses for purposes of section 280A of the Code. Section 8.02 of Rev. Proc. 87-57 modified.
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