IRS Code 971 On IRS Transcript 2022-2023 IRS Code 971 on an IRS Transcript indicates different possible actions based on the specific Action Code. The IRS usually sends a letter providing more details. Transaction codes and tax topics are used across IRS refund applications, tools, and account transcripts. They are […]
Taxes
58 posts
Tax Code 150 on IRS Transcript 2022-2023 Tax Code 150 on an IRS Transcript means the return is received, entered into the IRS master file, and is under process within the system. Many taxpayers check their IRS account tax transcript for an update on their tax return processing and refund […]
Tax Topic 152 – Where’s My Refund? Tax Topic 152 (TC 152) is an IRS code usually indicating that a return is delayed and will take longer than the typical 21-day processing deadline. There are dozens of codes and topics, but one of the most common ones seen after filing […]
Pool Taxes – Does an Inground Pool Increase Property Taxes? While there are no direct pool taxes, an inground pool increases a property’s value In turn, this indirectly raises property taxes and insurance rates. In-ground pools tend to enhance property values, which in turn raises property taxes. The type of […]
What Is an Unrecaptured Section 1250 Gain? An unrecaptured Section 1250 gain occurs when selling real estate for financial gain after claiming depreciation tax breaks in previous years. Section 1250 is part of the Internal Revenue Service (IRS) tax code. It allows previously recognized depreciation to be reclaimed as income. […]
Tax Credit Apartments – What Is a Tax Credit Property? Tax credit apartments are housing projects or apartment complexes that let landlords or owners claim tax credits in exchange for offering units to low-income tenants with restricted rents. In general, tax credit apartments are complexes owned by a developer or […]