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You can change your email under "change login information".

Yes, the sale of investment property is reported on Schedule D. If there is some considerable improvement within the last 12 months, that portion would be short-term, but generally speaking, most or all of the transaction is probably going to be long-term. I have some old case law that I could dig out on the issue of short-term reporting if that is needed. The expenditures for the rehab of the home are part of basis, and depending on the type of any other charges incurred that were associated with the property and how they were handled or ignored, some of those carrying charges might also be included in basis if an election was made to do so. You can read more about that here: https://www.law.cornell.edu/cfr/text/26/1.266-1

Can't help but wonder if IRS is throwing down the gauntlet with this announcement. They got caught in political crosshairs this year and they had to punt with an awkward policy that left everyone guessing what to do. With this announcement, they are clearly stating what they are planning to do next filing season. If the administration/Congress want IRS to do something differently, then clear direction will need to be provided. All in all, probably a smart move by IRS, and early enough for action to be taken before the filing season begins.

added something to this: depends upon our clients' ability to receive ACCURATE 1095s on a timely basis. How many of us had to wait for clients to get these forms corrected? Some here, I am sure. Luckily I had only one, and the process of getting this corrected form caused a lengthy delay in filing an otherwise very basic return. I was bothered when I found out that the national marketplace sub'ed out that job of investigating and calculating corrected amounts or other reported data, and then that information was transferred back to the marketplace to issue the corrected form. Now with the Equifax debacle and hacking, it all bothers me a lot more.

Part of our ability to comply with these bold directives depends upon our clients' ability to receive 1095s on a timely basis. Last year, after the big insurance companies had 4 years to comply with this by January 31, they whined to the IRS that they weren't ready. So the IRS announced their deadline had been extended to March 15th. This extended the coalition between powerful institutions to heap misery on the rest of us trying to comply. Ask ourselves how much time we have to spend cleaning up the mess behind brokerage houses, financial custodians, etc. when they issue errant 1099s, and we all know they have the resources to do their job right. Yet when it comes to compliance, these huge companies lead a charmed life, as I have not been aware of a single incident where these companies ever receive a penalty or have to be accountable for their train wrecks. If their position on ACA enforcement has indeed changed, it could very well be that the fate of the ACA has only become more permanent than was perceived a year ago.

Catherine, I think some CPE providers stopped reporting to IRS once the courts ruled the agency couldn't require anything of PTIN holders. The professional tax associations still do, but I wonder about some courses run by CPA boards and CPE mills. I renewed my PTIN today without problems. However, when I tried to take our IRS liaison's advice and change my email address to something I will only use for IRS (to avoid every CPE provider sending me offers and crooks pretending to be clients sending me links to their documents to my work email), I discovered I could not change it. I could change everything else, including my name!, but not my email. I will contact the liaison on Monday. I usually renew the PTIN in late Dec. No point paying before I have to. Since there is no charge this year, there was no downside to renewing early. I am wondering, though, if EA renewals will go up in price. When IRS starting charging for PTINs, NAEA went to bat for us saying it was ridiculous for us to have to pay twice for background, CPE, and tax compliance checks. IRS responded by lowering EA renewal fees by A LOT. I just renewed this year so am good for three years. Anyone who has to renew soon please let us know if the fees go way up.

I agree, John. Much like many of us discussed here when this issue came up during the filing season, the law hadn't changed even though IRS said it wouldn't actively pursue. That was also compounded by the issue of whether the software would allow filing of "silent" returns without rejection, if I recall correctly. I think it's a good thing that IRS has come out with its position before the filing season starts.

Did you get the email saying you are eligible for early renewal? I did. We got ours today. I think they are only allowing those that were sent the email to renew in this early period. Some of us are special I guess. Tom Modesto, CA