Welcome to the 2024 Tax Year Important Items.
Electric Vehicle
Be Aware of EV Subsidy Obligations
If you purchased an EV in 2024 and received up to $7,500 in subsidies, you may receive IRS Notice CP99D in early 2025. Pay attention to additional work required during tax filing.
Tax Year Related: Common Omissions
Crypto
Attention to Crypto Transaction Records
Tax rules for cryptocurrency wallets differ significantly before and after December 31, 2024. Correctly filing your 2024 crypto transactions aids effective tax planning.
Tax Year Related: Incomplete Records
Foreign Assets
Report Foreign Assets
Timely and accurate reporting of foreign assets ensures tax compliance and avoids unnecessary penalties. Common reportable assets include bank accounts, cash-value life insurance, and foreign equity.
Common Oversight: Frequent Omissions
Online Sale
Received IRS Form 1099-K?
If you have been paid by certain online platforms, you may receive IRS Form 1099-K in your mail. It should not affect your taxable income, in theory.
Tax Year Related: New Threshold, Old Rules
Gift Tax Return
Gifted more than $18,000 to someone?
Gift Tax Return may be required if you have gifted someone more than the annual exclusion in 2024. However, that does not mean you have to pay any taxes at the moment.
Common Oversight: Frequent Omissions