Tax Filing Dates for September and October 2016
As a reminder, the following are important tax filing dates to remember as we head into the fall season.
- September 15 – Third quarter installment of 2016 individual estimated income tax is due.
- September 15 – Filing deadline for 2015 tax returns for calendar-year corporations that received an automatic extension of the March filing deadline.
- September 15 – Filing deadline for 2015 tax returns for partnerships that received an extension of the April filing deadline.
- October 1 – Generally, the deadline for businesses to adopt a SIMPLE retirement plan for 2016.
- October 17 – Deadline for filing 2015 individual tax returns on extension.
- October 17 – Deadline for reconverting a Roth IRA to a regular IRA.
Partial Home Sale Exclusion
Could you qualify for a partial home-sale exclusion?
Generally, when you’re single, you can exclude up to $250,000 of gain from the sale of a home ($500,000 if you ’re married filing jointly) when the home is used as a primary residence for two years in a five-year period that ends on the date of sale.
Tax law also provides for a partial exclusion when the time and ownership requirements are not met, if the primary reason for the sale is unforeseen circumstances. “Unforeseen” means events you could not have reasonably anticipated before buying the home and moving in.
How flexible is the definition?
Recently, the IRS allowed a partial exclusion when a family living in a two bedroom, two bath condominium gave birth to another child. They needed a larger residence before the two-year rule was met.
In conclusion, if you have any questions about tax filing date deadlines, or you would like assistance, please contact us. We are here to help. From filing the 3rd quarter 2016 individual estimated income tax to assisting you with reconverting a Roth IRA to a regular IRA, Engelman Accountancy Corporation is your source for all your tax needs.