Congress has recently passed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. This new legislation will include modifications to the mortgage reporting requirements, 1098 forms will now have to report the outstanding principle on a mortgage at the beginning of the calendar year. Under the new law inherited property will not be able to have a higher basis than what was reported for estate tax purposes. The law will clarify the six-year statute of limitations period whenever the basis is overstated. Key changes to certain tax return due dates will also be part of the new legislation.
See Kelly Phillips Erb, Mark Your Calendars Now: Congress Changes Many Tax Return Due Dates & Extensions, Forbes, August 3, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
