March 29, 2012 3:44 pm

Combating Identity Theft

The Senate Finance Committee learned that the number of identity theft cases that the IRS received between 2009 and 2011 nearly tripled. To better protect taxpayers, one senator introduced the Identity Theft and Tax Fraud Prevention Act. This measure would enable the IRS to better detect tax fraud and protect taxpayers from identity theft.

Something needs to be done to thwart identity theft. This year, tax refunds have been delayed because the IRS has been implementing steps to ensure that the refunds are legitimate and not the product of identity thieves.

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Tax Glossary

Appreciation in value

Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.

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