Daily Tax Update - May 22, 2015: IRS Provides Average Purchase Prices for Qualified Mortgage Bonds

IRS Provides Average Purchase Prices for Qualified Mortgage Bonds:  In Revenue Procedure 2015-31, the IRS provides the nationwide average purchase price for residences located in the United States, and average area purchase price safe harbors for residences located in statistical areas in each state, Washington, DC, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam.  The information is used to determine qualified mortgage bonds under section 143.

IRS Reminds Businesses in U.S. Territories That Form 8300 is Required for Cash Payments Over $10,000:  The IRS is reminding businesses in any U.S. possession or territory that Form 8300 must be filed within 15 days of any transaction that involves a payment of more than $10,000 in cash.  Related transactions within a 24-hour period must also be reported, and transactions with the same payer within a 24-hour period are treated as one transaction.  The relevant territories include American Samoa, the Northern Mariana Islands, Guam, Puerto Rico, and the U.S. Virgin Islands.  The Form 8300 reference guide provides additional information.