Personal Finance
A 10-year TIPS matured today after paying a 0.045% real yield
Bought at auction in July 2016, it returned 3.381% a year in nominal terms. The nominal note sold beside it yielded 1.59%.
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Personal Finance
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Finance
Mortgage lending rose about 30 percent at the three biggest US bank originators
Chase originated $17.2bn, Wells Fargo $9bn and Bank of America $3.5bn in first mortgages in the second quarter.
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Economics
Consumer prices fell 0.4 percent in June as energy costs dropped
Annual CPI inflation slowed to 3.5 percent, from 4.2 percent in May. Core CPI was flat on the month.
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Tax
Treasury finalizes rules making some charitable trust deals listed transactions
Final regulations require participants and material advisers to disclose certain CRAT and annuity arrangements.
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Tax
Tax Court denies above-the-line deduction for credit reporting legal fees
FCRA claims do not involve unlawful discrimination under section 62(a)(20), the Tax Court held in Eiler.
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Personal Finance
Four groups lose charitable status, and gifts to them stop being deductible
Announcement 2026-12 revokes four section 501(c)(3) determinations, with effective dates going back to 2022.
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Tax
IRS to grant penalty relief automatically to compliant taxpayers
The IRS will abate three common penalties without a request from taxpayers who have three clean years behind them.
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Tax
IRS raises business mileage rate to 76 cents for the second half of 2026
The business standard mileage rate rises to 76 cents from 72.5 cents for travel on or after July 1.
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Personal Finance · Tax
IRS removes a death benefit tax trap from life insurance policy swaps
Final rules undo a 2019 regulation that could have made a death benefit taxable after a routine 1035 exchange.
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Personal Finance · Tax
Lawyers warn NYC second-home buyers could inherit a seller's pied-a-terre tax bill
The surcharge took effect July 1. The rules that say who owes it are still in draft.
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Personal Finance · Tax
World Cup bets may be taxed differently on prediction markets than at a sportsbook
Sportsbook losses face a new 90 percent deduction cap. Event contracts may sit outside it. The IRS has not ruled.
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Tax
IRS moves QDOT bond filings out of the estate tax return
Final regulations under section 2056A change where QDOT bonds and letters of credit must be filed.
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Personal Finance · Retirement
Social Security COLA estimates for 2027 drop to between 3.7 and 3.8 percent
Cooler June inflation cut one 2027 estimate to 3.7 percent, from 4.7 percent a month earlier.
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Personal Finance
The Tax Court is weighing whether COVID stopped interest on old tax debt
Wepplo asks whether section 7508A(d) barred interest from accruing between January 2020 and July 2023.
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Personal Finance · Retirement
Trump accounts opened on July 4 with one fund and no choice yet
Treasury named five ETFs on July 1. Every contribution goes into the default until the other four are switched on.
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Personal Finance · Retirement
SSI recipients get two payments in July and none in August
August 1 is a Saturday, so the August payment lands on July 31. It is a calendar rule, not a raise.
Nothing filed under that subtopic yet.