Third, the suspension of the 3-year statute of limitations will now apply with respect to the entire tax return and presumably all items on the tax return regardless of whether they are related to a foreign activity.

FORBES: THE GOOD OLD DAYS PRE-FACTA

That means you can deduct 335 days of those two big-ticket items on Schedule A of your tax return (subject to losing the real estate tax deduction in the AMT).

FORBES: Second-Home Safety

Those earning in excess of the thresholds will pay tax on these items of income at 20%.

FORBES: Problems With The Pending Fiscal Cliff Deal