Deductions Archives - Page 20 of 26 - FREE Yourself from IRS Problems

Shamsey Oloko February 26, 2016 Business Expense, Business Expenses, Deductions, Income, Qualified Expenses 0

If I convert a home to a rental, when can I deduct any losses related thereto?

Issue If a taxpayer converts a home to a rental, when can the taxpayer deduct any losses related thereto? Related Tax Rules or Regulations Internal Revenue Code Section 262, which provides that except as otherwise expressly provided, no deduction is allowed…

Shamsey Oloko February 24, 2016 Business Expense, Business Expenses, Deductions, Expenses Deductions, Ordinary and Necessary Expenses, Taxable Income 0

Who qualifies as a real estate professional for tax purposes?

Issue Who qualifies as a real estate professional for tax purposes? More specifically, how does a taxpayer establish that he or she materially participate in rental activities, so that the rentals become non-passive, and any losses can be used without…

Shamsey Oloko February 23, 2016 Civil Liabilities, Debt Cancellation, Deductions, Income, Taxable Income 0

Relating to the allocation of partnership liabilities and the tax implication of a foreclosure

Issue What is the allocation of partnership liabilities and the tax implication of a foreclosure? Related Tax Rule or Regulation Internal Revenue Code Section 465 Internal Revenue Code Section 704 Internal Revenue Code Section 731 Internal Revenue Code Section 752…