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Shamsey Oloko December 19, 2016 Bad Debt, Interest Income, New York Sales Tax, New York State Tax, New York State Tax Law, Sales Tax

Tax Law Changes In The New York State Budget Act, Part 3

In early spring of 2016, Governor Cuomo of New York signed into law the 2016-2017 Budget Act (S6409C/A9009C) (“Budget Act” or “Act”). This legislation includes amendments to the New York tax reform legislation contained in the 2014-2015 New York State Budget…

Shamsey Oloko March 9, 2016 Expenses Deductions, IRC Section 163, Mortgage Interest Deduction, News

Is The $1,100,000 Limitation On Mortgage Debt For Purposes Of Determining Deductible Interest Expense Applied On A Per-Taxpayer Or A Per-Residence Basis?

Issue Is the $1,100,000 limitation on mortgage debt for purposes of determining deductible interest expense applied on a per-taxpayer or a per-residence basis? Related Tax Rules or Regulations Internal Revenue Code Section 163(h)(3) allows a deduction for qualified residence interest…