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…
In December 2015, Congress passed the Fixing America’s Surface Transportation Act (FAST). Provisions included in this bill authorize the State Department to deny or revoke passports for individuals with delinquent tax debt of more than $50,000. The bill also resurrects…
In 2015, taxpayers were introduced to two new tax-friendly savings accounts that are designed for individuals who don’t earn an abundance of income, including low-income families which have members that are both young and disabled. ABLE (Achieving a Better Life…
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At Thorgood Law Firm in New York, we are IRS attorneys dedicated to bringing legal counsel to taxpayers across the United States.
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