The Tax Professionals Blog

H.R. 6201, the Families First Coronavirus Response Act was signed into law by President Trump and becomes effective April 2, 2020, and the provisions of the legislation will continue through December 31, 2020. This legislation makes significant changes to the Family Medical Leave Act (FMLA) and to Emergency Paid Sick Leave.   

When must a home purchase, construction cost or home improvement expenditures be made in order for a loan to be treated as acquisition debt?  The answer can be found In Notice 88-74 and here is what the Notice has to say on the issue:1. Acquisition - In the case of the acquisition of a residence, debt may be treated as incurred to acquire the residence to the extent of expenditures to acquire the residence made within 90 days before or after the date that the debt is incurred. 2. Construction or Substantial Improvement - In the case of the construction...

A question was raised as to whether a home office can be included in the total of qualified property used in determining QBI when using the section 199A(b)(2)(B)(ii) 2.5% of unadjusted basis of qualified property (UBIA) limitation.