The Tax Professionals Blog
Acquisition Debt - It’s All About the Timing.
Although in most cases, loans to purchase a residence is secured at the closing of escrow. But what happens when a loan is secured later, does it still qualify as...
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Viatical Settlements
Any amounts received under a life insurance contract on the life of a terminally ill individual are excluded from gross income. Amounts received under a life insurance contract by chronically ill individuals are also...
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Medicaid Waiver Payments Ruled Earned for Purpo...
The Tax Court in Feigh, (2019) 152 TC No. 15 has ruled that Medicaid Waiver payments, even though excluded from income, are still earned income for purposes of claiming EITC...
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IRS Releases Final SALT Regulations Related to ...
The IRS has released final regulations related to the SALT limitation imposed by TCJA and the attempts by various states, most notably NY, NJ and CT, to skirt the $10,000...
Read MoreSexual Harassment Damages and Settlements
Tax reform put restrictions on business deductions related to sexual harassment damages and settlements as well as impacting the taxability of any award or settlement.
Read MoreTax Treatment of a Room Rental
Expenses allocable to a portion of a dwelling unit rented out are deductible under the vacation home rules. The amount of the deductible rental expenses would be the expenses attributable...
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