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,...
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The Tax Professionals Blog · 446 articles
Viatical Settlements
Any amounts received under a life insurance contract on the life of a terminally ill individual are excluded from gross income. Amounts ...
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Medicaid Waiver Payments Ruled Earned for Purposes of Credits
The Tax Court in Feigh, (2019) 152 TC No. 15 has ruled that Medicaid Waiver payments, even though excluded from income, are still earned ...
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IRS Releases Final SALT Regulations Related to Limitation
The IRS has released final regulations related to the SALT limitation imposed by TCJA and the attempts by various states, most notably NY...
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 taxabili...
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 ...
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