The Tax Professionals Blog
When a Repaid Premium Tax Credit Can Be a Medic...
Where an employer, for any month, offers an employee affordable ACA compliant health insurance, the employee is not qualified for a premium tax credit. However, some taxpayers, not being aware...
Read MoreDealing With Self-Rental Property Rules
Generally, the self-rental rules apply to taxpayers who rent property to a trade or business in which they materially participate. In such cases the income is treated as non-passive and...
Read MoreLodging Per Diem
Rev Proc 2011-47 & Notice 2011-81 details the rules, effective October 1, 2011, for using a per diem rate to substantiate the amount of an employee’s expenses for lodging, meals...
Read MoreHome Office Income Limitations
The home office deduction is limited to the business activity’s gross income, but many people mistakenly believe that the limitation is the activity’s net income. The gross income limitation is...
Read MoreIndividual Retirement Account (IRA) & Unrelated...
Generally, an IRA is exempt from tax except for unrelated business income (UBI).
Read MoreWhat is the depreciable life of a rented trailer?
A trailer that includes kitchen, bathroom and sleeping facilities is rented long term to an unrelated party for use as their primary residence. What is the depreciable life of that...
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