The Tax Professionals Blog
There May Be More Equity Debt than Meets the Eye
For both regular tax and AMT computations, interest paid on a debt to acquire or substantially improve a first or second home is deductible as long as it does not...
Read MoreDealing With Incentive Stock Option AMT
There are two types of stock options: qualified and non-qualified. Qualified options are also referred to as incentive stock options (ISOs). For non-qualified options, the difference between the stock’s exercise...
Read MoreHome Title Change: A Completed Gift?
Background: A frequently encountered issue is when an elderly parent turns the title of his or her home over to a child or other beneficiary and continues to reside in...
Read MoreAre Specialty Medical Devices and Supplies Dedu...
Medical expenses are defined as the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body including...
Read MoreItemizing Deductions: Capitalizing Property Taxes
When itemizing deductions, a taxpayer is allowed to deduct a variety of taxes, including real or personal property taxes and state income or sales taxes. However, for alternative minimum tax...
Read MoreWaiving the Required Retirement Minimum Distrib...
The penalty, called the excess accumulation penalty, for failing to take the required minimum distribution from IRAs and qualified plans is 50% of the amount that should have been withdrawn...
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