Normally you have 60 days to do an IRA rollover of retirement plan distributions in order to avoid current taxation and possible penalty. What happens when you cannot hit that 60 day window? The answer is an IRA Rollover of Retirement Plan Proceeds Self Certification...
I am knee deep in another interesting file under dispute with our esteemed taxing authorities involving At Risk Limitations. This is intended as the first of many posts on the topic as I navigate the shoals of a relatively complicated file that involves equipment leasing by...
Capital v. Operating Lease - Tax Reporting Implications We often encounter taxpayers who do not quite fully understand how to report for income tax purposes the lease agreements they have entered into for business use assets, particularly automobiles. Leased property includes real estate, machinery, and other...
ABLE Accounts - What Are They? Do You Qualify? An Achieving a Better Life Experience (ABLE) account provides a tax-advantaged method to save for disability-related expenses. Earnings in an ABLE account are not subject to federal income tax and, in most cases, state income tax as...
According to Internal Revenue Code Section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent’s death. In an environment of inflating asset prices this usually means that the beneficiary experiences stepped up basis...
Gluten-Free Federal Tax Deduction for Celiac Disease Many people suffer from Celiac's disease. To be eligible to deduct the excess costs of a gluten-free diet under Internal Revenue Code Section 213, you must generally have a documented reason to require the observance of a gluten-free diet,...
Postings on www.IRS.gov are NOT Necessarily Legal Authority...
What is a Real Estate Professional For US Federal Income Tax Purposes? Morticia hits the nail on the head when it comes to the tax designation 'real estate professional' for income tax reporting requirements. Everyday people misinterpret the tax code. It does not matter if you...
How much can you deduct for the gently used goods donated to charity?...