Blog Archives

Sophy v. Commissioner – Reviewing Mortgage Interest Deduction Limitations

Taxpayers living in Vail Colorado contacted me most recently to represent them in an IRS audited covering tax years 2009, 2010 and 2011 relevant to several small items but specifically to the mortgage interest deduction claimed on Schedule A of

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Posted in Debt, Disallowed Expenses, IRS Appeal, IRS Audit, IRS Examination, Marriage, Mortgage, Paying Taxes, Tax Filing Status, Tax Guidance & Preparation

Traders in Securities

If you are an individual who buys and sells securities you may qualify as a “trader in securities,” for tax purposes. This post attempts to explain how traders must report the income and expenses from being in the trading business.

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Posted in Accounting Method, Business Expense, Capital Gain, Capital Loss, Cost Basis, Investment Income, Mark to Market, Paying Taxes, Self Employ, Tax Guidance & Preparation

Acquisition Debt and Divorce

Business Entity Selection and the Tax Consequences of Converting

Generally speaking IRS regulations provide that debt incurred to acquire the interest of a spouse or former spouse in a residence, incident to divorce or legal separation, may be treated as acquisition indebtedness under IRC Sec. 163 (mortgage interest deductions) without regard to the treatment

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Posted in Basis, Debt, Family, Gift Tax, Home Office, Marriage, Tax Guidance & Preparation
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