Article Highlights: Ordinary and Necessary Directly-Related Test Associated-With Test Lavish Substantiation Requirements An often asked question is: are meals and entertainment deductible in the course of one’s business, and if so, under what circumstances? This type of expense requires you to comply with some pretty complicated qualifications, and if you can jump through the hoops, the expenses may be deductible in certain cases.
But before we go too far, know that unreim
Article Highlights: Substantiation and Documentation Requirements Deductions of less than $250 Deductions of $250 to $500 Deductions over $500 but not over $5,000 Deductions over $5,000 Qualified Appraisal Appraisal Timing A commonly overlooked requirement of taking a tax deduction for donating clothing and household goods to charity is the substantiation requirement, for both what is donated and the value placed on the donation. Because the IRS has encountered so much abuse
Article Highlights: Home Sale Gain Exclusion Home Sale Loss Rule Mortgage Interest Deductions When individuals buy new homes, they often consider turning their old homes into rentals rather than selling them. All too often, that decision is made without considering the tax implications. Converting a former residence into a rental may also happen when two individuals who each own a home get married or when individuals move to a new area but don’t want to sell their former home