Individual Income Tax Deductions

TOPICS / INDIVIDUALS

December 1, 2016

IRS Agrees That Mortgage Interest Deduction Limit Applies on Per-Taxpayer Basis

Mortgage interest limitation is meant to apply on a “per-taxpayer” basis, rather than on a “per-residence” basis.

December 1, 2016

Tax Planning for Aging Clients: Medical Expense Deduction for Home Improvements

Many clients making modifications to make homes more accessible may qualify for valuable home improvement medical expense
deductions.

October 20, 2016

Form 8332 Challenges for Divorced Couples

When parents divorce without a meeting of the minds or a well-crafted agreement, issues can result as to who is entitled to the tax benefits from supporting their children.

October 1, 2016

IRS Proposes Rules for Reporting and Claiming Tuition Expenses

The IRS is proposing to amend the rules governing eligibility to claim a deduction or credit for eligible education expenses to conform them to recent legislative changes.

October 1, 2016

Tax Relief for Executive Compensation Clawbacks Under Proposed Dodd-Frank Rules

This article discusses difficult tax problems faced by executive officers whose compensation is clawed back and the limited availability of relief under Sec. 1341.

September 27, 2016

IRS Issues 2016–2017 Special Per-Diem Rates for Travel

The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.

September 1, 2016

Co-op Owner Still Cannot Take Deduction for Wall’s Collapse

Progressive deterioration caused collapse of an
80-year-old retaining wall, making a taxpayer ineligible for casualty loss deduction.

September 1, 2016

Individual Tax Update

This article covers recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.

August 1, 2016

Proposed Regs. Govern Reporting and Claiming Qualified Tuition and Related Expenses

The IRS is proposing to amend the rules governing eligibility to claim a deduction or credit for eligible education expenses to conform them to recent legislative changes.

July 21, 2016

Charitable Donations of Food Inventory

A recent change in the law makes it easier for taxpayers to claim charitable deductions for food products donated to charity.

July 1, 2016

Valuing and Substantiating Charitable Contributions

The burden of establishing fair market value of clothing and household items gifted to charity is on the taxpayer, but many have problems determining that value.

July 1, 2016

Health Savings Account Limits for 2017 Are Issued

The IRS issued the inflation-adjusted figures for the annual contribution limits for health savings accounts and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible plans.

April 21, 2016

Charitable IRA Distributions: A Great Opportunity

Exclusion of IRA “qualifying charitable distributions” can a powerful incentive to charitable giving.

April 1, 2016

Charitable Contributions of Artwork: An Important Primer

A number of tax planning opportunities are available when gifting artwork, but donors should do their homework to avoid surprises.

March 1, 2016

IRS Withdraws Controversial Charitable Donation Rules

The IRS withdrew proposed regulations that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.

March 1, 2016

Deducting Business Bad Debts

Planning that maximizes the business bad debt deduction can help minimize the taxpayer’s overall economic loss.

March 1, 2016

Individual Taxation: Recent Developments

This article covers recent developments in the area of individual taxation arranged in Code section order.

January 7, 2016

Controversial Charitable Donation Rules Withdrawn

The IRS announced that it is withdrawing proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.

January 1, 2016

Bad News for Noncash Contributions

Most taxpayers are unaware of the stringent
regulations that apply to the substantiation of noncash charitable contributions and do not furnish the required information.

December 17, 2015