Individual Income Tax Deductions

TOPICS / INDIVIDUALS

November 1, 2007

Gifting of a Remainder Interest in a Home

Editor: Kevin F. Reilly, J.D., CPA One of the first decisions taxpayers must make when planning their estates is what to do with the principal home. With the changing and sometimes downtrodden real estate market, this can be a difficult and time-consuming task for heirs, particularly if they do not

November 1, 2007

Hurricane GO Zones: An Update on Relevant Tax Provisions

The widespread devastation left in the wake of hurricanes has resulted in numerous tax provisions aimed at revitalizing and rebuilding the affected areas. Congress passed the Gulf Opportunity Zone Act of 2005, P.L. 109-135 (the GO Zone Act), in response to Hurricane Katrina and then revised it as Hurricanes Rita

November 1, 2007

Meeting the Home Office “Principal Place of Business” Requirement

Editor: Albert B. Ellentuck, Esq. A self-employed taxpayer may be able to claim deductions for the business use of his or her home. These deductions include mortgage interest, real estate taxes, maintenance, insurance, utilities, and depreciation. However, certain conditions must be met, sand the IRS closely scrutinizes home office deductions

October 1, 2007

Treatment of Legal Fees Incurred by Individuals

This article explains the possible tax treatments of legal fees and how to determine the proper treatment.

October 1, 2007

Opportunities to Claim Health Care Expenses as Deductions

Editor: Joel E. Ackerman, CPA, MST It is common knowledge that taxpayers may deduct qualified medical expenses for themselves and their dependent children. There are, however, other opportunities to deduct medical expenses that are not so widely known. One of those is the deduction of medical expenses that a taxpayer

August 1, 2007

New Ruling Expands Definition of “North American Area” for Attendance at Foreign Conventions

Editor: Anthony S. Bakale, CPA, M.Tax. Sec. 274(h) limits deductions for expenses incurred while attending a convention, seminar or similar meeting held outside the “North American area.” Generally, no deduction is permitted under Sec. 162 for expenses allocable to such a meeting, unless the taxpayer can establish that they are

August 1, 2007

Rules Governing Lodging Away from Home Will Be Liberalized

The IRS and Treasury intend to amend regulations under Sec. 262, relating to the deductibility of lodging expenses. Background Sec. 162(a) allows as a deduction all the ordinary and necessary business expenses paid or incurred during the tax year in carrying on any trade or business. Sec. 162(a)(2) provides that