In certain situations, a taxpayer may be able to claim capital gain treatment, even if the taxpayer subdivides the real property into lots and actively tries to sell the parcels.
Gains & Losses
This semiannual review covers changes made by the TCJA, cases and guidance involving hobby losses, qualifying as a real estate professional, innocent spouse relief, and other key topics affecting individuals.
This article discusses calculating and reporting the deduction for losses related to residential property and other nonbusiness property from natural disasters for federal tax purposes.
For investors, cryptocurrency will be regarded as a capital asset, so a key component of correctly determining the tax treatment of a cryptocurrency investment will be establishing its basis.
This article describes a few key aspects of virtual currency phenomena, their tax ramifications, and what tax practitioners need to know about them.
Tax treatment of individual owners of bitcoin and other virtual currencies held for personal use or investment
Tax preparers will need to be proactive in helping their clients identify and report any potentially taxable transactions.
This article is a semiannual review of developments in individual federal taxation, including issues of alimony, trade or business expenses, and recognition of loss.
This item summarizes the current law and discusses the facts and analysis in a recent case.
The IRS and taxpayers have struggled with what constitutes a real property trade or business.
Passthrough owners that do not materially participate in a trade or business may find their tax credits suspended.
This article is a semiannual review of recent developments in the area of individual taxation.
This article explores the income tax issues that arise from owning or living in a home with a person other than a spouse.
This article lays out the steps for determining whether a taxpayer qualifies as a real estate professional.
A number of recent significant developments affect taxation of individuals.
Court rejected doctor's deduction of passive activity losses carried forward from the years when he treated the interest as a nonpassive activity.
Tax-loss harvesting offers the potential for significantly increased after-tax returns.
This item explores the underlying federal income tax issues that accompany disregarded entities acting as borrowers in lending transactions.
Tax Court held that royalties received by an S corporation under a license agreement are taxable as ordinary income to the S corporation’s individual shareholder.
Proper planning may allow this tax to be deferred, reduced, or, in some cases, avoided completely.
Tax Court ruled that couple could deduct passive losses from their rental real estate activities because they met the real estate professional and material participation rules.