Is Schedule E rental income eligible for the 20% pass-through deduction? Final regulations provide limited guidance, but IRS gives a safe harbor. The new tax break applies to qualified business income from a trade or business. The final regs continue to refer to the standard under federal tax code Section 162, the statute that generally […]
IRS, Northside Tax Service, Rental Property, Schedule E, TallyTaxMan, tax breaks
Another vexing issue involves a batch of currently expired tax extenders: The write-off for private mortgage insurance. The $2-million exclusion for forgiven debt on a residence. The limited credit for energy-efficient windows added to one’s home. Several targeted business tax provisions benefiting various special interests. Plus lots of tax breaks for renewable and emerging technology, […]
IRS, Northside Tax Service, TallyTaxMan, tax breaksWhen the Senate and House reconvene for the lame-duck session shortly after the elections… To-do tasks include expiring tax provisions for individuals and business. Contrary to popular belief, 2015’s tax law didn’t make permanent all of the extenders. The exclusion of up to $2 million of forgiven debt on primary homes expires Dec. 31, as […]
Tallahassee Tax Service, tally taxman, TallyTaxMan, tax breaks, Tax Provisions