A. The tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers. Below are highlights of some of the most significant changes affecting individual taxpayers. Except where noted, these changes are effective for […]
A. Since the passage of the Tax Cuts and Jobs Act (TCJA), there has been confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity debt. In response, the IRS issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second […]
Learn where you can deduct various types of interest in order to receive the maximum tax benefit, including student loan interest, mortgage interest, rents & royalties, etc.
Sale Of Residence – Tax Implications If a person owned and used a home as a principal residence for 2 of the 5 years preceding the sale, up to $250,000 of gain may be excluded ($500,000 on a joint return). This tax break may be used only once every 2 years. A taxpayer who fails […]
Home Office Deductions Taxpayers who have “paperwork only” home offices, but do their income-producing work elsewhere, can claim home office deductions starting in 1999. A taxpayer can claim the deduction if the home office is used for administrative or management work and there is no other fixed location where a substantial amount of administrative or […]