Article Highlights: Vacation Home Rental Rules Order of Deductions Loss Limitations Expense Prorating With the shortage of affordable housing these days, many homeowners are renting out rooms in their homes, providing themselves with some additional cash. Questions that are often raised in regard to room rentals include: Is the income taxable? … [Read more...] about Tax Treatment of a Room Rental
Tax related
Tax Reform Muted the AMT: Holders of Incentive Stock Options, Take Note
Article Highlights Alternative Minimum TaxDeterrent to Tax SheltersTax Reform ChangesTax Deductions and PreferencesIncentive Stock OptionsTax Planning Opportunity Although Congress, as part of the recent tax reform, promised to do away with the alternative minimum tax (AMT), it only did so for C corporations; as a result, the AMT still applies to individuals. … [Read more...] about Tax Reform Muted the AMT: Holders of Incentive Stock Options, Take Note
Court of Appeals Rules for Clergy
Article Highlights: Internal Revenue Code Section 107 Court RulingEmployee StatusSelf-employed StatusParsonage AllowanceSelf-employment TaxExemption from Self-employment Tax If you read our previous article related to a Wisconsin District Court ruling, you will recall that the judge in that case had ruled that Sec. 107(2) of the Internal Revenue Code was unconstitutional. … [Read more...] about Court of Appeals Rules for Clergy
Employees’ Fringe Benefits after Tax Reform
Article Highlights: Qualified ParkingTransit PassesBicycle CommutingCommutingMoving DeductionAchievement AwardsGroup Term Life Insurance Dependent Care BenefitsQualified Educational Assistance Programs Tax reform made a lot of changes, some of which impacted employees’ fringe benefits. This article reviews the most frequently encountered fringe benefits, including those … [Read more...] about Employees’ Fringe Benefits after Tax Reform
Gift and Estate Tax Primer
Article Highlights: Exemptions from Gift and Estate TaxesAnnual Gift-Tax Exemption Gifts for Medical Expenses and TuitionLifetime Exemption from Gift and Estate TaxesSpousal Exclusion PortabilityQualified Tuition ProgramsBasis of Gifts The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant … [Read more...] about Gift and Estate Tax Primer