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By month:August 2008

New Housing Rescue Law Destroys Vacation and Rental Home Sales Strategy

Before this new housing rescue law, the savvy taxpayer could convert his old rental or vacation home into a principal residence, live in it for two years, and then sell it to take advantage of the $250,000 and $500,000 exclusion of gain rules. Now, you need to make revisions to that old tax plan to cope with this new law.

Nine Clear Rules on Golf Deductions

You may deduct your business golf when you do it right. In fact, golf that qualifies for the special sporting event deduction produces double the tax benefit of regular business golf.

New Tax Breaks and Traps in Housing Rescue Law

The new housing rescue law (1) creates a $7,000 tax credit for first-time home buyers; (2) creates up to a $500 property tax deduction for the taxpayer who does not itemize deductions; (3) destroys some or all of the $250,000 tax-free exclusion for sales of vacation homes and rentals converted to principal residences; and establishes 1099-style reporting to the IRS of gross income from credit card receipts.

Wow! Proposed Common-Sense Legislation

Help this new bill pass into a law. H.R. 6601 proposes reasonable reform on home office use, cell phones, and business meals and entertainment.

IRS Grants Extension to Group Rental Properties

Mr. and Mrs. Clark hired a new tax advisor. He told them that because they qualified as being in the real property business, they had available to them the tax law option of “group or not group” your rental properties and that grouping could release tax deductions currently trapped by the passive loss rules.

Increase Deductions with More Business Mileage

Pay attention to the rules on what makes a business mile and what makes a personal mile so that you can achieve the best possible vehicle deductions.

Is a Facelift Tax Deductible?

With one exception, you may not deduct a facelift as a medical expense because you use your face for both business and personal purposes. As to deducting the facelift as a business expense, this has not worked out so far.


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