Finance · Taxes
what tax reporting is required for employer-provided commuter benefits?
Guidance from the author Internal Revenue Service and the institution U.S. Department of the Treasury, particularly Publication 15-B and the Internal Revenue Code Section 132(f), sets the framework for tax
which tax credits exist for rehabilitating historic residential properties?
Federal incentives and eligibility
The primary federal program for rehabilitating historic buildings is the Federal Historic Rehabilitation Tax Credit for certified historic structures, administered through the National Park Service U.S. Department
how do controlled foreign corporation rules affect u.s. shareholder taxation?
Controlled Foreign Corporation rules aim to prevent U.S. taxpayers from indefinitely deferring U.S. tax by sheltering income in foreign subsidiaries. The core mechanism treats certain foreign corporations as Controlled Foreign
how do 1031 exchanges affect taxable gain on real estate?
1031 exchanges permit real estate investors to convert one investment property into another without immediately paying federal tax on the gain. Under U.S. tax law this is a mechanism of
how are cash tips reported by service employees taxed federally?
Cash tips received by service employees are federal taxable income and are subject to both federal income tax and FICA taxes for Social Security and Medicare. The Internal Revenue Service
are homeowners allowed to deduct mortgage insurance premiums on taxes?
Homeowners may have been able to deduct mortgage insurance premiums in past years, but under current federal law that deduction is not routinely available for recent tax years. Publication 936
how are casualty loss deductions calculated after a federally declared disaster?
A casualty loss after a federally declared disaster is computed in stages that determine the deductible amount on your tax return. The governing rules are explained in Publication 547 by
who is responsible for paying transfer taxes in a real estate sale?
Who pays transfer taxes in a real estate sale depends on law, custom, and the sale contract. Transfer taxes are levies imposed by states, counties, cities, or national governments when
which tax filing status benefits unmarried couples with shared dependents?
Unmarried couples who share dependents most commonly benefit when one partner files as Head of Household. This filing status is available to a taxpayer who is unmarried, pays more than
when are capital gains taxes due after selling investment property?
Selling an investment property creates a clear moment of tax liability: the taxable gain is realized on the date ownership transfers and the sale closes. The Internal Revenue Service explains