A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may … read more
We often see cases where taxpayers for one reason or another have not deducted a pass-through loss on their tax return. Sometimes the taxpayer doesn’t want to wait for that elusive late K-1 before filing their individual return. Sometimes they … read more
Recently, a client called to discuss the procedures he needed to undertake to allow his child to claim a deduction for home mortgage interest and related real estate taxes on a residence occupied by his child. Since the child did … read more
Occasionally, a business owner would like to purchase a vehicle owned by his business. The tax rules are clear as to how this type of transactions needs to be handled. The general rule is a business cannot deduct a loss … read more
You just bought a new car, but how are you going to get rid of your old one? Many individuals find the trade-in allowance offered by dealers to be well below the car’s true value. The alternative of selling the … read more
Over the past few years, there has been a lot of talk regarding corrosive drywall that was imported from China in the mid-2000′s. Much of this drywall was installed in homes between 2005 and 2006 during the building boom. As … read more
Charitable contributions can yield great tax benefits, but taxpayers need to have the proper documentation for them to have the deductions hold up in the face of an audit. Cash contributions are relatively simple to substantiate. The taxpayer just needs … read more
When you imagine being on a cruise, a lot of things might come to mind. Floating the seas, wind in your hair as you stand on the top deck, and an itinerary in your hand filled with the schedule of … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
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