property

What is a Real Estate Unit of Property?

Wondering what is this “unit of property” term you keep hearing? Well, here is your answer. The IRS issued new regulations in 2013 & 2014 trying to bring clarity to the many conflicting rules in the area of capitalization vs … read more

How to Deduct Recurring Maintenance? The Routine Maintenance Safe Harbor

The Tangible Property and Repair Regulations & guidance issued in 2013 and 2014 has many new provisions including new “safe harbors” and definitions which affect all businesses that have depreciable property or pay for supplies and repairs. One area covered … read more

Expense Your Property under the De Minimis Safe Harbor

The IRS issued regulations in 2013 & 2014 trying to bring clarity to the many conflicting rules in the area of capitalization vs expensing of business property. These new regulations are commonly called the “tangible property regulations”. The new regulations … read more

Like-Kind Exchange – Use of Qualified Intermediary

Like-kind exchanges are back! Due to the economic environment over the last five years, there was a period of inactivity, but recently there has been much more activity in this area. For those who are entering into these transactions, it … read more

Shocker! Virtual Currency is Treated as Property for U.S. Tax Purposes

I will be the first to tell you that I do not understand virtual currency – the most well-known being bitcoin. I do not know how to get bitcoins or how to spend them. But I do know that there … read more

How to Respond to a Nexus Questionnaire

In the current economic landscape, more and more states are feeling the budget crunch.  In an effort to raise revenues, states are sending out nexus questionnaires to out-of-state businesses.  A taxpayer needs to be careful how to respond to these … read more

What's the IRS' Perspective on 2010 Estate and Gift Tax?

I recently attended a breakfast during which Wesley Scott, with the Office of Chief, Estate and Gift Tax Program at the Internal Revenue Service spoke on this topic.  He began his presentation by noting that he could not comment on … read more

Step Up (or Down) in Basis

If someone sells an investment or other property, the gain or loss on the sale is determined by comparing the sales proceeds with the basis.  What is “Basis”?  The answer depends on how the seller acquired the property.  The original … read more

Valuing Charitable Contributions of Property

It is especially important in tough economic times like these that we help others.  One great way to help is to contribute property that you no longer need or use to a qualified charitable organization.  Generally, the amount of the … read more


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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.


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