A taxpayer will generally recognize gain or loss upon the sale or exchange of property. However, gain or loss is not recognized under IRC §1031 on an exchange of property if: • the taxpayer exchanges property held for productive use in … read more
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
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
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
Everyday the world is changing around us, and while some experience fame, fortune, happiness, or success, others may experience difficulty, sorrow, despair, and losses. Taxpayers who find themselves a victim of theft or natural disasters should know that there are … read more
For owners of real estate, a Cost Segregation study can increase the cash flow from the property by accelerating depreciation deductions. How does it work? A Cost Segregation study is the process of analyzing the cost components of a real … 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!
- The Capital Gains Look-Through Rule at a Glance
- Can Spouses Help each Other Lower Their Self Employment Tax?
- Temporary Regulations Provide Guidance on Form 5471
- New Like-Kind Exchange Reporting Required for California (IRC 1031)
- Survey Suggests Taxpayers are Overconfident in Their Tax Prep Skills
- Timing Rules for SEPs and SIMPLE-IRAs Part II
- Timing Rules for SEPs and SIMPLE-IRAs Part I
- Are You an Identity Theft Victim?
- Supreme Court Decides Severance Pay is Subject to FICA Tax
- Mamma Mia! Who Can Deduct That?