News - John R. Dundon II, Enrolled Agent
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Capital v. Operating Lease - Tax Reporting Implications We often encounter taxpayers who do not quite fully understand how to report for income tax purposes the lease agreements they have entered into for business use assets, particularly automobiles.  Leased property includes real estate, machinery, and other...

According to Internal Revenue Code Section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent’s death.  In an environment of inflating asset prices this usually means that the beneficiary experiences stepped up basis...

Gluten-Free Federal Tax Deduction for Celiac Disease Many people suffer from Celiac's disease.  To be eligible to deduct the excess costs of a gluten-free diet under Internal Revenue Code Section 213, you must generally have a documented reason to require the observance of a gluten-free diet,...

What is a Real Estate Professional For US Federal Income Tax Purposes?  Morticia hits the nail on the head when it comes to the tax designation 'real estate professional' for income tax reporting requirements. Everyday people misinterpret the tax code.  It does not matter if you...

Tax day is upon us – remember to at least get you application for automatic extension request electronically filed or post marked today using IRS Form 4868 Keep in mind this extension request is for additional TIME TO FILE the income tax forms.  It is NOT a request for an...

According to IRS Rev Proc 2017-29 (assuming IRC 168(k) applies) 1st year magic numbers are: $11,160 for passenger autos $11,560 for Trucks and Vans The rev proc also details lease inclusion amounts. Be sure to understand whether additional first year depreciation deductions apply under Internal Revenue Code Section 168(k) We...

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