Excess Depreciation Claimed - Now What? Justin Fundalinski of Jim Saulnier & Associates, who I met while volunteering time for the betterment of the Financial Planning Association, asked me a procedural question about a fascinating situation he encountered regarding depreciation and disposition of residential rental real...
Back in June 2014 I blogged about the new IRS Regulations governing tangible personal property. These regulations prompted a vigorous debate over the last 7 months between the most astute students of the US Tax Code as to what constitutes the need to file IRS...
According to 26 U.S. Code § 280F - Limitation on depreciation for luxury automobiles the first year's depreciation expense for a newly procured vehicle should be prorated over the tax year based on the in service date not to exceed the limitations spelled out in IRS...
![How to Calculate Basis of a Primary Residence Converted to Rental Property [Reg. §1.168(i)-4(b)] [Reg. §1.165-9(b)(2)]](https://www.johnrdundon.com/wp-content/uploads/2014/10/image1_jpeg.jpg)
How to Calculate Basis of a Primary Residence Converted to Rental Property [Reg. §1.168(i)-4(b)] [Reg. §1.165-9(b)(2)] can be a nuanced and complicated question to answer as it depends on a handful of specific facts and circumstances. Many people have built impressive residential real estate portfolios...
That's right Y'all this is another one of those quite game changers for owners of tangible property concerned about keeping the IRS at bay by actually adhering to the specific US Tax Code and subsequent IRS Revenue Procedures. My apologies for being so brazen but I more...
A certain important person in my reality - my wife - is becoming increasingly interested in the business end of biomass refineries. You go girl. Funny but this interest also happens to correlate with a new file I am developing involving a farmer who owns...
How to calculate stock and loan basis in an S Corp for tax purposes? Or as my hippie friends call it, "The secret of the Golden Flower." Seemingly elusive and yet oh so real. If you are a shareholder of an S corporation you are responsible for keeping...
IRS Form 1040 Schedule C: Profit or Loss from Business can be a tough form to work through. Tread lightly and seek guidance. The sole proprietorship or single member Limited Liability Corporation (LLC) is in my opinion the easiest type of business entity to set up...
For those of you fortunate enough to have actually invested in your operations through the purchase of certain 'qualified property' last year you are going to want to read IRS Revenue Procedure 2011-26 which provides guidance on the new 100 percent bonus depreciation from the...
Okay this is pretty huge in regards to some of the IRS Examination Appeals work I have been doing lately. The bottom line is that you need to follow the asset classification rules if you are going to engage in cost segregation depreciation. The following...