The Ninth U.S. Circuit Court of Appeals recently ruled that unmarried individuals who purchased a home together are eligible to a home mortgage interest deduction for up to $1.1 million in debt each. This decision reversed a previous tax court decision that stated unmarried individuals were subject to the same $1.1 million limitation as married […]
Property Tax Rebate Governor Andrew Cuomo recently announced that the “Big Ugly” $1.3 billion rebate check program will be installed to offset New York state property taxes. In accordance with the legislation, 2.5 million homeowners that make under $500,000 will receive a property tax rebate check for $185 this year. The bill According to the […]
An estate may, in certain circumstances, elect to pay estate tax in a series of payments over a number of years. This election is available to estates in which assets are used in an active trade or business comprise more than thirty-five percent (35%) of the estate. Payment of estate tax can be extended over […]
The Internal Revenue Service released a new set of guidelines governing tax-deductible business repairs, which may finally put an end to disputes and challenges between the federal tax agency and companies. The new rules, which broaden the scope of business expenditures that may qualify as deductible asset repairs, may help limit the number of corporate tax […]
