the years, Congress has significantly limited the home mortgage interest
deduction for regular tax purposes; AMT rules can further limit the deduction.
These rules have greatest effect when a taxpayer takes out home equity loans
and does not use the proceeds to substantially improve his home...
I. Introduction: Open Questions
in Federal Tax Law
Can the voluntary charitable contribution of an entire or partial interest in
either an appropriative or riparian water right be permanently transferred
instream for beneficial conservation purposes and receive federal income or
estate tax deductions...
Regulations , effective January 1, 2012, provide guidance on IRC Sections 162
and 263(a) ,
address when amounts paid to acquire, produce, or improve tangible property are
deductible or capitalizable. The Regulations modify the "general plan of
rehabilitation" doctrine, define...
As reported by Forbes , the First Circuit recently reversed the Tax Court's
decision to disallow a charitable deduction for a facade easement under 26 U.S.C.S. § 170(h) . The Tax Court, in denying the deduction,
relied on 26 C.F.R. § 1.170A-14(g) , which establishes further
Thanks to §179 of the Energy Policy Act (EPAct) , new and
existing apartment buildings not only can recognize significant reductions in
energy costs, but may also qualify for substantial tax deductions for energy-efficient construction and
To make the most of the apartment building's...
The Energy Policy Act of 2005 includes a tax deduction for investments in "energy-efficient commercial building property" designed to significantly reduce the heating, cooling, water heating, and interior lighting energy cost of new or existing commercial buildings. This energy...
By Patricia Hughes Mills J.D. LL.M
Determining the nature of expenditures on real estate for federal tax purposes is a fact-sensitive discipline. Capitalization Regulations effective for taxable years beginning on or after January 1, 2014, complement Tax Court decisions, the "general plan...