ARTICLES

If you own a summer home or vacation property, you can rent it out tax-free for up to two weeks each year. You do not have to pay tax on the rental income. If a property is rented for less than 15 days, the rent you receive does not have to be...

The Tax Court has disallowed a married couple's cash charitable contribution deduction to their church. David and Veronda Durden made charitable contributions totaling more than $25,000. The Durdens had canceled checks supporting their deduction,...

The IRS has issued proposed regulations regarding local lodging expenses. Although the new regulations are in proposed form, the IRS has stated that they can be relied upon until they are finalized. Generally, the cost of local lodging - defined as...

An 1895 version of the painting "The Scream" by Edvard Munch recently sold for a record-shattering $120 million at a Sotheby's auction in New York. The seller of the piece, a Norwegian businessman, will undoubtedly be paying a hefty tax on the...

Here is yet another case that emphasizes the importance of being careful when using a family limited partnership as an estate planning tool. Lois Lockett's husband predeceased her, and his will established a trust for her benefit. As part of her...

An investor's intent may not always be obvious, but recently a couple's activities helped clarify their decisions for the Tax Court. The IRS questioned the validity of a like-kind exchange made by Patrick and Jill Reesink of San Francisco. And the...

The IRS has provided the annual inflation-adjusted contribution, deductible and out-of-pocket expense limits that will apply to health savings accounts for 2013. Subject to statutory limits, eligible individuals may make tax-deductible...

With some parts of the economy starting to pick up, more people are in the market for a new job. Here are eight tax tips about the costs you might incur while job hunting - and the ins and outs of related tax deductions: To qualify for a deduction,...

The Atlantic Monthly recently took note of a Florida law designed to preserve farmland by offering lower property taxes to farmers. According to the investigative report, enterprising developers and other landowners allow cattle to graze...

A recent Tax Court decision serves as a reminder that couples should carefully scrutinize tax considerations in connection with a divorce. In this case, David LaPoint, a professional baseball player, entered into a postnuptial agreement (David...

The U.S. Supreme Court has handed down its final verdict on whether the IRS will have six years to consider assessing additional taxes on the gain from a sale. And the taxpayer won. Normally, the IRS has three years after a taxpayer files a tax...

The IRS has concluded that a manufacturer was able to deduct chargeback reimbursements it made to its wholesalers and distributors.  The IRS said the manufacturer met the "all events test" and further concluded that the recurring-item...