Newport Beach, CA
Tax Lawyer at Newport Beach, CA
Practice Areas: Tax, Estate Planning
In you have cancellation of debt income and the loan that was canceled was a non-recourse loan, the income from cancellation of debt is not taxable. This is true because when debt is non-recourse and i...
See Full GuideWhen debt is cancelled due to a foreclosure there are two possible consequences you will need to consider for tax purposes: Taxable cancellation of debt income. This is not a consideration if the debt...
See Full GuideWhen you are married you have two choices for filing your income tax return. You can file as married filing jointly, or married filing separately. This is an election that is made by you when you file...
See Full GuideI. Distressed property dispositions include foreclosures, deed-in-lieu of foreclosures, and short-sales. a. These dispositions can lead to income taxation due to a capital gain or due to cancellation ...
See Full GuideMany taxpayers that pay a foreign tax wonder whether they can take a credit on their U.S. income tax return for the taxes paid. In many situations a credit is available for the taxpayer. However, that ...
See Full GuideMany business owners give gifts as a part of their marketing strategy. These gifts may be deductible by the business. "Taxpayers may deduct some or all of the cost of gifts given in the course of thei...
See Full GuideThe timing of when you can deduct an expense for business purposes is an important concept for any business. According to the IRS guidelines: "When you can deduct an expense depends on your accounting ...
See Full GuideMany taxpayers have a misconception that if they receive a prize or award it is not taxable. However, according the the IRS: "Subject to certain exceptions, the cash value of prizes or awards won in ...
See Full GuideIf you work at home and have a specific place or room in your home dedicated to an office you may be entitled to take a home office deduction on your federal income tax return. How do you determine how...
See Full GuideIf you are in a Short sale or are contemplating such a transaction make sure that you know the tax consequences first. When you sale a property short this means that you are not repaying the debt on th...
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