Tag Archives: Deduction

IRS Warns on State Charitable Deduction Schemes to Allow Property Taxes Deduction

The Tax Cuts and Jobs Act of 2017 limits the Code §164 deduction of individuals for state and local taxes to $10,000 per year ($5,000 for married individuals filing a separate return). Thus, many taxpayers in states with high state … Continue reading

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Elimination of Alimony Deduction Gives Urgency to Divorces

Negotiating spousal maintenance agreements during divorce may become more contentious because of a change to a long-standing tax law. The federal tax reform bill passed in late 2017 eliminated the popular alimony deduction for federal income taxes. The deduction is … Continue reading

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Conservation Easements: Charitable Deduction Disallowed Under “Substantial Benefits” Test

In Wendell Falls Development, LLC v. Commissioner, T.C. Memo. 2018-45, the Tax Court denied a charitable contribution deduction for a taxpayer’s contribution of a conservation easement because the taxpayer expected to receive a substantial benefit from the donation. The taxpayer … Continue reading

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Article on Freezing the Future: Elective Egg Freezing and the Limits of the Medical Expense Deduction

Tessa Davis published an Article entitled, Freezing the Future: Elective Egg Freezing and the Limits of the Medical Expense Deduction, Tax Law: Tax Law & Policy eJournal (2018). Provided below is an abstract of the Article: Section 213 of the… … Continue reading

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Testimony: Idaho Should Consider Decoupling from the Pass-Through Deduction

Written Testimony to the House Revenue and Taxation Committee, Idaho Legislature February 17, 2018 Chairman Collins, Acting Vice Chair Kauffman, and Members of the Committee: My name is Nicole Kaeding, and I’m an economist and the Director of Special Projects … Continue reading

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