Tag: Houston Tax Attorney

If someone gives you property and then dies and more than ten years has passed since the gift, can the IRS sue you to collect the amount of the gift from you? Most would think the answer is a resounding… Read More The post Can the IRS Collect Gift Tax From Recipient After 14 Years? appeared…

Sometimes you can’t avoid paying state income taxes. This is true for those who have no ties to any state other than a state that has an income tax. But for those who have ties to multiple states, they can… Read More The post Avoiding State Income Tax on Part-Time Residents appeared first on Houston Tax…

Small and medium-sized business can save quite a bit in taxes by using S corporations. But with this tax savings comes complexity. This complexity comes from how S corporations flow through profit and have the profit taxed on the individual… Read More The post S Corp Conversions: Watch out for Disappearing AAA appeared first on Houston…

The “leveraged partnership distribution” or “disguised sale” is a common tax savings technique used by real estate owners. Taxpayers pushed the envelope with these transactions by using “bottom dollar guarantees.” This led to guidance from the government making it more… Read More The post Final Regulations Issued: Leveraged Partnership Distributions Still Viable appeared first on Houston…

Congress provides tax incentives to change taxpayer behavior. If a taxpayer changes their behavior to take advantage of the incentive, they have to do so carefully. The IRS and the courts can apply the economic substance doctrine to take away… Read More The post The Broad Reach of the Economic Substance Doctrine appeared first on Houston…

We have previously considered the “trade or business” requirement for the Section 199a deduction. The government recently issued guidance to clarify when rental real estate activities can qualify for the deduction. While the guidance is needed, it adopts a record… Read More The post Documenting the Sec. 199a Rental Real Estate Safe Harbor appeared first on…

Long-term projects often lose money. They often do so for several years. This is the result of a project that needs capital to build infrastructure or to develop a new market or to capture market share. Taxpayers may be disappointed… Read More The post Avoiding Hobby Loss Limits for Long-Term Projects appeared first on Houston Tax…

If a taxpayer regularly makes real estate loans from their personal accounts, they would be entitled to a bad debt deduction for loans that are not repaid. But what if they venture beyond real estate loans and make a single… Read More The post Bad Debt Deduction for Real Estate Lender for Non-Real Estate Loan appeared…

Short-term rental properties are more popular than ever. Online services like Airbnb have made this possible. But how are tax losses from short-term rentals handled? Can the taxpayer use the rental losses to offset their non-rental income for tax purposes?… Read More The post Court Addresses Tax Losses from Short-Term Rentals appeared first on Houston Tax…

It is important to keep accurate books and records. Accurate books and records can result in significant tax savings. This is particularly true for entrepreneurs who own more than one business. When one or more of these businesses are taxed… Read More The post The Importance of Accounting for C Corporation Expenses appeared first on Houston…