Taxes
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Does rental real estate qualify as a trade for QBI under 199A?
Revenue Procedure 2019-38’s safe harbor lets eligible landlords claim the Section 199A QBI deduction by meeting ownership, separate-records, and 250-hour…
Who Pays a 50% U.S. Tariff on Indian Goods and Why It Matters
Legally paid by U.S. importers, a 50% tariff on Indian goods would economically burden consumers and Indian exporters, hitting textiles,…
Understanding Casualty and Theft Deductions Under TCJA for Federally Declared Disasters
From 2018–2025, personal casualty or theft deductions generally require a federally declared disaster; qualified disasters use a $500 per-event reduction…
Understanding Charitable Contributions: What Qualifies and What Doesn’t
Confirm charity status, keep bank records and contemporaneous acknowledgments for gifts of $250+, use Form 8283 for non-cash gifts over…
Permanent $750,000 Acquisition Debt Limit Enacted for 2026 Onward Under OBBBA
Acquisition indebtedness interest is deductible within caps: $750,000 for post-12/15/2017 loans and $1,000,000 for older loans. OBBBA makes the $750,000…
2025 SALT Deduction Cap Rises to $40,000 for Most Filers
In 2025 the SALT cap rises to $40,000 ($20,000 if married filing separately). You can deduct either state income or…
Understanding Medical and Dental Expenses Deductions for 2024: What Qualifies
You can deduct medical expenses actually paid during the tax year that exceed 7.5% of AGI; eligible items include dental…
Nondeductible Expenses List: What IRS Rules Say About Personal Costs
The IRS, as of September 3, 2025, continues to bar deductions for most personal expenses unless they are ordinary, necessary,…