by Leif Jensen | Sep 16, 2019 | General |
I learned something new about insurance recently. I am Trustee on a Trust and the Trust owns a piece of property with a home on it. The tenant bypassed me and filed claims with the insurance company in 2017 and 2018. Very small claims, the 2018 had a payout of...
by Leif Jensen | Sep 11, 2019 | Tax Court |
Your tax home is not always be where you think it is… It may not be where you live. As a self-employed consultant lived in Ga.found out. He spent his time at his client’s offices in N.J. for four days each week. He deducted his travel to and from N.J. as...
by Leif Jensen | Sep 10, 2019 | Running a Business |
You have decided upon your entity type and have done your initial analysis, you are now ready to get started with your business. You have your product or service and can now jump in and get started. Whether you are full time or part time you will need to know where...
by Leif Jensen | Sep 9, 2019 | Tax Court |
Tapping an IRA before age 59½ to pay higher education costs is penalty-free. To qualify, the payout must cover costs paid in the year of the withdrawal. Payouts can be used to pay expenses for the IRA owner, spouse, child or grandchild. Note that even if the...
by Leif Jensen | Sep 4, 2019 | Tax Court |
Not all forgiven home mortgage debt qualifies for the $2-million exclusion, which is a lesson learned the hard way. She got a home equity line of credit from her bank that was secured by her primary residence. When she later relinquished the property to the bank in a...
