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Tax Court Archives |

Tax Home

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...

IRA for Education

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...

Home Mortgage Exclusion

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...

Defunct Related Party Transactions

A multipreneur was paid $200,000 for consulting services provided to one of the entities. He reported the income on Schedule C of his 1040 and took a deduction for $200,000 of commissions reportedly owed to another entity that he owned but that had gone out of...

Past-due employment taxes

A company’s CFO has liable for its past-due employment taxes, according to the tax court The CFO had control over the company’s bank account and oversaw all aspects of the firm’s operations and finances, including payroll, tax return preparation and personnel matters....

Collector loses

Surprise, collectors can’t get the market full value of coins seized by IRS, according to a federal court. During a home search, an IRS agent confiscated 364,000 presidential $1 coins that were rolled and boxed. After seizing the coins, the Service unpacked them and...

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