May/June 2012
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| Deduct vs. capitalize — New regs offer guidance | |
 | When one is spending money on tangible business property — such as buildings and equipment — it’s important to pay attention to whether these expenditures are classified as maintenance or repair, for this can have a big impact on taxes. Sometimes, though, it’s hard to tell the difference between these types of costs. This article discusses new IRS regulations that provide guidelines on the improvement vs. repair question, taking into account special rules for buildings. A sidebar looks at whether deducting the costs of “refreshing” the appearance and layout of stores is permitted. Read More |
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| Make the most of real estate losses: Keep good records | |
 | The passive activity loss (PAL) rules make it difficult for rental real estate owners to deduct their losses unless they qualify as real estate professionals. And that demands accurate timekeeping records. This article discusses the PAL rules and what’s required to qualify as a real estate professional. Read More |
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| How can an estate plan be kept vital after death? | |
 | When a loved one passes away, one might think that the options for his or her estate plan have also been laid to rest. But that isn’t the case. There are postmortem tactics the deceased’s executor (or personal representative), spouse and beneficiaries can employ to help keep his or her estate plan on track. This article discusses qualified terminable interest property (QTIP) trusts; qualified disclaimers; exemption portability; the spouse’s right of election; special-use valuations; and alternate valuation dates. Read More |
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| Tax Tips | |
 | This issue’s “Tax Tips” looks at the tax implications of cross-border telecommuting; how to restrict distributions to a beneficiary through a trusteed IRA; and the importance of conducting a cost segregation study before certain asset acquisitions. Read More |
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This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and accordingly assume no liability whatsoever in connection with its use. ©2012 • TXImj12 | |