Life Changes & their Impact on Taxes
Cancellation of Debt – Insolvency
Taxpayers with cancelled debt can often exclude the cancellation of debt income to the extent that they were insolvent immediately before cancellation. We discuss the cancellation of debt in this article. Find out more about what qualifies and doesn’t qualify by clicking on the Download Article link below.
Recently divorced? We cover the Tax implications of Divorce in this article. Find out answers to your questions by clicking on the “Download Article” button below.
If your business engages in an activity that is not conducted as a for-profit business, deductions are limited to the amount of income from the activity. Learn More by clicking on the “Download Article” button below .
A taxpayer who spends significant time in activities related to real estate may qualify as a “Real Estate Professional”. Learn More about the specific rules that apply to determine your status as a Real Estate Professional by clicking on the “Download Article” button below.
