Combine Home Sale with the 1031 Exchange

The tax-saving strategy is to combine the tax-avoidance advantage of the principal residence gain exclusion break with the tax-deferral advantage of a Section 1031 like-kind exchange. With proper planning, you can accomplish this tax-saving double play with full IRS...

Tax Reform Allows Depreciation on Purchase of Leased Vehicle

The TCJA made two changes that mean 100 percent bonus depreciation is available on the vehicle you lease and then purchase, regardless of whether you purchase it during the lease term or at the end of the lease. The two technical reasons you can do this are as...

Deduct Your Costs of Sponsoring Sports Teams

The IRS Says . . .Revenue Ruling 70-393 states that the monies spent to outfit and support a sports team are similar to monies spent on other methods of advertising; accordingly, you may deduct them as business expenses for federal income tax purposes.  ...

Backdoor Roth IRA Still Available After The Tax Reform

Good news. The Tax Reform (TCJA) did not harm the backdoor Roth strategy. Do not miss tax free growth – over 40 year period 94% of your account balance is due to growth and only 6% is due to contributions. First, as you likely know, the Roth IRA is a terrific...