Equity, Equity, Debt! No wait, BAD DEBT!

Yet again, a taxpayer loses for not properly and contemporaneously documenting his intentions. Here is  another lesson on the importance of properly documenting loans (i.e. don’t just “book” as loans but have written loan documents contemporaneous with the advance). Mr. Burke made a number of advances to a business operated by his friend.  Although the…
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Unlocking the HELOC Interest Deductions: Clarifications from the IRS

The IRS published an Information Release on February 21, 2018 clarifying that certain home loan mortgage interest deductions many thought were lost under the new tax act may still be deductible. The Tax Cuts and Jobs Act of 2017 (“TCJA”), which was enacted on December 22, 2017, suspends from 2018 until 2026, any deduction for…
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New website!

It has been a project, but we are happy to announce our website is finally up and going. We intend to add more content regularly.