Dwayne Briscoe's (dbriscoe) Blog

A taxpayer that owns a business is allowed to deduct expenses that are considered "necessary and ordinary" for its operations paid during the tax year the deduction is taken, per Code Section 162. Although this seems to be a very broad statement, the easiest explanation to clients is that it must...

Not everyone chooses to be house flippers but rather landlords for passive income, and when working with the governmental entities such as the Department of Housing and Urban Development (HUD) for a steady stream of rental income it can be both beneficial but also challenging. This is why there a...

Whether it's just one room or an entire building, owners choose to rent a property to their own business to make it easier to find a way to generate income and to deduct expenses for their business. Unfortunately, failure to follow proper rules and procedures can cause challenges should these com...

Several discussions come around the 1031 Exchange to avoid paying capital gains taxes, however this is a bit of a “hamster wheel” people get on and fail to see the “end game.”The general rules for 2024 are as follows:Property is of the same nature or character, even if they differ in grade or qua...

Rental DefinitionThere are six exceptions to the definition of rental. Under Reg. §1.469- 1T(e)(3)(ii), six types of activities normally defined as rentals, are treated as non-rental activities, i.e., as businesses, in most cases. The active participation standard and the $25,000 allowance do not...

Often homeowners either choose to downsize or potentially move in with their children or retirement communities but want to convert their primary residences into rental properties as a regular source of income. Therefore, there needs to be documentation set up for the transference. If you used an...

Non Real Estate Professionals are those who are deemed to NOT have an IRS professional tax status spending over 50% of their total hours during the calendar year providing services in the business. This would account for a minimum of 1,040 hours or 26 weeks of a 40-hour week, out of a 52-week yea...

From The StartWe include but are not limited to the following items starting cost but not limited to:- Purchase price- Closing costs- Title fees- Legal fees- Recording fees- Title insurance- Taxes- Surveys- Utility service fees- Mortgage fees- Sales commissions- Improvement charges or repairs Gif...

Since nearly 70% of applicants are rejected for the Offer In Compromise program at any given time, it's not unusual to possibly get rejected for a variety of reasons. Unfortunately, you MUST submit your appeal within 30 days of the date of the notice of rejection, NOT the date you received it. Th...

 In the Offer In Compromise application, if you feel that your spouse has no tax liability, their assets and income will not be considered in determining the amount of the offer. Unfortunately, it will be reviewed by the IRS as to whether there were significant transference of those assets and in...