Hurricane Helene has affected millions of people in multiple states across the southeastern portion of the country. It’s just one of many weather-related disasters this year. Indeed, natural disasters have led to significant losses for many taxpayers, from hurricanes, tornadoes and other severe storms to the wildfires again raging in the West. If your family [...]

Not all types of interest payments are deductible, and the interest tracing rules for deducting interest depend on the purpose of the loan—whether it’s for personal, investment, or business use. You must follow the loan proceeds to what they were used for in order to determine the purpose. Interest expenses can fall into the [...]

If you own a business or are self-employed and travel for business purposes, you need to know how much of your travel expenses are deductible. Often people either deduct more than allowed or they don’t deduct enough, assuming the expenses are not deductible. Travel expenses are only deductible if you own your own business [...]

You can still defer taxable income in a like-kind exchange when there is a delay in receiving the replacement property. By carefully timing the transactions to meet the like-kind exchange requirements, you may be able to defer taxes on all or part of the realized gain from the exchanged property. In some cases, a [...]

If you're planning to move to a new home but are having trouble selling your current one, renting out your current residence until the market improves could be a viable option. While you're likely aware of the economic risks and benefits, it's also important to understand the potential tax implications of renting out your [...]