Individual Tax - Regulation
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| Life insurance | excluded from gross income unless purchased from non-insurance 3rd party
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| Life insurance dividends | not taxable up to premiums paid
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| Stock dividends | not taxable unless preferred valued at FMV on distribution date
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| Tenant improvements | unless in lieu of rent not taxable
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| Alimony | To be deductible must be in cash and must end at recipients death
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| Alimony+child support | if decree includes child support, allocated first to support (non deductible)
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| SSI | excludable unless AGI > 36k (MFJ) taxable at 50%; AGI > 60k (MFJ) taxable at 85%
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| Tips | over $20/mo includable in gross income: reportable the following month (if Dec, taxed NY)
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| Gambling losses | deductible up to winnings (ONLY IF ITEMIZED, not 2%)
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| Advance rent and lease cancellation | taxable immediately; accrual TPs-reduction in A/R reduces current revenue
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| Unemployment | first 2400 is not taxable
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| Illegal activities | gross income - COGS; no deduction allowed for business expenses
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| UNICAP | applies to personal property of manufacturers; not for retailers under $10M; includes only cost of purchasing and holding inventory
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| Tax exempt premiums | non deductible becs proceeds not taxable
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| Business gifts | limited to $25 per yr per recipient
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| Rental loss | passive activity, but deductible with active participation up to $25k unless AGI > $150k
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| Portfolio income | interest and dividends are not passive; cannot be offset against rental loss
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| Section 179 | up to $250k but reduce dollar for dollar for cost over $800k
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| Dependent qualifications | less than $3650 earned income; must provide more than 50% support; relationship test (cousin not qual, unless live with TP)
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| Adoption fees | non deductible, but creditable ($10250)
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| Special assessment tax | non deductible becs increase property value (city sewage improvement levy)
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| Appreciated charitable contribution | must be held at least 12 mo, otherwise reported at cost
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| Charitable contribution limits | 50% of AGI, 30% of AGI for LTCG
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| Charitable carry overs ordering | CY first then carryovers
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| Unreimbursed charitable school exp | $50 month (foreign exchange student hosting)
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| Casualty loss | Damage in an ID event; fire earthquake etc
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| Casualty insurance | non deductible
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| Cost of preparation of will | non deductible
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| Dependent income | excludes social security income
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| Multiple support agreements | To deduct must provide more than 10%
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| Qualifying widower | 2 yrs MFJ; not remarried; >50% household maintenance
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| General business credit | Combo of several credits for uniform rules for CB/CF
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| Child tax credit | 20% of up to 3k per child AGI must be over 15k
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| Filing requirement | >itemized deduction + exemption; for self employed more than $400; for kids more than $1900
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| Statute of limitations period | begins the day after filing; 2 yrs for refund & AMT; 6 yrs if income understated by 25%; seven yrs for worthless securities write off
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