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Regulation - Indiv

Individual Tax - Regulation

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