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  2. Internal Revenue Code section 162 (a) - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    Because business expenses are fully deductible under section 162, taxpayers try to argue that expenses were not start up expenses. The Second Circuit Court of Appeals found that the Tax Court should look at if employment of the taxpayer is in the same trade or business to determine if it is a start-up expense, or a carrying on expense. [ 11 ]

  3. 15 Self-Employment Tax Deductions You Should Know - AOL

    www.aol.com/15-self-employment-tax-deductions...

    There are dozens of self-employment tax deductions, including advertising, retirement contributions, health insurance, self-employment tax deduction, travel expenses, business insurance, car ...

  4. Capital gains tax on real estate and selling your home - AOL

    www.aol.com/finance/capital-gains-tax-real...

    It is calculated by subtracting the asset’s original cost or purchase price (the “tax basis”), plus any expenses incurred, from the final sale price. Special rates apply for long-term ...

  5. Expenses versus capital expenditures - Wikipedia

    en.wikipedia.org/wiki/Expenses_versus_Capital...

    Under the U.S. tax code, businesses expenditures can be deducted from the total taxable income when filing income taxes if a taxpayer can show the funds were used for business-related activities, [1] not personal [2] or capital expenses (i.e., long-term, tangible assets, such as property). [3]

  6. Section 179 depreciation deduction - Wikipedia

    en.wikipedia.org/wiki/Section_179_depreciation...

    This property is generally limited to tangible, depreciable, personal property which is acquired by purchase for use in the active conduct of a trade or business. [1] Buildings were not eligible for section 179 deductions prior to the passage of the Small Business Jobs Act of 2010; however, qualified real property may be deducted now. [2]

  7. Avoid These Home Tax Deduction and Credit Mistakes - AOL

    www.aol.com/news/2013-01-31-avoid-these-home-tax...

    By G. M. Filisko As you calculate your tax returns, consider each home tax deduction and credit you are - and are not - entitled to. Running afoul of any of these 9 home-related tax mistakes ...

  8. Internal Revenue Code section 1031 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    Taxpayers who hold real estate as inventory, or who purchase real estate for re-sale, are considered "dealers". These properties are not eligible for Section 1031 treatment. However, if a taxpayer is a dealer and also an investor, he or she can use Section 1031 on qualifying like properties.

  9. Tax basis - Wikipedia

    en.wikipedia.org/wiki/Tax_basis

    Tax basis of property received by a U.S. person by gift is the donor's tax basis of the property. If the fair market value of the property exceeded this tax basis and the donor paid gift tax, the tax basis is increased by the gift tax. This adjustment applies only if the recipient sells the property at a gain. [7]