Tax Cases

Taxpayers may deduct charitable contributions if they meet specific requirements. In Albrecht v. Commissioner; No. 13314-20; T.C. Memo. 2022-53, the Tax Court clarifies these requirements. Law Regarding Charitable Contributions Over $250 IRC § 170(a)(1) allows deductions for charitable contributions. For a contribution over $250, IRC § 170(f)(8) requires a contemporaneous written acknowledgement (CWA) from the donee … Read more

In general real estate activity is considered a passive activity which means that any loss is not deductible in the current year and must be carried forward. There are two exceptions to this rule: 1. Taxpayers can deduct up to a $25,000 special loss allowance if they actively participated the the rental activity and their … Read more