​Our San Diego tax attorney explains what you need to know before you file your tax return. Simplified home office deduction: Beginning in 2014, taxpayers can use the simplified home office deduction to write off $5 per square foot of your home office space, up to $1,500 for 300 square… [Read more]

President Obama recently released his 2015 budget proposal and included revisions to the tax laws that, in some instances, changes laws that have been on the books for sixty years. Keep in mind these changes are currently only proposals; however, they do provide insight into the administration’s planning and intentions… [Read more]

When it comes to running your business, there are various rules to follow to ensure you accurately report your business income and take proper deductions, determine whether you can pay workers as employees or independent contractors, and whether you qualify for one or more credits. However, we have compiled a… [Read more]

Obama’s 2015 budget proposes a $1M cap on section 1031 like-kind exchanges of real estate. Currently, when a capital asset is sold or exchanged, a capital gain or loss is generally recognized. Internal Revenue Code Section 1031 provides an exception to defer recognition of capital gains when business or investment… [Read more]

Information the real estate investor should know before filing a 2013 income tax return. Owning investment property can provide many benefits and tax incentives. However, several pitfalls exist for the unwary real estate investor expecting to take losses from real estate investments and offset ordinary income from their full time… [Read more]

The answer will vary depending on the facts specific to the individual, loans, and real property, but in generally, a discharge of debt from a foreclosure is excluded from taxation under Internal Revenue Code §108(a)(1)(E), if the real estate is a residential property that was occupied by the homeowner(s) as… [Read more]