Tax Warrior Chronicles

PPP Update #17 – Updated Guidance: New Application, “Owner” Clarification, New Strings for Nonpayroll Costs & Related Parties, and some FAQs

Posted on Wed, Nov 11, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23


Since our last comprehensive Paycheck Protection Program (PPP) update, the Treasury and Small Business Administration (SBA) have continued to issue new guidance for the PPP. The continuous stream of new guidance caused most banks to delay opening their PPP forgiveness portals until recently. Now that forgiveness applications are being accepted by most banks, and as promised in our recent PPP Update #16, today we

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Tax Considerations of Converting Your Primary Residence into a Rental Property

Posted on Thu, Oct 18, 2018

By: Clare Porreca, CPA, MT


Converting a primary residence into a rental property is a common occurrence.  With the real estate market on a slight decline, more taxpayers may decide to rent rather than sell their homes to wait out the market.  If you’re in this situation, read on so you’re aware of the tax implications of converting your home into a rental property.

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Tax Reform Update: Interest on Home Equity Loans Often Still Deductible

Posted on Thu, Mar 01, 2018

By: Rosalind W. Sutch, CPA, MT


On February 21, 2018, the IRS released IR-2018-32 where it clarified that, in many cases, taxpayers can continue to deduct interest paid on home equity loans under the recently enacted Tax Cuts and Jobs Act (TCJA).  If you have or are contemplating taking out a home equity loan or line of credit, read on to see how you may be affected by TCJA.

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Interest on Unrecorded Mortgages Isn’t Deductible

Posted on Mon, Dec 30, 2013

If you own a home, the interest you pay on your home mortgage provides one of the best tax breaks available. However, many believe that any interest paid on their home mortgage loan is deductible. Sadly, as the Defrancis’ discovered in a recent Tax Court opinion, that assumption is wrong. In DeFrancis v. Commissioner, the Tax Court held that the couple could not deduct as qualified residence interest the interest they paid on a loan from the wife's mother that was secured by an unrecorded mortgage.  How can that be?

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