Peggy Johnson CPA, P.C.
Custom Tax Service
Joanne M. Elsen CPA, PC
Executive Business Services
Beneficial ownership case.
It would not be a casualty loss unless there was a sudden event, like a meth lab fire or something. The expense of tearing down is added to basis and the basis will all be attached to the land. Your client will need to sell the land in...
Clare, thanks for that post. We should call it the "starving artist" deduction -- must have under $16000 gross income to qualify. I was aware that National Guard & Reservists could take the above the line deduction, but I've never used the starving...
Check out "Qualified Performing Artist" treatment. If they qualify, business expenses come off as Adjustments to Income.