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Are There Any Tax Breaks When Purchasing A Second Home Or Vacation Rental?
User Photo Jeff Johnson
Tax Professional Level: Tax Enthusiast

If you consider the deductions for mortgage interest and real estate taxes to be tax breaks, then the answer is yes. You will have to track the number of days rented (or available for rent) vs. the number of days...   Read More
How Do I Judge The Need For And Apply A Valuation Allowance?
User Photo Jeff Johnson
Tax Professional Level: Tax Enthusiast

A valuation allowance is required to be placed on deferred tax assets when it is more likely than not that all or a portion of the deferred tax assets will not be realized. All available evidence, both positive...   Read More
Can Someone Explain How To Calculate Deferred Tax Expense/benefit?
User Photo Jeff Johnson
Tax Professional Level: Tax Enthusiast

Typically, deferred tax expense (or benefit) is the change during the year in an entity’s deferred tax liabilities and assets. However, the change in certain deferred tax items (such as OCI-related balances) do...   Read More

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