5 Ways To Navigating Tax Questions From 50/50 2024

<ul> <li>Navigating Tax Questions From 50/50 Business Partnership to Health Reimbursement Arrangements</li> </ul>

In this Tax Tuesday episode, we explore important tax-related topics such as separating expenses in a 50/50 business partnership, tax implications of changing rental property types, the deductibility of medical procedures performed abroad, allowable health care expenses under Section 105 HRA, and writing off expenses for a property not yet generating revenue.

This Tax Tuesday episode discusses various tax-related questions and scenarios, including separating expenses in a 50/50 business partnership, tax treatment for changing rental property types, tax implications of medical procedures performed abroad, allowable health care expenses under Section 105 HRA, and writing off expenses for a property not yet generating revenue.

In this Tax Tuesday episode, the hosts address a series of diverse tax-related questions and scenarios. The topics covered include

Separating Expenses in a 50/50 Business Partnership The hosts discuss the tax implications of splitting expenses in a 50/50 business partnership, emphasizing that the allocation of expenses should reflect the actual usage or benefit each partner receives.
Changing Rental Property Types They explain the tax treatment for properties that switch from short-term to long-term rentals and highlight that it's a year-by-year determination. If the intent changes, the property's tax reporting may also change.
Medical Procedures Abroad The hosts clarify that medical procedures performed in foreign countries can be reimbursed using health reimbursement accounts (HRA) as long as they serve a medical purpose and aren't for personal pleasure.
Allowable Health Care Expenses under Section 105 HRA They discuss the absence of an IRS-specific list for 105 plans and suggest referring to IRS Publication 502, which contains a comprehensive list of deductible medical expenses. Expenses typically deductible under other health plans are likely eligible for reimbursement under a 105 plan.
Writing Off Expenses for a Property Not Generating Revenue The hosts address a question regarding writing off expenses for a property that's not yet generating revenue. They explain that expenses can generally be written off if they are ordinary and necessary for the business, even if the property isn't generating income yet.

This Tax Tuesday episode provides valuable insights into various tax-related issues and offers practical guidance on navigating these complex financial matters.

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