Monthly Archives: May 2016

Do you have a number of rental real estate properties that are throwing off losses that you'd like to deduct against your other income for tax purposes? The passive activity loss (PAL) rules would normally make this impossible. Under those rules, losses from passive activities—that is, activities in which you do not “materially participate” [...]

Nursing-home care can be very expensive. As a result, insurance for such care is growing in popularity. Fortunately, there is some tax relief for these expenses. Both the cost of qualified long-term care and insurance coverage for such care qualify as deductible medical expenses. “Qualified long-term care” services are necessary diagnostic, preventive, therapeutic, curing, [...]