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Treasury Regulation

There are many things that fall under Treasury Regulation, more than most everyday people know or understand. The world of taxes and Treasury Regulation may seem like a foreign language to most people, which are why people ask tax questions, to become more able to understand these things. Below are questions that are in regards to Treasury Regulation that have been answered by the Experts.

Under the Treasury Regulations is a person that is on the deed of a home but is not on the mortgage, deduct mortgage interest from their income tax?

In most situations it is possible for an individual to who is on the deed to be allowed to deduct mortgage interest from a property on which they are not noted on the actual loan. This is possible due to Treasury Regulation 1. 163-1, which states that an owner that is equitable is able to deduct mortgage interest that the individual has paid. The important part is that the person who wants to deduct the mortgage interest actually paid the mortgage interest.

Is there anything in the Treasury Regulations about when requesting an emergency withdrawal for closing costs on a house that the individual requesting the withdrawal must be named on the mortgage?

Reg. §1.401(k)-1(d) (3) (iii), and states that the funds may be withdrawn for costs that are directly related to a purchase of a primary residence for the employee, but excludes mortgage payments. If an individual finds themselves being denied because they are not named on a loan, the individual should ask the company who is in charge of the 401 K to site where it is stated by the IRS.Under the Treasury Regulations there is no wording that states that an individual must have their name on a loan to make an emergency withdrawal from their 401K. The exact wording can be found under Reg. §1.401(k)-1(d) (3) (iii)).

Under Treasury Regulations are expenditures made on the last day of the year are they classified as the year ending expense or the year starting expense?

According to the Treasury Regulations the expenditures that are made at the end of the year are considered to be expenditures for the year that they occurred in. This is true regardless of when the payment is processed; the expenditure will be classified as an expenditure of the year in which it occurred. The Treasury Regulation that this found under is Treasury Regulation 1.446-1(c) (1) (I).

How are easements treated under Treasury Regulations?

The regulations regarding easements can be found under Section 1.61-6(a) of the Treasury Regulation. The Treasury Regulation states that if the land’s title is retained then the basis of the land which is affected by the easement has the permanent easement payment applied to it. In the case that the payment of the permanent easement has exceeded the basis of the property in which the easement is placed then on Schedule D there should be a taxable gain shown.

According to Treasury Regulations an individual is able to claim a tax deduction for mortgage interest for a property on which they are not on the loan, as long as they were the ones who paid the mortgage interest. Expenditures made on the last day of the year and considered, according to Treasury Regulation to be for the year in which they occurred not the year in which they were processed. Any questions in regards to Treasury Regulation can be asked to the Experts.

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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
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MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Treasury Regulation Questions

  • I have been living in the UK since Sept 2nd 2011 having

    I have been living in the UK since Sept 2nd 2011 having spent the previous 5 years in the US. In June 2013 (with a couple of friends) I started a new US based Consulting business called GiANT Worldwide (I own 30%) and it's grown significantly since then.
    In 2014 I have received $100K by wire transfer to my UK consulting business as salary equivalent and I had assumed I would simply pay tax as normal in the UK. However, as we approach year end in the US the companies accountants (we were incorporated in Oklahoma)
    have told me that I will need to pay tax in the US first as the income has been earned in the US and then transferred to the UK. Something they called "flow through". They explained that because of the reciprocal tax arrangements between the US and UK I can
    claim a credit on my UK filings. My question - Will the UK tax authorities allow me to pay tax in the US first even though I am a resident in the UK?
  • I have Wayoming LLC, non resident partners, living outside

    I have Wayoming LLC, non resident partners, living outside USA, not USA citizens
    I have EIN
    What to put in the address line ? My out of USA address ?
  • Hi

    Hi
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