investment expenses Flashcards
1
Q
PSE ARE..(INVESTMENT exp)
A
deductible via 212 BTL
2
Q
court said personal investment expenses
A
arent decutible since its oyur personal account… thats not for trade or business…. which is good law..
3
Q
congres responded to ct ruling through
A
212- allows deduction. still cant under 162.
4
Q
212 includes
A
acct for tax prep, lawyer for tax advice. reg for 1.212-1e
5
Q
Exception that allows ATL for investment expenses
A
royalties/rents, day traders if in “business of trading”- hard to find.
