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Professionalservices require documentation that shows a direct benefit to your business, supported by contracts or engagement letters. In contrast, mixed-use services require careful allocation based on the business usage percentages. Travel, meals, and supplies must directly relate to legitimate business activities.
Common deductible expenses include: Operating expenses: Includes mortgage interest, property taxes, insurance, utilities, advertising, management fees, and professionalservices. The process involves an investor transferring appreciated real estate into an irrevocable CRT, which then sells the asset tax-free.
professionalservices, consulting, law, health, financial services, farming, among others). Also note that holding too much non-operating real estate, cash, and/or portfolio assets can disqualify stock from Section 1202 and jeopardize the QSBS tax exemption. Speak with an attorney about taxplanning with QSBS and trusts.
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