How Long Should You Keep Tax Records? Carryforwards Can Require Decades of Documentation
A recent Tax Court case shows why old tax records can remain important decades after a transaction. When a carryforward is used, taxpayers may need to prove where it originated, how it was calculated, and what remains. Learn what records should be preserved for capital losses, AMT credits, NOLs, passive losses, and other tax carryforwards.
Mortgage Interest Deduction Rules: Lessons From a Recent Tax Court Case
A recent Tax Court case highlights the strict requirements for claiming the mortgage interest deduction. Learn when mortgage interest is deductible, why documentation matters, and how homeowners can avoid costly IRS challenges.