Irc Section 262

B examples of personal living and family expenses.

Irc section 262. 1 premiums paid for life insurance by the insured are not deductible. Title 26 section 1 262. In computing taxable income no deduction shall be allowed except as otherwise expressly provided in chapter 1 of the code for personal living and family expenses.

Internal revenue code 262. 262 b treatment of certain phone expenses for purposes of subsection a in the case of an individual any charge including taxes thereon for basic local telephone service with respect to the 1st telephone line provided to any residence of the taxpayer shall be treated as a personal expense. Personal living and family expenses on westlaw findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system.

Cfr title 26 volume. Personal living and family expenses are illustrated in the following examples. For more detailed codes research information including annotations and citations please visit westlaw.

B treatment of certain phone expenses. Personal living and family expenses a general rule. Except as otherwise expressly provided in this chapter no deduction shall be allowed for personal living or family expenses.