Withum

OCTOBER 23, 2024

Managing a real estate portfolio involves a plethora of expenses, some of which are uncontrollable. These costs—such as property taxes, insurance premiums, utilities and debt—are essential for conducting business but are beyond the direct control of property owners or managers. Contact our Real Estate Services Team today.

Real Estate 52

Real Estate accountant Account accounted 52

RogerRossmeisl

JANUARY 5, 2022

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a §1031 “like-kind” exchange where you exchange the property rather than sell it. However, neither the relinquished property nor the replacement property can be real property.

Real Estate 246

Real Estate Tax CPA cpa firm 246

CPA Practice

FEBRUARY 13, 2023

Since individual investors (not corporate entities) own more than 70% of residential rental real estate , you likely have some clients who hold property assets and act as landlords for those properties. By David Wieland. With rising interest rates and prices, clients with investment properties may be feeling a pinch in income.

Real Estate 126

Real Estate Delaware Tax income tax 126

Withum

JANUARY 23, 2025

Did you buy or sell a piece of real estate? After all the fine details have been worked out, you will receive a real estate closing statement. This information is essential for calculating capital gains taxes on the sale of a property. However, these numbers are crucial for accurate tax reporting.

Real Estate 52

Real Estate accounting and finance Finance Sales 52

RogerRossmeisl

OCTOBER 6, 2024

The recent drop in interest rates has created a buzz in the real estate market. The post Can Homeowners Deduct Seller-Paid Points as the Real Estate Market Improves? Potential homebuyers may now have an opportunity to attain their dreams of purchasing property. appeared first on Roger Rossmeisl, CPA.

Real Estate 147

Real Estate CPA Sales Tax 147

Withum

MAY 16, 2022

The COVID-19 pandemic has had a dramatic impact on commercial real estate values, and in some cases resulted in property no longer being able to support the debt with which it is encumbered. How coronavirus hit commercial real estate – GREEN STREET ADVISORS. not insolvent).

Real Estate 131

Real Estate Tax income tax tax return 131

RogerRossmeisl

AUGUST 6, 2023

If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. net investment income tax (NIIT) for a combined federal rate of up to 40.8%. And you may owe state income tax too.

Real Estate 243

Real Estate Tax income tax CPA 243

CTP

JUNE 13, 2024

In a recent blog , we discussed the tax implications of converting a residence to a rental property. Once that rental property begins generating income, what else does a taxpayer need to consider for effective tax planning? First, real estate rentals classify as either long-term or short-term rentals.

Real Estate 98

Real Estate Tax tax planning accountant 98

CPA Practice

MAY 14, 2024

The NYU School of Professional Studies Division of Programs in Business will host the 2024 Federal Real Estate and Partnerships Tax Conference at the Mayflower Hotel in Washington, DC, from June 6 to 7. Partner, Hogan Lovells, Washington, DC Leasing Property in a Troubled Real Estate Environment Glenn M.

Real Estate 96

Real Estate Washington Tax New York 96

Cherry Bekaert

MAY 6, 2024

Whether you own residential or commercial property(s), selling your real estate can be a complex process, especially when it comes to tax implications and deferral options. The good news is that the current real estate market favors sellers over buyers. Therefore, no tax would be due on the original deferral.

Real Estate 96

Real Estate Delaware Tax tax return 96

CTP

OCTOBER 30, 2024

This type of specialized company has been gaining popularity—and many of them have been on the lookout for a tax planner to complete their financial advisory teams. Their financial team often helps the family manage their real estate, businesses, trusts, and other assets. What exactly is a family office?

Tax 97

Tax Real Estate cpa firm tax return 97

CTP

APRIL 10, 2024

A common conversation with clients is how to minimize taxes on their investments. When it comes to business or investment properties, taxpayers may be hesitant to sell, even if the investment is turning out to be an unprofitable one, because doing so will mean paying a sizable capital gains tax. What other options are available?

Real Estate 96

Real Estate Tax Maine Sales 96

CTP

JUNE 11, 2024

Real estate is an attractive investment opportunity, but investors need to be prepared for potential taxes to truly maximize their profits. Common means of acquiring a property include simply purchasing it, inheriting it, or receiving it as a gift—and each comes with its own tax implications.

Real Estate 98

Real Estate Tax Sales Legal 98

CTP

APRIL 10, 2024

This IRS rule allows property owners to defer capital gains taxes when they trade a property for a like-kind property. Partnerships may be formed as a real estate investment partnership where each partner contributes different properties. In a previous blog , we discussed the benefits of the 1031 exchange.

Real Estate 105

Real Estate Tax tax planning tax return 105

RogerRossmeisl

FEBRUARY 4, 2024

If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a §1031 “like-kind” exchange. For these purposes, like-kind is broadly defined, and most real property is considered to be like-kind with other real property.

Real Estate 203

Real Estate Tax CPA business tax 203

CPA Practice

SEPTEMBER 9, 2024

Those nearing retirement or on a fixed income often need to know what the financial and tax implications might be should they sell a longtime family residence, a second home or real estate included in their portfolio. The real estate industry has responded to these challenges.

Real Estate 114

Real Estate cpas Sales Education 114

CPA Practice

NOVEMBER 22, 2024

CohnReznick’s McCafferty selected to MACPA’s 2024 Women to Watch CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, announced that Molly McCafferty, Partner, Assurance, has been selected as one of four 2024 Women to Watch by the Maryland Association of CPA’s (MACPA) Foundation. Blue & Co.

Real Estate 111

Real Estate Michigan cpas audit 111

CTP

OCTOBER 28, 2024

In recent years, tax planners have increasingly been recruited to work alongside family offices. Adding a knowledgeable tax planner to their team can greatly increase the value the firm provides its clients. Tax planners should be aware that the smaller the family office is, the more problematic it becomes from a tax perspective.

Tax 105

Tax Government Real Estate payroll tax 105

Cherry Bekaert

OCTOBER 9, 2023

When investing in real estate funds , especially amid a volatile macroeconomic landscape, it is imperative to know the differences between the various types of funds. Tax Advantages – REITs do not have to pay a corporate tax, so there is a higher available payout for investors.

Real Estate 110

Real Estate Non-Profits income tax Mississippi 110

Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. Generally, taxpayers must reinvest the gains realized within 180 days of the transaction.

Real Estate 109

Real Estate tax planning Construction Tax 109

RogerRossmeisl

OCTOBER 30, 2023

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. 179 deductions For qualifying assets placed in service in tax years beginning in 2023, the maximum §179 deduction is $1.16 179 deductions can also be claimed for real estate qualified improvement property (QIP), up to the maximum allowance.

Real Estate 264

Real Estate CPA Tax cpa firm 264

TaxConnex

JULY 12, 2022

There’s always something changing in the world of tax, especially sales tax. The fee will apply when at least one item is subject to sales or use tax and the delivery is mailed, shipped or delivered by motor vehicle. its Sales Tax Bulletin No. Here’s a review of some of the recent changes and updates. Indiana modified?its

Sales 246

Sales Tax Oklahoma Illinois 246

RogerRossmeisl

MAY 28, 2021

How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. However, these costs may increase your home’s “basis” (your cost for tax purposes). And a higher basis can save taxes when you sell.

Real Estate 246

Real Estate tax return CPA Tax 246

RogerRossmeisl

MAY 30, 2022

However, you also should know that renting out your home carries potential tax benefits and pitfalls. You’re generally treated as a regular real estate landlord once you begin renting your home. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards.

Real Estate 49

Real Estate tax return CPA Tax 49

CPA Practice

MAY 7, 2023

More impactful for tax advisors is that the history behind the tournament led to a section of the IRC code that provides for tax-free income for property owners across the U.S. Tax savings from the Augusta rule are best taken when planned prior to the deduction. throughout the year.

Real Estate 110

Real Estate Tax North Carolina cpas 110

CTP

JANUARY 17, 2025

One of the many roles we play as tax planners is as the taxpayers audit support system. We will especially want to have this conversation if our clients tax return features one of the IRS red flags of the season. The taxpayer claimed a tax credit that has resulted in a lot of fraud. billion of potentially fraudulent ERC claims.

audit 96

audit Tax auditor tax return 96

Cherry Bekaert

AUGUST 29, 2023

As a result of the major changes in the Section 45L tax credit, there are new qualifications that businesses must meet to benefit from the energy tax opportunities. Contact Us The post How Real Estate and Construction Companies Can Take Advantage of the Expanded Section 45L Tax Credit appeared first on Cherry Bekaert.

Real Estate 86

Real Estate Construction Tax Hospitality 86

ThomsonReuters

FEBRUARY 28, 2025

As discussed in my previous post, tax reform is a complex jigsaw puzzle where various groups compete to be heard. The influence of special interest groups on tax reform As you can imagine, special interest groups play a significant role in shaping tax reform. Despite these efforts, Congress ultimately emerged victorious.

Tax 91

Tax Manufacturing Real Estate corporation tax 91

Withum

AUGUST 14, 2024

Typically, when performing a business valuation for SBA 7(a) purposes, the prospective buyer is seeking to purchase both the business and its underlying real estate from the seller. In these instances, it is important to ensure the relationship between the company and the real estate is addressed correctly.

Real Estate 78

Real Estate Legal tax return Tax 78

CPA Practice

OCTOBER 29, 2024

A new pass-through field operations unit announced in fall 2023 has officially started work in the IRS’s Large Business and International (LB&I) division to more efficiently conduct audits of pass-through entities, the tax agency said on Oct. Pass-throughs are frequently used by higher-income groups and can be complex tax arrangements.

income tax 115

income tax audit tax return Real Estate 115

CPA Practice

JANUARY 19, 2023

The Tax Blotter is a round-up of recent tax news. The tax law provides generous tax breaks to investors in real estate, but there are several key tax pitfalls to watch out for. Real estate is automatically treated as a passive activity. Be more active. Swap in time.

Real Estate 122

Real Estate Tax tax return income tax 122

TaxConnex

SEPTEMBER 7, 2021

In real estate they say, “Location! Same is true for sales tax – except the word can have different meanings. For example, when it comes to sales tax, do you need to follow “destination-based” or “origin-based” rules? Right to the source “Sourcing” is important when you determine your sales tax obligations.

Texas 237

Texas Connecticut Real Estate Pennsylvania 237

CPA Practice

AUGUST 21, 2024

The tax law allows real investors to write off a portion of their losses from rental activities, or even the full amount, if they meet certain requirements. 2024-13, 7/11/24 , it’s difficult to convince the Tax Court you’ve put in the necessary time—especially if you have another full-time job.

Real Estate 115

Real Estate Tax Construction 115

Going Concern

OCTOBER 17, 2024

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Real Estate 64

Real Estate accountant accounted Account 64

Going Concern

DECEMBER 5, 2024

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Real Estate 52

Real Estate accountant accounted Account 52

Going Concern

OCTOBER 10, 2024

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Real Estate 59

Real Estate accountant accounted Account 59

CTP

MARCH 17, 2025

Partnerships are pass-through entities, so they are not subject to corporate income tax. Instead, they pass the profits onto the owners who then pay personal income tax based on their tax bracketsa setup that can provide significant tax advantages to these owners. No gain means no tax!

Tax 52

Tax Real Estate income tax corporation tax 52