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Real Estate Accounting Best Practices: Ensuring Tax Readiness and Financial Success

Withum

Appropriate accounting practices are crucial for real estate entities not only to manage daily operations, but also to ensure tax readiness and compliance. Selecting the Appropriate Accounting Method The choice between cash and accrual accounting methods can significantly impact financial reporting and tax filings.

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The Tax Break Commercial Real Estate Investors Might Need After COVID-19

Withum

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. Business Tax Services. not insolvent). Contact Us.

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Determining the “Basis” in your Residence

RogerRossmeisl

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). The housing market in many parts of the country is strong this spring.

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Thinking About Converting Your Home Into a Rental Property?

RogerRossmeisl

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.

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Best Real Estate Accounting Tips for Agents and Brokers

xendoo

As the owner of a new real estate business, you’re probably aware of the unique characteristics of your industry. You take a personal interest in the real estate market, and you are excited to do great work for your clients, whether buying or selling pieces of property. . Real estate investment management.

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Top 3 Tax-Efficient Strategies for Deferring Real Estate Gains

Cherry Bekaert

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.

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New IRS LB&I Pass-Through Unit Hits the Ground Running

CPA Practice

The IRS noted that these groups aren’t subject to the corporate income tax, but instead income is “passed through” onto the income tax returns of the individual or corporate owners and taxed at their income tax rates. Pass-throughs are frequently used by higher-income groups and can be complex tax arrangements.