Real Estate Market Changes for 2022
Changes Are Underway The pandemic ignited a home-buying frenzy as the decade-long housing shortage converged with historically-low mortgage rates, shifting workplace dynamics and new opportunities for young buyers to pursue their first homes. As enter the start of 2022, here’s a look at the expectations of real estate experts for new year. While the pandemic […]
Rental Real Estate Business or Investment
Rental real estate – Determining if a property is a business or an investment If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill. The distinction is especially important because of the 20% Section 199A deduction for certain sole […]
Recent Tax Proposals Impacting Individuals and Estates
Recent Tax Proposals Impacting Individuals and Estates On September 13, 2021, The House Ways and Means Committee released proposed legislation including, among other changes, major revisions to taxation of individuals and estates. The following is a summary of the most relevant items that could affect our clients and friends. Keep in mind that these are […]
New Rules for Electing Residential Rental Property Owner
On December 27, 2020, former President Trump signed the Consolidated Appropriations Act (CAA) This bill contains tax provisions affecting many industries, including the real estate industry, and also provides for a technical amendment under the 2017 Tax Cuts and Jobs Act (TCJA) for residential rental businesses that made the Real Property Trade or Business (RPTB) […]
Client Memo – Estate Beneficiary
Did You Repair Your Business Property or Improve It?
Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can providebusinesses a valuable current tax deduction — as long as the so-called repairs weren’tactually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deductedon the current year’s income tax return. But costs incurred to improve tangible property mustbe capitalized […]
Taxable vs. Tax-Advantaged: Where to hold investments
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s, or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in taxable accounts. Know The Rules Some investments, such as fast-growing stocks, can generate substantial capital gains. These […]
Dynasty Trust
The Tax Cuts and Jobs Act (TCJA) signed into law this past December affects more than just income taxes. It’s brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts. Exemption changes For the estates of persons dying and gifts made after December 31, 2017 and before January […]
