The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How It Works You can claim an itemized deduction on your
Individual taxpayers with investment property lost a potential tax deduction when the 2017 Tax Cuts and Jobs Act (TCJA) created a $10,000 cap on the deduction for state and local taxes paid. The individuals may want to consider a Section
The IRS has released several pieces of guidance providing taxpayers with the ability to receive immediate cash flow benefits and implement tax planning opportunities associated with changes made to depreciation under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Good news from the IRS. In Notice 2020-39, the IRS has laid out certain extensions to deadlines imposed on Qualified Opportunity Funds (QOFs) and their investors due to the COVID-19 pandemic. The IRS previously extended certain due dates under
If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not
Included among the extended due dates of Notice 2020-23 is a broad extension with respect to “Time-Sensitive Actions.” This includes the extension of: The 45 day identification period of replacement property under Section 1031 The 180 day replacement period of replacement
The rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021 for private companies (and nonprofits), it’s important to know the possible effects on your financial statements as you renew leases or enter into new
On December 20, President Trump signed into law the “Taxpayer Certainty and Disaster Tax Relief Act of 2019.” The Disaster Act extends over 30 Code provisions, generally through 2020. Below are some highlights of the extensions. Note: There are
It’s no surprise new housing is booming in Indiana. Just look around, and you’ll see homes being built at a record pace. Dan McGowan, Senior Write/Reporter of Inside INdiana Business, and Rick Wajda, CEO of the Indiana Builders Association,
National Security Compliance is Key to Cross‑Border M&A According to REITcafe, foreign investors purchased a record $91.1 billion in U.S. properties last year—more than double the amount they purchased in 2014. Chinese investors alone poured $8.6 billion into U.S. commercial
New Year’s Day of an even-numbered year brings new appraisal regulations under Uniform Standards of Professional Appraisal Practice (USPAP) that will bring new costs to appraisers and their clients. What is this USPAP? It is a regulation that handcuffs
New Law Restricts Tax-Free REIT Spinoffs By Randy Schwartzman, Patricia Brandstetter In recent years, tax-free spinoffs under Sec. 355 involving REITs became popular among corporations with real estate holdings. The essence of REIT spinoffs is that valuable real estate leaves
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