Mlrpc.com Real Estate

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Consider Section 179 Deductions For Real Estate Expenses

4 days ago

C Corporation Real Estate Gains. Under the current IRS rules, real estate gains recognized by C corporations are taxed at the same rates regardless of whether they’re considered capital gains or ordinary income. So, there’s currently no downside to a C corporation claiming Sec. 179 deductions for real estate.

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COVID-19 Crisis May Affect Tax Angles For Rental Property

6 days ago

Economic fallout from the COVID-19 crisis will cause many rental real estate properties to run up tax losses in 2020 — and possibly beyond. Here’s a summary of important federal income tax rules for such losses. Rental Properties with Positive Taxable Income Despite the COVID-19 crisis, some properties will generate positive taxable income, instead of losses, in 2020 and beyond. This

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The Tax-Smart Way To Develop And Sell Appreciated Land

7 days ago

Say you own highly appreciated land that is now ripe for development. If you cash in by subdividing the acreage, developing the parcels, and selling them off for a hefty profit, it could trigger an uncomfortably large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit — including the portion from pre-development appreciation

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How To Determine Your “basis” When Buying Or Selling A

9 days ago

You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. Most other home ownership costs can’t be deducted currently. However, these costs may increase your home’s “basis” (your cost for tax purposes). And …

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Real Estate Investors: Let's Talk About Like-Kind

5 days ago

Are you thinking about divesting a real estate investment and then replacing it with another property? If you sell appreciated property outright, you’ll incur a taxable gain, which lowers the amount available to spend on the replacement property. But you may be able to defer your tax bill (or even make it disappear) with a Section 1031 like-kind exchange. Unfortunately, there are rumors that

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Accounting For Property, Plant & Equipment Assets

2 days ago

Accounting for property, plant and equipment assets. February 15, 2021. Businesses and nonprofit entities capitalize machines, furniture, buildings, and other property, plant and equipment (PPE) assets on their balance sheets. Here’s a refresher on some common questions about how to properly report these long-lived assets under U.S.

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Liquidating A Corporation

2 days ago

Perhaps you’re considering selling off your C corporation’s assets and liquidating the firm. Typically, such a transaction is accomplished in three stages: 1. The corporation makes a direct sale of its assets to the buyer (or buyers). 2. The company pays off all its debts (including any tax bills). 3. The corporation distributes the remaining sales proceeds to the shareholders in complete

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Qualified Improvement Property Depreciation Ask ML&R

7 days ago

Real estate qualified improvement property is defined as any improvement to an interior portion of a nonresidential building that’s placed in service after the date the building is first placed in service — except for any expenditure attributable to the enlargement of the building, any elevator or escalator, or the building’s internal

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A Dozen Questions To Ask Before Buying Distressed

1 days ago

In many areas, the real estate sector has been hit hard. Commercial property, including apartment complexes, retail and industrial properties are down in value. This may attract investors in search of good buying opportunities. However, potential buyers should look beyond low purchase prices when they evaluate these properties. The properties’ physical state, legal issues, and insurance

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Cody Anderson, CPA

1 days ago

Cody began his professional career in College Station, working for a local firm upon graduation from Texas A&M University in 2015. During his time at Seidel Schroeder, Cody developed a foundation serving closely-held businesses and their owners primarily involved in rental real estate and property development. He also has experience in oil & gas accounting and taxation. In January 2020, Cody

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Rental Tax Issues Can Be More Complex Than They Seem

6 days ago

To qualify as a real estate professional, a taxpayer must satisfy both of the following requirements: 1. More than one-half of the personal services performed in trades or business by the taxpayer during the year are performed in real property trades or businesses in which the taxpayer materially participates. 2.

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Understanding Commercial Property Tax Bills

5 days ago

Real Estate & Construction; Tax Related Topics; Your commercial property tax bill may be higher than it should be. A little bit of scrutiny can go a long way in reducing your expenses. While rising property taxes may be occurring simply because your local government needs more funding for communal needs like roads or schools, there are some

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How To Correctly Account For M&A Transactions Under GAAP

7 days ago

If your company is planning to merge with or buy another business you should address the post-closing financial reporting requirements for the transaction. Here’s guidance on how to correctly account for M&A transactions under U.S. GAAP.

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Capital Vs. Ordinary: Classifying Income And Losses

1 days ago

The taxpayer was a full-time employee of a real estate development firm. Outside of his regular job, he personally purchased residential real estate properties in Newport Beach, Calif. He intended to demolish the existing structures on the property and build a two-unit residential structure that he would either sell or rent out.

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Land Is Not Always A Low-Taxed Capital Asset

1 days ago

For real estate, long-term gains attributable to depreciation are subject to a maximum federal rate of 25%, plus the Medicare surtax when applicable. In contrast, the maximum federal rate on ordinary income is 39.6%, ignoring the possibility that the 0.9% additional Medicare tax on salary and self-employment income might also apply.

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Thomas Cooper, CPA Expert Tax Associate Maxwell Locke

1 days ago

During his time at KPMG, Thomas focused on the tax reporting requirements for flow-through entities in the real estate and hospitality industries. In June 2015, Thomas joined Maxwell Locke & Ritter to shift his client focus to the Austin area and to broaden his tax experience across multiple industries.

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Elaine Xu, CPA Experienced Tax Associate Maxwell Locke

7 days ago

Elaine returned to public accounting as a tax supervisor in 2005, where she served primarily high-net-worth individuals, law firms, real estate, restaurants and bio-tech clientele. Elaine moved to Austin and joined Maxwell Locke & Ritter LLP in 2006. Since joining the team, she has provided tax planning, tax compliance and consulting services

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Increased Tax Amounts For 2021 That May Affect Your

2 days ago

Limit: $1.05 million (up from $1.04 million for 2020) Phaseout: $2.62 million (up from $2.59 million) Income-based phase-out for certain limits on the Sec. 199A qualified business income deduction begins at: Married filing jointly: $329,800 (up from $326,600) Married filing separately: $164,925 (up from $163,300) Other filers: $164,900 (up from

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The Intern Diaries: Aaron Yarbrough

9 days ago

I’ve prepared tax returns for a variety of entities, mostly partnerships, but I’ve have also worked through real estate-based S corporations, individuals, and trusts. I’ve learned more about real estate entity operations, the tax implications of a brokerage statement, and how to deal with new and unique situations.

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Follow Detailed Recordkeeping Rules For Vehicle Expense

4 days ago

Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if you deducted vehicle expenses — and it tends to be especially critical of the amount deducted if you’re self employed or you employ relatives. While the basics seem simple, there are numerous exceptions. Mileage Logs

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Tax-Favored QSBC For The COVID-19 Era And Beyond

Just Now

Other rules and restrictions may apply. For instance, a corporation can’t be a QSBC if it owns too much real estate that’s not used for qualified business purposes or if its assets include too much portfolio stock or too many securities. Talk with your tax advisor before concluding that a corporation will meet the definition of a QSBC

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Detailed Overview Of The Consolidated Appropriations Act

3 days ago

30 Year ADS Life for Pre-2018 Residential Real Estate with a Real Property Trade or Business Election under 163(j) A real property trade or business that elects out of the deduction limitations for business interest under Code Sec. 163(j) and is required to depreciate all of its residential rental property using ADS beginning with the tax year

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Footnote Disclosures: The Story Behind The Numbers

1 days ago

When the owner’s uncle unexpectedly dies — and the owner’s cousin, who inherits the real estate, raises the rent — the retailer could fall on hard times and the stakeholders could be blindsided by the undisclosed related-party risk. 3. Accounting changes.

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Important Tax Dates For 2021

Just Now

To help you make sure you don’t miss any important 2021 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for February 1 Individuals: Filing a 2020 income tax return (Form 1040 …

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The Ins And Outs Of Deducting Legal Expenses

5 days ago

Legal expenses incurred by individuals are typically not currently deductible under the federal income tax rules. Instead, they’re most often treated as either personal outlays (which are nondeductible) or as part of the cost of acquiring an asset, such as real estate. In the latter situation, legal costs usually aren’t deductible right away; instead, they may be capitalized and amortized

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Manjari Desai, CPA Skilled Tax Associate Maxwell Locke

1 days ago

Prior to joining Maxwell Locke & Ritter, Manjari worked as a Tax Senior at DBP and has over 6 years of experience in public accounting. She has been with Maxwell Locke & Ritter since January 2012. She focuses her time on a diverse client base, specializing in real estate partnerships, private foundations and high-net-worth individuals.

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Get Ready For Due Diligence Long Before A Sale Or Merger

2 days ago

Due Diligence / Mergers & Acquisitions. It may seem odd, but as soon as you start up a business, you should begin preparing the documentation needed to sell or merge with another enterprise. It may be years down the road but the records often required in …

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Family Business Tax-Saving Moves In The COVID-19 Era

4 days ago

So, in the COVID-19 era, your child’s availability to work in the family business may be greater than during normal conditions. Thanks to the Tax Cuts and Jobs Act (TCJA), your employee-child can use his or her standard deduction to shelter up to $12,400 of 2020 wages paid by your business from federal income tax.

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Leaving IRA Money To Charity: A Tax-Smart Strategy

6 days ago

First, an IRA balance left to charity avoids the federal estate tax, since it is removed from your estate for federal estate tax purposes. Second, there’s no federal income tax due on the IRA money (the IRD rules don’t apply). There’s no state income tax either. Finally, no income taxes are due when your favorite tax-exempt charities take

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Take Advantage Of A “stepped-up Basis” When You Inherit

4 days ago

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, for example, if your grandfather bought ABC Corp

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Tax Implications When Lenders Cancel Debts In The COVID-19

4 days ago

General Tax Rule. When a lender forgives part or all of a debt, it results in COD income. The general federal income tax rule is that COD income counts as taxable gross income. For the year when COD income occurs, the lender is supposed to report the forgiven amount to the borrower and to the IRS on Form 1099-C, Cancellation of Debt.

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New Law Retroactively Fixes QIP Drafting Mistake

Just Now

Background. When drafting the Tax Cuts and Jobs Act (TCJA) in 2017, members of Congress made it clear that they intended to allow 100% first-year bonus depreciation for real estate QIP placed in service in 2018 through 2022. Congress also intended to give you the option of claiming 15-year straight-line depreciation for QIP placed in service in

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7 Expiring Tax Breaks For Individuals

9 days ago

Filing Status: MAGI : Tuition and Fees Deduction: Single: Up to $65,000: $4,000: Single: $65,000 – $80,000: $2,000: Married, filing jointly: Up to $130,000: $4,000

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SBA Offering Loans To Small Businesses Hit Hard By COVID-19

1 days ago

Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business Administration (SBA). …

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Is Your Business Overlooking R&D Tax Credits

5 days ago

Most businesses, regardless of the industry, are routinely involved in common activities to develop, refine or improve their products and processes to stay competitive.As long as qualified research and development activities are being performed, there is an opportunity to pursue R&D tax credits.(4/8/2013)

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Accounting Jobs In Texas Visit Maxwell Locke & Ritter

Just Now

Benefits. Our accounting jobs offer benefits comparable to the national accounting firms, including competitive compensation, medical benefits, paid time off and holidays, paid parental leave, and continuing professional education. In addition, our Texas accounting jobs offer distinct benefits that are not found at other accounting firms.

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Staci Sprayberry, Author At MLR

2 days ago

The Consolidated Appropriations Act, 2021 contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, numerous tax law changes, and many unrelated provisions.

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Kathryn Leins, CPA

1 days ago

Kathryn began her accounting career in 2011 with The Tax Trailer in Austin, where she provided bookkeeping services for clients in multiple industries including retail, financial services, and restaurants. She also gained experience preparing tax returns for individuals, S-Corporations and Partnerships during her time there. In 2016, Kathryn moved to Denver where she became an audit associate

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COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased

8 days ago

100% of NOL carryovers from pre-2018 tax years, plus. The lesser of 1) 100% of NOL carryovers from post-2017 tax years, or 2) 80% of remaining taxable income (if any) after deducting NOL carryovers from pre-2018 tax years. As you can see, this is a complicated rule. But it’s more taxpayer friendly than what the TCJA allowed.

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USMCA: New Trade Agreement Will Modernize NAFTA

8 days ago

The United States-Mexico-Canada Agreement (USMCA) will take effect on July 1, 2020. President Trump has hailed the new North American trade treaty as a “colossal victory” for Americans. Whether the impact is worthy of superlatives will vary by industry sector and geography. Here’s what U.S. business owners should know. Overview When the Canadian parliament ratified the USMCA in mid

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About mlrpc.com real estate

Real Estate & Commercial Real Estate Accounting. Maxwell Locke & Ritter’s considerable experience working with real estate businesses and investors, as well as contractors and construction companies, has supplied us with a unique understanding of your business needs. We know how to best allocate and track expenses related to hard costs like

Website: www.mlrpc.com

Total: 41 New Post

FAQ?

Is real estate a good investment right now?

Real estate is generally a great investment option. It can generate ongoing passive income and can be a good long-term investment if the value increases over time.

How much can you make in real estate?

Real estate is often a referral-based business. Those who are involved in the business longer typically are the most successful. Those with 16 years or more experience earned the highest real estate income: approximately $78,850 on average.

What is the best real estate market?

Dallas tops the list of real-estate markets over the period studied, exhibiting strong price appreciation, while remaining a market in which investors saw strong rents relative to property values.

What is the most expensive real estate in the US?

Manhattan real estate is the most expensive in the US per square foot with some properties topping $10,000: Study. Move over San Francisco — the Big Apple tops Silicon Valley as most expensive place to live in the United States, a new study shows.

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