Tbccpa.com Real Estate

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Tax Considerations For 2021 Filing Season: Focus On Real

6 days ago

Real estate businesses subject to these limits may have the ability to elect out of the rules under Section 163(j) by making a Real Property Trade or Business (RPTOB) Election under Section 163(j)(7)(B) and Treas. Reg. Sec. 1.163(j)-9. The result of making this election is that business interest expense for that tax year and all future tax

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What Does It Mean To Be A Real Estate Professional

4 days ago

Prior to 1986, real estate “tax shelters” were used to reduce the taxable income of individuals who were not engaged in the business of real estate. Anyone willing to be a landlord or willing to invest in tax shelter investments were able to use tax losses from real estate to reduce their income or potentially completely erase it in a given

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Tips For Turning A Profit On Your Properties

7 days ago

The value of commercial real estate often is a function of the property’s net operating income (NOI). NOI equals gross rental income less vacancy and operating expenses. One way to maximize NOI is to reduce expenses. Commercial properties are often ripe with costs that could easily be reduced with a little vigilance.

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Lease Option Or Sale

5 days ago

Lease options are often used in real estate transactions, especially when property owners run into difficulty finding a buyer. If you’re not careful, though, the IRS might recharacterize the arrangement as a sale in the form of a contract for deed.

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Protect Your Property From Judgments And Liens

9 days ago

Your real estate is one of your riskiest investments – not just with the volatility of returns in recent years, but because of exposure to liability. Your property can easily be encumbered, hindering or preventing you from exercising your full rights to do what you want with it.

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Tax Court Not Convinced Acreage Was An Investment

2 days ago

The court reasoned that this level of activity was more akin to a real estate developer’s involvement in a development project than to an investor’s increasing the value of his holdings. Activity of seller about the property. The record was unclear as to whether Concinnity sold lots only to Elk Grove or also sold lots to others.

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New Regs Tackle Property Transfers From C Corps To REITs

8 days ago

Last fall, the IRS issued long-awaited final regulations providing guidance on the recognition of built-in gains when the appreciated property of a C corporation becomes the property of a real estate investment trust (REIT) or regulated investment company (RIC).

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Property Tax Assessments: Court Of Appeals Weighs In

4 days ago

(Many county laws similarly provide that property tax valuations should be based on the value of the real estate only.) The court concluded that the assessor’s deduction of the management and franchise fee from the hotel’s projected revenue stream didn’t identify and exclude intangible assets.

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Avoiding Probate: How A Revocable Trust Helps

7 days ago

That your financial custodians may safely release your savings accounts, stocks, real estate, etc., into the possession of your legal heirs; The probate process takes 12 to 24 months, depending on the state in which decedent was domiciled at death. The expensive and sometimes agonizing probate administration process typically costs between 3

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When An LLC Doesn’t Protect Personal Assets

5 days ago

Limited liability companies (LLCs) are a common way for real estate owners and developers to hold title to property. Their popularity is due, in part, to the fact that LLCs limit members’ personal liability. In other words, only an LLC member’s equity investment is …

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Real Estate Professional

3 days ago

A “real estate professional” is defined in IRC Section 469 (c) (7) (B) by means of a two-part test: More than one-half of the personal services performed in trades and businesses by the taxpayer during a taxable year are performed in real property trades or businesses in which the taxpayer materially participates; and;

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How The SBA 504 Program Is Helping Businesses Sell

3 days ago

To qualify, the business must be a U.S.-based business, and the property has to be over 51 percent owner occupied, meaning rental real estate does not qualify. However, the owner may rent commercial units or apartments in the building as long as the …

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Tax Court Disallows Property Owner’s Bad Debt Deduction

7 days ago

A long-time real estate investor who also made occasional loans has learned the hard way about what does — and doesn’t — qualify as deductible business bad debt. In ruling that he couldn’t deduct about $153,000 in outstanding debt, the U.S. Tax Court in Langert v.

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TBC's Real Estate Advisory Newsletter: The Latest Real

5 days ago

The Real Estate Advisory newsletter is for those working in real estate development and management, and is a resource for construction, architecture and engineering professionals. The real estate news articles focus on business management, tax planning, technology, profitability enhancement, fraud prevention, etc.

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Time To Get “real”

9 days ago

Rental real estate activities are generally considered passive, so rental losses can usually offset only passive income. The Internal Revenue Code, however, grants an exception for certain taxpayers who materially participate in the activity and are real estate professionals. To qualify as a real estate professional, you must perform: More than

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Top Albany Professional Practices Accounting

5 days ago

John R. Teevan Jr. 518-456-6663 x154. [email protected]tbccpa.com. Having been with the Firm for over 30 years, John provides accounting, auditing, tax services and management advisory services for a client base consisting of auto dealers, construction contractors, real estate, professional practices, wholesalers, retailers and restaurants.

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Understanding The Ins And Outs Of Defeasance

7 days ago

Prices for commercial real estate are trending up in many parts of the country, and interest rates may soon follow, although at a slower pace. In such an environment, some property owners are starting to think about exiting their loans early through defeasance. That’s a big decision, though, that requires a solid understanding of what’s

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Qualified Estates Get Automatic Extension For Portability

9 days ago

“Most relatively simple estates . . . do not require the filing of an estate tax return,” according to the IRS. For decedents dying in 2013 or 2014, estates valued at less than $5,250,000 (2013) or $5,340,000 (2014) are excluded from estate tax.

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Single-family Construction: Larger Homes The Trend

2 days ago

As single-family home construction continues to rise with an almost 18 percent increase last year, the trend in homebuilding appears to be bigger homes – two-story more often than not – with more bedrooms, more bathrooms and larger garages.

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Top Albany Construction Accounting Services

5 days ago

A licensed CPA in both New York State and Florida, Bob is an integral part of developing and monitoring all aspects of the Firm’s involvement in accounting and auditing services. His clientele mainly consists of construction companies, real estate developers, insurance agencies and professional practices.

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Urban Ministries Cable Company Wins Valuation Case

3 days ago

A complex valuation case concerning the estate of the owner of a cable uplink company for the urban ministries network The Word has been decided in favor of the estate.. The U.S. Tax Court in August accepted the original $9.3 million valuation entered by the estate of Franklin Z. Adell rather than the original IRS valuation of nearly 10 times that much – $92.3 million (Estate of Frank Z

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Rents On Rise As Apartment Sector Thrives

4 days ago

Growing strength within residential real estate should not threaten the apartment outlook, the report noted. There may be some glut in the luxury market, but that can be easily remedied by a slowdown in construction, industry experts interviewed for the report said.

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How A Cost Segregation Study Saves Taxes

3 days ago

The second component, real property, consists of assets that are structural and affixed to the real estate that are permanent and unable to be relocated. Real property is depreciated over the use life of 39 years for standard commercial real estate or 27.5 years for residential real estate.

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How Do You Account For That

6 days ago

The revised standard — known as Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) — will apply to all organizations that lease assets such as real estate, vehicles, and construction and manufacturing equipment. While real estate lessors will experience little change when it comes to accounting for those leases, they could be

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UBIT: How It Applies To Debt-financed Property

8 days ago

The tax law contains a number of exclusions, including for dividends, interest and rents from real property. However, when debt is incurred by an exempt organization to acquire an income-producing asset, UBIT is applicable to that portion of the income or …

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Compare And Contrast The House And Senate Tax Bills

4 days ago

Estate tax. The House bill would essentially double the gift, estate and generation-skipping transfer (GST) tax exemptions to $10 million (adjusted for inflation) and eliminate the estate and GST taxes entirely after 2023. That same year, it would reduce the gift tax rate to 35%.

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More Millennials Ready To Buy Homes, But Fewer Starters On

7 days ago

Members of the Millennial Generation are getting tired of living with their parents or renting apartments with roommates. As the young adults are starting to breathe after surviving a difficult recession, more and more of the 35-and-under age group are beginning to take the leap to home ownership, according to studies by Zillow and other real estate groups.

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Benjamin Henderson

7 days ago

Ben has significant experience providing tax compliance services, with an industry focus in real estate and property management. Ben serves as a member of the firm’s Tax Department, Real Estate and Construction Committees. Community Involvement. Capital Region Chamber of Commerce, YPN Programs Committee member.

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Why You Should Consider The Tax Ramifications Of SMLLCs

8 days ago

With partnerships, real estate investors often incur losses in the early stages of a real estate development. If losses exceed the amount of equity invested and you’ve invested directly in a partnership, you generally can deduct the losses up to the amount of your equity investment plus your allocable share of any partnership liabilities.

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Valuation Comparables In A Slow Market

1 days ago

The unstable real estate market over the past several years has posed many appraisal challenges. In particular, low purchase prices — often resulting from “distressed” sales — and a relatively small number of transactions in some markets can make it difficult for appraisers to locate comparable transactions (or comps), a critical element in many valuations.

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New Tax Law Offers PATH To Savings

7 days ago

Qualified real property interests include your entire interest in real estate (other than a mineral interest), a remainder interest or a restriction (granted in perpetuity) on the use that may be made of real property. Your deduction is generally limited to 50% of your adjusted gross income less your deduction for all other charitable

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Is Defeasance Right For Me

9 days ago

As the real estate market has improved in many parts of the United States, and interest rates are poised to climb in the near future, many property owners are considering pursuing defeasance to exit their loans. Many, however, don’t really understand what’s involved. Defining defeasance

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Estate Planning: Consider A Private Annuity

5 days ago

In Estate of Kite v. Commissioner , the court approved a deferred private annuity transaction, even though the annuitant died before the annuity payments began. As a result, her children received a significant amount of wealth, free of estate and …

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Big Tax Savings Ahead For Business

7 days ago

Real estate businesses can elect out of the limit, but with some negative consequences in regard to their depreciation deductions. There are also exceptions for certain other types of businesses. And much, much more. The provisions discussed above only skim the surface. The TCJA also makes changes related to, among other things, foreign income

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How To Deal With Accounting Error Corrections

8 days ago

Real Estate Advisor; Accounting Matters; Management and Tax Concepts; More Than Money; Your Healthy Practice; View All Newsletters . Articles & Alerts. Revenue Recognition; Are you in compliance with the new partnership audit rules? Your financial …

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Don't Overlook Trusts In Estate Planning

2 days ago

The federal government imposes an estate tax on assets you own at the time of death. Most states also have an estate and/or inheritance tax on assets owned at the time of death. A common tool used to minimize federal estate tax is a bypass trust, also known under various other names such as family trust, A/B trust and credit shelter trust.

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Protect Your Business With A Buy-sell Agreement

Just Now

The real benefits of a buy-sell agreement are to create the framework for choices about how to deal with shares of the company and to try to eliminate friction over price and terms. Buy-sell agreements may ensure a fair price to the purchaser of the stock, generate liquidity to pay estate debts and taxes, and provide income to a surviving spouse.

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TBC News Archives

8 days ago

Prior to 1986, real estate “tax shelters” were used to reduce the taxable income of individuals who were not engaged in the business of real estate. Anyone willing to be a landlord or… [keep reading…] Posted in General Nonprofit Board Service. Posted on November 6, 2020.

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Tax Court Rules On Farmland Tax Basis

Just Now

The estate could escape the burden of an additional estate tax because the statute of limitations had expired. Meanwhile, the trust – and the children as its sole beneficiaries – would be given additional tax basis to offset amounts realized from the conservation easement sale, as well as future sales of the ranch interest.

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TBC Announces Staff Promotions

6 days ago

Since joining the Firm in 2012, Vena has worked with many commercial clients including real estate developers, home builders, and construction contractors among others. He is a member of the Firm’s Real Estate Committee and the Tax Department. Outside of the Office, he is on the finance committee for the Christian Brothers Academy.

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About tbccpa.com real estate

The TBC Real Estate Services Group stays abreast of industry trends. In addition to the people pictured above, TBC has many other associates who work in this industry and in total, there are 30 individuals with significant real estate experience. The current economic market provides challenges to the real estate industry.

Website: www.tbccpa.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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