If you’re selling your principal residence, some or all of the profit may be tax free. It depends on your home sale profit and your income. Here are the basic rules.
When you sell your home, you’ll pay tax (or avoid it) based on the “basis” of the property. Here’s how to determine yours.
Amid the COVID-19 pandemic, many employers are looking for tax-advantaged ways to help their employees with additional expenses incurred as a result of the pandemic. Section 139 of the Internal Revenue Code provides the answer. On March 13, 2020, President Trump declared COVID-19 a national disaster under the Robert T. Stafford Disaster Relief and Emergency[ … ]
The opportunity zone fund provision that was included in the 2017 Tax Cuts and Jobs Act has created significant hype in the business community, especially within the real estate industry.
Level of Optimism: High Like construction, the real estate industry anticipates a healthy wave of activity in all sectors for 2019. Slowing is anticipated late in 2020, but more likely in 2021. This is good news after several years of relatively flat growth. Office and industrial vacancy rates, for example, are decreasing and leasing rates[ … ]
The Opportunities Zones program enacted with the Tax Cuts and Job Act of 2017 offers three tax incentives for investing in certain low-income communities through a qualified Opportunity Fund: temporary deferral, step-up in basis, and permanent exclusion of capital gains. Under this provision, gain from the sale of any type of property that produces capital[ … ]
The 2018 CFO Spotlight Survey attracted respondents from a number of industries in Phoenix and Tucson. We will highlight the real estate segment here in terms of growth, risk factors, strengths and trends. Real estate investment and management groups primarily responded to the Survey — two-thirds based in Tucson and one-third based in Phoenix. Optimism[ … ]
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward. Of[ … ]
The 2017 CFO Spotlight Survey attracted respondents from a number of industries in Phoenix and Tucson. We will highlight the real estate segment here in terms of growth, risk factors, strengths and trends. Real estate investment and management groups responded to the CFO Survey – the majority based in Tucson. CFOs were less optimistic about[ … ]
If you are an owner of a partnership or Limited Liability Company interest, you may wonder why your K1 shows allocations of debt. Understanding how debt is allocated can also help you understand how this allocation affects your ability to take losses on your tax return. To determine your tax basis, start with the initial[ … ]