Real Estate | TaxConnections

10 Jan 2018

Real Estate And The Net Investment Income Tax And Self-Employment Tax.

If you are planning or are actually doing a real estate business, either as an investor or as an active participant, you will have to deal with the these:

Net Investment Income Tax: If you have net investment income and your modified adjusted gross income exceeds $250,000 for married persons filing jointly, then there is a 3.8% tax on the lesser of (1) your net investment income, or (2) the amount your modified adjusted gross exceeds the threshold amount. Note that self-employment income is not net investment income. Read More

Written by Brett Thompson | Posted in Net Investment Income Tax • Self Employment Tax

25 Oct 2017

How To Maximize Deductions For Business Real Estate

Currently, a valuable income tax deduction related to real estate is for depreciation; however, the depreciation period for such property is long and land itself isn’t depreciable.

Whether your real estate property is occupied by your business or is being used as a rental, here’s how you can maximize your deductions:

Written by William Rogers | Posted in Real Estate

21 Sep 2017

Expats: Buying Or Selling Real Estate Abroad

All Americans are required to file U.S. taxes and report their worldwide income, wherever in the world they live. Thankfully there are a number of IRS exemptions that can be claimed to reduce or eliminate U.S. tax liability for expats, however even if no U.S. tax is owed, expats still have to file an annual federal return.

There are thought to be around 9 million Americans living overseas, many of whom, particularly those who have moved abroad permanently, consider purchasing foreign real estate. Read More

Written by Hugo Lesser | Posted in Expatriate

28 Jun 2017

An IRS Hot Button – What Is Really The Cost? Part III

(This is the 3rd and final article of this series. Click here to read Part 1 and Part 2.)

By now you are getting the idea that “cost“ may be an elusive animal. Still we have only scratched the surface. Let’s talk about other factors that might affect you in the pocketbook.

While these are not all inclusive, and if you have specific questions please contact me and I will address them privately or in general depending on the issue and your preference. Read More

Written by Jim Marshall | Posted in IRS

23 Jun 2017

An IRS Hot Button – What Is Really The Cost? Part II

Previously, I discussed keeping documented support for the basis of real estate. The easy part was the purchase and direct capital expenditures. But consider some of the other factors that directly impact your basis. Sale of an easement or eminent domain transfer, is it a sale, what is the allocated basis, does it diminish the remaining property value and if so how much? Read More

Written by Jim Marshall | Posted in IRS

20 Jun 2017

An IRS Hot Button – What Is Really The Cost? Part I

One of the IRS hot buttons lately is the cost basis. That applies to not only the basis of your stock and bond investments but also the much more diverse real estate holdings and private investments in partnerships, corporations, joint ventures, LLC’s and even trusts. Read More

Written by Jim Marshall | Posted in IRS

09 Jun 2017

Real Estate Professionals For U.S. Federal Income Tax Purposes

Everyday people misinterpret the tax code. It does not matter if you are a bookkeeper, accountant, unlicensed tax practitioner, Enrolled Agent, CPA, tax attorney, or even a Tax Court Judge, the tax code is complicated and confusing and many of us struggle understanding it, much less applying it in practicality.

Written by John Dundon | Posted in IRS

07 Jun 2017

Can My IRA Invest In Real Estate?

Every year I get this question from clients wanting to invest in real estate through their IRA or SEP IRA. While it is not as straight forward as buying stocks, mutual funds or bonds it is doable if the proper steps are followed and adhered to. First you would transfer the existing IRA to a self-directed IRA, your banks and brokerage firms will not handle these type accounts. Then form a dedicated LLC to own the properties, it will have no other business except that of the investments by the IRA.

Written by Jim Marshall | Posted in IRA

28 Mar 2017

Changes To Canadian Principal Residence Reporting

Prior to 2016, it was CRA’s administrative practice that the disposition of your principal residence was not reportable where the entire gain is exempt. There have been a few court cases where the administrative practice was not upheld because CRA Form T2091 was not filed.

Written by Larry Stolberg, CPA, CA | Posted in International

23 Mar 2017

Changes To The Canadian Principal Residence Exemption

On October 3, 2016 changes were announced to the computation of the available principal residence exemption. Changes were made to properties held by individuals and to properties held by trusts. Discussion below is limited to the changes affecting individuals. Changes to trust is more complex and may be addressed later.

Written by Larry Stolberg, CPA, CA | Posted in International

07 Feb 2017

5 Key Considerations For U.S. Expats Living In The U.K.

According to a report published by the United Nations, Department of Economic and Social Affairs, the number of Americans living in the United Kingdom was estimated at 212,150 in 2015. This represents a sizable group of Americans living in just one foreign country.

Written by Ephraim Moss | Posted in International

05 Dec 2016

AICPA Real Estate & Construction Conference – Construction Tax Planning Panel Discussion

2017 AICPA Real Estate & Construction Conference

Save The Date: December 7^th– December 9^th, Las Vegas, NV

Join Peter J. Scalise, the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, at the upcoming AICPA Real Estate & Construction Conference at the Wynn in Las Vegas, NV on Wednesday, December 7th between 4:00PM and 6:00PM for the Construction Tax Planning Panel Discussion.

Written by Peter J. Scalise | Posted in Tax 2016 • TaxConnections