Learn what drives your clients by learning the profit tax implications of real estate transactions. Stay current on the latest news, videos, forms, and updates for Tax Benefits of Ownership.
This article identifies the origin of the tax loopholes used to implement the nation’s housing policy, and proposes a tax benefit which rewards homeownership without first requiring a mortgage debt or resale.
California has anted up $200 million from the state’s treasury to pump up the housing market in yet another builder and lender tax subsidy based on prematurely bringing out what would be next year’s homebuyers. The state’s subsidies will grant $100 million in tax...
The profit taken on the sale of real estate is exempt from income tax if the real estate sold and the real estate purchased in replacement qualify for an Internal Revenue Code (IRC) §1031 like-kind transaction. However, the sale of one property and purchase of a...
The federal government extended the homebuyer tax credit, again providing first time homebuyers with up to $8,000 in subsidy on the purchase of a principal residence. New to the tax credit: a provision for repeat homebuyers, who are eligible for up to $6,500. This...
This article analyzes how a homeowner can reduce his property taxes when real estate values decrease by applying to the county assessor to set the assessed value of his property at its fair market value.
Reported by Giang Hoang-Burdette: Easement deed allowing construction does not convey fee interest The owner of a property by recorded grant deed conveyed an easement to his neighbor for parking and construction of a garage. The neighbor used the easement to park, but...
This article digests the treatment of interest income on §1031 monies held by a facilitator in a deferred §1031 transaction. Beginning October 8, 2008, the seller who is not to be paid a rate of interest on his §1031 monies will report and be taxed as receiving...
This article reports changes to depreciation schedules for §1031 replacement properties. The cost basis for a replacement property acquired in a §1031 transaction is depreciated, in part, based on the depreciation schedules used for the property sold. Initially, the...
This article analyzes a vacation home as §1031 like-kind property held for investment. Held for investment and personal use A vacation home, also known as a second home, is any dwelling unit, such as a house, apartment, condominium, mobile home, recreational vehicle...