Category: Real Estate

Real Estate

Some Opportunity Zone Investment Deadlines Extended by Federally Declared Disaster for COVID-19 by Arthur J. Lieberman


Posted on April 09, 2020 by Art Lieberman

The COVID-19 pandemic has brought a variety of commercial transactions to a screeching halt. For businesses and investors involved in the Qualified Opportunity Zone (QOZ) program, this temporary pause can delay their ability to meet the program’s statutory time constraints, which may expose them to excise-tax penalties. However, relief from some deadlines currently is available […]

COVID-19 CARES Act Provides Significant Benefits to Property Owners and Others That Invest Capital in Commercial Real Estate Improvements by Angie Adames, CPA


Posted on April 01, 2020 by Angie Adames

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) grants a 15-year depreciation period to qualified improvement property (QIP), making it eligible to bonus depreciation. With this legislation, businesses with commercial real estate holdings may immediately write-off expenses incurred to improve the interiors of non-residential buildings rather than depreciating those costs over 39 years. This […]

IRS Extends Federal Tax Filing, Payment Deadlines to July 15 by Steven G. Messing, JD, CPA


Posted on March 24, 2020 by Steve Messing

In response to COVID-19 and its impact on U.S. taxpayers, the IRS officially postponed the 2019 federal income tax filing and payment deadlines from April 15, 2020, to July 15, 2020. These automatic filing and payment extensions apply to all individual taxpayers (including the self-employed), trusts and estates, C corporations, partnerships, limited liability companies (LLCs) and other […]

IRS Finalizes Rules for Opportunity Zone Investments by Arkadiy (Eric) Green


Posted on February 20, 2020 by Eric Green

The IRS issued final regulations on the Qualified Opportunity Zone (QOZ) program at the end of 2019, two years after Congress introduced it as part of the Tax Cuts and Jobs Act (TCJA). While the final regulations are generally taxpayer favorable and clarify many unanswered questions about the new tax-saving program, they do not make […]

The Immediate Impact of 754 Elections When Selling, Buying or Liquidating Partnership Interest by John G. Ebenger, CPA


Posted on February 04, 2020 by John Ebenger

The sale, exchange or liquidation of partnership interest in appreciated property, such as real estate, is a common occurrence among partners and members of partnerships and LLCs taxed as partnerships. Whether due to disagreements among the partners, the death or divorce of a partner, or the addition of new partners, these transactions can result in […]

Treasury Continues to Target U.S. Real Estate Transactions by Ken Vitek, CPA


Posted on December 05, 2019 by Ken Vitek

In November 2019, the Financial Crimes Enforcement Network (FinCEN) strengthened its efforts to combat money laundering by reissuing its Geographic Targeting Order (GTO) program for U.S. real estate transactions. Under the renewed GTO, which is extended through May 9, 2020, title insurance companies must collect and report the identities of certain beneficial owners behind holding companies and legal […]

Florida Again Reduces State Sales Tax on Commercial Real Estate Leases in 2020 by Karen A. Lake, CPA, CFST


Posted on November 12, 2019 by Karen Lake

The Florida legislature recently voted to again reduce the sales tax that commercial real estate owners charge and receive from tenants to 5.5 percent in 2020 from its current rate of 5.7 percent. Real property rentals subject to the reduced rate include commercial office space, retail, warehouses and certain self-storage units, excluding storage for motor […]

Rental Property Owners May Qualify for Pass-Through Business Tax Deduction by Edward N. Cooper, CPA


Posted on October 31, 2019 by Edward Cooper

Businesses that own rental property and are organized as pass-through entities, such as S corporations, partnerships or LLCs, may have a unique ability under the Tax Cuts and Jobs Act (TCJA) to potentially obtain a deduction for up to 20 percent of the qualified business income (QBI) they generate from leasing real estate. Section 199A of the tax […]

New Rules for Delaware LLCs with Real Estate Holdings by Joseph L. Saka, CPA/PFS


Posted on October 24, 2019 by Joseph Saka

Savvy real estate developers and investors have long relied on the Delaware Limited Liability Company Act (DLLCA) to provide them with a flexible and tax-friendly solution for purchasing and holding real property. In planning for the future, current and prospective Delaware LLCs and their members should recognize that the state recently made amendments to the […]