In December 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law. Included were changes to the Internal Revenue Code that impact taxpayers engaged in the real estate business, and those who otherwise own real estate. This must-read post takes you through some...
A passive loss from a real estate activity occurs when your rental property's expenses exceeds its income. As a taxpayer, you're only allowed to claim a certain amount of losses on your tax return each year. That is, unless you qualify as a real estate...
At KRS, we’ve been tracking tax reform legislation closely. The new Tax Cuts and Jobs Act amends the Internal Revenue Code (IRC) to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. It is the most sweeping update to the U.S....
One of the most valuable assets a taxpayer will ever sell is their personal residence. Under IRC Section 121 of current tax law, a taxpayer can exclude up to $250,000 ($500,000 if married, filing jointly) of gain realized on the sale or exchange of a...
At KRS, we've been tracking tax reform legislation closely and are ready to assist you in your tax planning and preparation when it is finally signed into law. This post discusses some important changes to tax law real estate professionals need to know about. ...
If you invest - or are thinking of investing - in foreign real estate, as a U.S. taxpayer you need to be aware of how your holdings are treated for tax purposes - it's not the same as if you were investing in U.S....
If a taxpayer fails to qualify as a real estate professional, losses from rental activities may still be deductible. While real estate professionals are afforded beneficial tax treatment enabling them to deduct losses from their real estate activities, real estate nonprofessionals taxpayers may still benefit....
Maria Rollins attended FoodBizNJ, which had the theme, “Setting the Table for Growth." She shares some key takeaways from the conference, including her insights into the challenges faced by family-owned food businesses....
Learn about wraps and structure better deals. This post explains wrap-around mortgages, which can be used in large commercial loans and in single family real estate investments....
The recent KRS Insights Breakfast featured Randi Kochman, Esq., chair of the Cole Schotz Employment Law Department. Randi spoke about best practices for hiring and documentation and the complexities of family and medical leave.
For those who missed the breakfast, we wanted to share some of...
