In August 2024, the Financial Crimes Enforcement Network (FinCEN) announced a final rule that is designed to combat and deter money laundering by increasing transparency in the U.S. residential real estate sector....
We are pleased to announce that KRS CPAs, LLC has joined the BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting, and service firms with similar client service goals....
Accounting manager Lance Aligo, CPA, MSA, advances to a partner position at KRS. He will continue to provide his tax expertise to high net-worth individuals, real estate clients, and others in the firm’s growing client base. He will also continue to lead recruiting and staff...
Short term rentals are very popular these days. Especially on rental sites such as Airbnb and Vrbo. Whether it’s a cottage at the beach, an apartment in the city, or a home in the mountains, short term rentals make it easy to travel and provide...
If you're selling your home, understanding the concept of 'basis' can help save taxes. You are probably aware you may be able to claim itemized deductions on your income tax return for real estate taxes and home mortgage interest. Most other home ownership costs are...
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....
Taxpayers should be mindful that their rental income may be subject to taxes in addition to ordinary income tax. This post covers the ins and outs of the Net Investment Income Tax. ...
How purchase value is divided up between land and buildings impacts the depreciation tax benefits you get as a real estate owner. Here's what you need to know....
Recently, the Treasury issued proposed regulations which, if adopted, would severely limit taxpayers’ ability to receive tax benefits for wealth transfers to family limited partnerships. This post discusses why you should act now if you have a federally taxable estate and are considering wealth transfers....
If you rent property to one of your business entities, that "self-rental" arrangement may have negative tax consequences. Here's what you need to know about the tax effects of self-rentals....
