Grant Thornton LLP offers tax tips for real estate owners and investors
CHICAGO, Feb. 1, 2010 – As real estate owners and investors do business throughout 2010, they will more than likely face many complex tax issues that could strain their resources and drain profits. They should keep in mind these tax tips that could help them save money in the long run:
Determine if your partnership qualifies for an income deferral for debt reacquisition transactions. Has your business had debt forgiven? There is a tax election available that will allow you to defer cancellation of debt (COD) income until 2014, when it will then be recognized ratably over five years. Carefully consider the options before making this irrevocable election as your COD income could be fully excluded under other provisions.
Color your building green. Take advantage of special deductions and credits for green, or environmentally friendly, buildings.
Determine if you are a dealer or an investor. Do you know if you are a real estate dealer or an investor with regard to taxes? Proper planning will ensure the desired treatment upon disposition of the property.
Allocate land costs to your benefit. To defer income upon the sale of parcels from a tract of purchased land, it is necessary to properly allocate the cost among the various parcels. The IRS requires that the cost be equitably apportioned, but how? Consider several methods when allocating costs.
Take advantage of lower property valuations. Have you considered gifting real estate property or partnership interest for estate planning purposes? You may want to consider converting a corporation into an LLC since built-in gains may be low due to depressed real estate values.
Properly account for your lease income. You may be accounting for your lease income based on the cash received or the terms of the lease agreement. However, an Internal Revenue Code section specifically addressing leases may require the income to be accounted for in a different manner.
Determine if your partnership qualifies for an income deferral for debt reacquisition transactions. Has your business had debt forgiven? There is a tax election available that will allow you to defer cancellation of debt (COD) income until 2014, when it will then be recognized ratably over five years. Carefully consider the options before making this irrevocable election as your COD income could be fully excluded under other provisions.
Color your building green. Take advantage of special deductions and credits for green, or environmentally friendly, buildings.
Determine if you are a dealer or an investor. Do you know if you are a real estate dealer or an investor with regard to taxes? Proper planning will ensure the desired treatment upon disposition of the property.
Allocate land costs to your benefit. To defer income upon the sale of parcels from a tract of purchased land, it is necessary to properly allocate the cost among the various parcels. The IRS requires that the cost be equitably apportioned, but how? Consider several methods when allocating costs.
Take advantage of lower property valuations. Have you considered gifting real estate property or partnership interest for estate planning purposes? You may want to consider converting a corporation into an LLC since built-in gains may be low due to depressed real estate values.
Properly account for your lease income. You may be accounting for your lease income based on the cash received or the terms of the lease agreement. However, an Internal Revenue Code section specifically addressing leases may require the income to be accounted for in a different manner.
“To learn how these tax tips may apply to your real estate business or investment, please contact your tax advisor,” said Jerry Williford, a Grant Thornton Real Estate Tax executive director.
Grant Thornton LLP’s Construction, Real Estate and Hospitality group has developed 12 tax tips for real estate owners and investors. To read all of the tax tips, go to www.GrantThornton.com/CRHtaxtips or email CRH@gt.com.
Grant Thornton LLP offers tax tips for real estate owners and investors
CHICAGO, Feb. 1, 2010 – As real estate owners and investors do business throughout 2010, they will more than likely face many complex tax issues that could strain their resources and drain profits. They should keep in mind these tax tips that could help them save money in the long run:
Determine if your partnership qualifies for an income deferral for debt reacquisition transactions. Has your business had debt forgiven? There is a tax election available that will allow you to defer cancellation of debt (COD) income until 2014, when it will then be recognized ratably over five years. Carefully consider the options before making this irrevocable election as your COD income could be fully excluded under other provisions.
Color your building green. Take advantage of special deductions and credits for green, or environmentally friendly, buildings.
Determine if you are a dealer or an investor. Do you know if you are a real estate dealer or an investor with regard to taxes? Proper planning will ensure the desired treatment upon disposition of the property.
Allocate land costs to your benefit. To defer income upon the sale of parcels from a tract of purchased land, it is necessary to properly allocate the cost among the various parcels. The IRS requires that the cost be equitably apportioned, but how? Consider several methods when allocating costs.
Take advantage of lower property valuations. Have you considered gifting real estate property or partnership interest for estate planning purposes? You may want to consider converting a corporation into an LLC since built-in gains may be low due to depressed real estate values.
Properly account for your lease income. You may be accounting for your lease income based on the cash received or the terms of the lease agreement. However, an Internal Revenue Code section specifically addressing leases may require the income to be accounted for in a different manner.
Determine if your partnership qualifies for an income deferral for debt reacquisition transactions. Has your business had debt forgiven? There is a tax election available that will allow you to defer cancellation of debt (COD) income until 2014, when it will then be recognized ratably over five years. Carefully consider the options before making this irrevocable election as your COD income could be fully excluded under other provisions.
Color your building green. Take advantage of special deductions and credits for green, or environmentally friendly, buildings.
Determine if you are a dealer or an investor. Do you know if you are a real estate dealer or an investor with regard to taxes? Proper planning will ensure the desired treatment upon disposition of the property.
Allocate land costs to your benefit. To defer income upon the sale of parcels from a tract of purchased land, it is necessary to properly allocate the cost among the various parcels. The IRS requires that the cost be equitably apportioned, but how? Consider several methods when allocating costs.
Take advantage of lower property valuations. Have you considered gifting real estate property or partnership interest for estate planning purposes? You may want to consider converting a corporation into an LLC since built-in gains may be low due to depressed real estate values.
Properly account for your lease income. You may be accounting for your lease income based on the cash received or the terms of the lease agreement. However, an Internal Revenue Code section specifically addressing leases may require the income to be accounted for in a different manner.
“To learn how these tax tips may apply to your real estate business or investment, please contact your tax advisor,” said Jerry Williford, a Grant Thornton Real Estate Tax executive director.
Grant Thornton LLP’s Construction, Real Estate and Hospitality group has developed 12 tax tips for real estate owners and investors. To read all of the tax tips, go to www.GrantThornton.com/CRHtaxtips or email CRH@gt.com.
Categories: REAL ESTATE, YOUR TAXES Tags: accounting, cancellation of debt, deferral, estate business, internal revenue code, internal revenue code section, investor, Investors, irs, lease agreement, lease income, leases, parcels, partnership interest, profits, property valuations, provisions, real estate values, regard, tax election
Categories: REAL ESTATE Tags: Edge, Estate, Exposed, Investors, J.K., Lasser's, Millionaires, Real, Secret, Strategies
Property-Tax Exemption for Charities: Mapping the Battlefield (Paperback)
No description for this product could be found, but have a look over at Amazon for reviews and other information.
Categories: REAL ESTATE Tags: Battlefield, Charities, Exemption, Mapping, Paperback, PropertyTax
Tower Dream (Japanese Import Super Famicom Video Game) SNES
Hilarious multi- or single-player board game in the style of Monopoly but with more depth and a bit more unpredictability (due to things like a slot machine determining outcome). Character portraits display emotions, from happy, sad, stoned (for the hippy!), frustrated and even sexy! This game is great fun! Playable on the Japanese Super Famicom (Super Nintendo) system!
Living Trust Maker
<!– /* Font Definitions */ @font-face {font-family:”Cambria Math”; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-alt:”Calisto MT”; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-alt:”Arial Rounded MT Bold”; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-s (more…)
Categories: REAL ESTATE Tags: Living, Maker, Trust
Real Estate Investing Fundamentals, Instructional Video, Show Me How Videos (2006)
Review
A reviewer JD, a new investor, 01/05/2008 I found this DVD very informative as I am trying to learn more about real estate investing. The expert are real investors with practical information. There are also some great links to free REO and foreclosure websites I was lookin at having to pay to get with other companies. thanks JD –Barnes and Nobel
Categories: REAL ESTATE Tags: 2006, Estate, Fundamentals, Instructional, Investing, Real, Show, Video, Videos
Historic Print (S): The death of the property tax! Or 37 mortal wounds for ministers & the inquisitoral comm
This is a museum quality, reproduction print on premium paper with archival/UV resistant inks. [London] : Pubd. by F. Sidebotham, [1816 Mar.].Forms part of British Cartoon Prints Collection (Library of Congress). Catalogue of prints and drawings in the British Museum. Division I, political and personal satires, v. 9, no. 127521 print : etching, hand-colored. Vansittart, Nicholas, 1766-1851. Tierney, George, 1761-1830. Liverpool, Robert Banks Jenkinson, Earl of, 1770-1828. George (more…)
Categories: REAL ESTATE Tags: comm, death, Historic, inquisitoral, Ministers, mortal, Print, Property, wounds
Categories: REAL ESTATE Tags: Challenge, Guide, Homeowner's, Paperback, Property, Reducing, Taxes, Your
Since the government can take my land for any reason, I assume they’re going to pay my mortgage and property taxes? – funny bumper stickers (Medium 10×2.8 in.)
Size: Medium 10 x 2.8 inches. Perfect for your car, truck, motorhome, office cubicle, etc.
Categories: REAL ESTATE Tags: assume, going, Government, land, mortgage, Property, reason, Since, take, they're
stop foreclose,lower property tax, repair credit
step by step self help cd for
foreclosure, lower property tax, repair credit, shop for a mortgage, shop for a home.
Categories: REAL ESTATE Tags: credit, forecloselower, Property, repair, stop