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Finance & Banking Residential Real Estate Tax

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

Tax Lien Foreclosure – Rights of Mortgage Holders and Unassessed Owners

by PretiFlaherty on

Experienced tax collectors and treasurers know that mortgage holders and unassessed owners of record have the right to receive copies of certain notices during the tax lien foreclosure process. But what are these entities’...more

Stay out of TROUBLE: Make sure your CPA is asking you the right QUESTIONS regarding Foreign Accounts!

by Foodman CPAs & Advisors on

US International tax is complicated. It often overwhelms US Taxpayers. That is why an international tax specialist CPA is the best choice for the work. Nonetheless, many Taxpayers seek the help of tax return preparers...more

Michigan Governor Signs Law Excluding Library Taxes from Capture by Tax Increment Financing Entities

by Miller Canfield on

On Jan. 9, 2017, Michigan Governor Snyder signed into law a package of bills, all with immediate effect, that would exempt certain taxes levied for library purposes from being captured by tax increment financing authorities,...more

Court Denies City of Chicago's Tax on Assignments of Mortgages

by Miller Canfield on

In October 2015, we discussed Cook County, Illinois circuit court cases City of Chicago v. KTCP and Halsted West v. City of Chicago, which held that an assignment of a mortgage is a transfer of a “beneficial interest in real...more

How HUD Secretary Carson Might Affect Mortgage Lenders

President-elect Donald Trump’s recent decision to nominate Dr. Ben Carson as Secretary of the Department of Housing and Urban Development (HUD) carries potential implications for mortgage lenders. In accord with Trump’s...more

Disposing of Real Property in a Tax-Advantaged Manner

by Farrell Fritz, P.C. on

Many of our clients are heavily invested in real property. In some cases, this investment may be a single property in a prime location; in others, the client (and maybe his family) is in the business of owning and operating a...more

MLPs, REITs and S&P's New Real Estate Sector Classification

by Baker Donelson on

On September 1, 2016, Standard & Poor's (S&P) upgraded real estate as a stand-alone sector within its Dow Jones Global Industry Classification Standard (GICS). GICS is the de facto classification system for equity securities...more

Programs to bring investment capital to rural communities

by Butler Snow LLP on

The United States Department of Agriculture (“USDA”) offers a variety of loan programs designed to spur investment in rural communities located throughout the United States of America. These loans are available to...more

West Coast Real Estate Update: November 2016 #3

by Holland & Knight LLP on

Owners, Developers Face Challenges Converting Parking to E-Commerce Delivery Space - Because millennials make up an increasing number of urban residents, owners and developers of apartment and condominium buildings are...more

Unique New Jersey: Legal Pitfalls in Real Estate Transactions

by Pepper Hamilton LLP on

Real property transactions in New Jersey can trigger several tax consequences that must be addressed at the time of closing. In New Jersey, real estate deals are subject to a variety of unique requirements that can...more

Reminder: Comments to revised RAD forms due October 28th and RAD Report out for review

by Ballard Spahr LLP on

On September 28, 2016, HUD published a notice in the Federal Register to solicit comments to revised form documents used in the Rental Assistance Demonstration (“RAD”). This notice follows a 60-day comment period on...more

District Court Dismisses Disparate Impact Claims in Texas

by Ballard Spahr LLP on

After several years of litigation, the U.S. District Court for the Northern District of Texas recently dismissed disparate impact claims filed against the Texas Department of Housing and Community Affairs (TDHCA) in the fair...more

District Court Dismisses Disparate Impact Claim of Inclusive Communities

by Ballard Spahr LLP on

A federal court in Texas recently dismissed a housing discrimination claim that was based on alleged disparate impact under the Fair Housing Act (FHA), the latest in a series of decisions applying landmark U.S. Supreme Court...more

Should Professional Service Providers Assume Greater AML Vigilance Responsibilities?

by Foodman CPAs & Advisors on

Because they are known as “gatekeepers” in the financial industry, Professional Service Providers (PSPs), Bankers, Brokers, Realtors, Casino Managers, Trust Fund Managers, Money Managers, etc., carry a level of responsibility...more

Use of Shell Companies To Shield Identity Further Limited

by Sanford Millar on

On July 27, 2016 the Financial Crimes Enforcement Network, (FinCEN) of the Department of the Treasury issued expanded Geographic Targeting Orders (GTO) that will...more

IRS Offers New Guidance on Exclusion for Sale of a Principal Residence

by Miles & Stockbridge P.C. on

In the recently released Private Letter Ruling 201628002, the IRS determined that taxpayers were entitled to partial gain exclusion for the sale of their principal residence. Despite not using the property as their principal...more

Major Tax Legislation Enacted by the Short Session of the 2015-16 General Assembly

by Smith Anderson on

This Alert summarizes the major tax provisions included in legislation passed by the 2015-2016 North Carolina General Assembly in its short session, which concluded earlier this month. The most widely discussed tax...more

Debt Secured by Inventory Real Property is Not QRPBI

by Miles & Stockbridge P.C. on

In the recently released Revenue Ruling 2016-15, the IRS determined that discharge of debt income generated by the forgiveness of debt secured by real property constituted excludable qualified real property business...more

"IRS Corrects Effective Date of Recently Issued Built-in Gain Regulations"

The Internal Revenue Service (IRS) and Treasury Department today issued a much-welcomed technical correction to the effective date of the recently issued “built-in gain” regulations regarding real estate investment trust...more

Recovery of Real Property in South Carolina After a Tax Sale

Acme Bank has a problem. Acme loaned $480,000 for the purchase of a beach house on Sullivan’s Island, South Carolina, securing the debt with a recorded mortgage. Six months ago, the bank received a letter from the county tax...more

IRS Releases July 2016 Interest Rates

by Bryan Cave on

The 7520 rate for July 2016 has remained at 1.8%. The July 2016 Applicable Federal Interest Rates can be found below. Section 1274.--Determination of Issue Price in the Case of Certain Debt Instruments Issued for...more

My “Flippín” House?

by Gerald Nowotny on

Tax Strategies to Reduce Taxation and Build Wealth for House Flippers - Overview - I seem to be perpetually out to lunch. When I step on the scale too, this point is further confirmed. I do not know why I have...more

"IRS Expands REIT Spin-Off Restrictions, Extends REIT Built-in Gains Period to 10 Years"

On June 7, 2016, the Internal Revenue Service (IRS) and Treasury Department issued new temporary regulations that have dramatic implications for all merger-and-acquisition activity by C corporations and real estate investment...more

Reforms to the Foreign Investment in Real Property Tax Act and REIT Taxation - Tax Update Volume 2016, Issue 1

by Pepper Hamilton LLP on

The reforms generally encourage foreign investment in U.S. real estate. The enacted Protecting Americans from Tax Hikes Act of 2015 (the Act) contains numerous reforms to the Foreign Investment in Real Property Tax Act...more

U.S. Tax Structures Utilized In Connection With Foreign Investment In U.S. Real Estate

by Kelley Drye & Warren LLP on

U.S. real estate is expected to attract a record amount of foreign investment in 2016. The U.S. real estate market is perceived as a safe haven in light of economic uncertainty in China, the refugee crisis in Europe and the...more

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