Residential Real Estate, Finance & Banking, Tax Law

Financeable Ground Leases – They’re Not Just for Development Sites Anymore

by Marc Intriligator | Cozen O'Connor on 5/23/2013

In years past, ground leases were used primarily as vehicles for the development or redevelopment of “stand alone” real estate. The fee owner – typically an investment group that purchased an income property years ago and now...more

Pitfalls in the Redemption of Property by Lenders

by Jack Kubiszyn, J. Keith Windle | Bradley Arant Boult Cummings LLP on 5/20/2013

In Alabama, when a property owner fails to pay his ad valorem property taxes, his property may be sold at a public auction to the highest bidder (the “tax purchaser”). Statutory law in Alabama provides that the owner of the...more

Mortgagees: Don’t Lose Collateral — Take Action To Ensure You Receive Notice Of Pending Tax Deed Sales

by Christopher Linde | Burr & Forman on 5/9/2013

Summary: Mortgagees and other lienholders whose proper address does not appear in a recorded mortgage or lien may not receive notice of a pending tax deed sale and may therefore lose collateral. A recent Florida court held...more

Maryland Again Changes Recordation Tax Payable on Indemnity Deeds of Trust - Effective as of July 1, 2013

by Walter Kirkman, Kevin LaTulip, Jr. | Ober|Kaler on 5/6/2013

Recordation Tax Now Charged Upon Recordation of Indemnity Deeds of Trust Securing a Guarantee of a Loan or Related Loans of $3,000,000 or More - Governor Martin O’Malley signed legislation this week that will again...more

Sales Of Condominium Units Under Audit By Canada Revenue Agency

by Ken Whitelaw | Dentons on 5/2/2013

A Canada Revenue Agency (“CRA”) audit initiative is targeting taxpayers who have recently sold condominium units they did not occupy or occupied for only a short period of time (the “CRA Condo Project”)....more

Louisiana Receivers in Foreclosure: Application of Payments to Costs and Expenses

by Stephen Chiccarelli | Baker, Donelson, Bearman, Caldwell &... on 5/2/2013

In line with our prior posts on Louisiana Keepers, the following is a sample of a typical issue that can arise in the Keeper context regarding the payment of costs and expenses associated with a loan. Question: Our...more

U.S. Department of the Treasury Announces $3.5 Billion in Federal New Markets Tax Credit Allocation Authority

by Amelia Frankel, Jarrod Sharp, Jennifer Simmons | Thompson Coburn LLP on 4/26/2013

Yesterday the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (the “CDFI Fund”) announced the award of $3.5 billion in Federal New Markets Tax Credit (NMTC) allocation authority through its...more

Third Circuit Court of Appeals Issues Landmark Decision in Virgin Islands Economic Development Program Case

by Joseph DiRuzzo | Fuerst Ittleman David & Joseph, PL on 4/18/2013

Disclosure: Joseph A. DiRuzzo, III of Fuerst Ittleman David & Joseph was part of the trial team that represented the taxpayers in the June 2010 bench trial in the District Court of the Virgin Islands....more

Rogers Towers: A Potential End-Around McNeal: Liens Partially Secured by Personal Property

by Scott St. Amand, J. Ellsworth Summers, Jr. | Rogers Towers on 4/4/2013

When the time comes to collect a debt, few organizations are as accomplished as the Internal Revenue Service. The IRS showed just such guile in the case of In re Williams, a recent Chapter 7 proceeding in the Middle District...more

1031 Exchanges of Investment Property— Recent Cases

by Scott Johnson | Manatt, Phelps & Phillips, LLP on 3/27/2013

Many property owners are aware that one can sell investment property, at a profit, and reinvest the sales proceeds in replacement investment property, without having to pay tax on the sale. Such transactions are known as...more

Burr Alert: Hop, Skip And Jump Through The Thorns Of Justice

by Joseph King | Burr & Forman on 3/27/2013

Every so often, we might not realize that, by our actions, we are doing exactly what the opposing party wants us to do. Perhaps we do not have an appropriate amount of time for each and every decision to consider ‘the forest’...more

IRS Releases Audit Memorandum on Another HTC Transaction

by David Cohen, Mark Limardo | Katten Muchin Rosenman LLP on 3/14/2013

The Internal Revenue Service recently released Field Attorney Advice 20124002F, revealing another attempt on audit to invalidate an allocation of historic tax credits (HTCs) to an HTC equity investor. Although only just made...more

Protecting Your Nonprofit Housing Counseling Agency's 501(c)(3) Status

by George Constantine, Matthew Journy, Jonathan L. Pompan, Jeffrey S. Tenenbaum | Venable LLP on 3/13/2013

In this presentation: - What the IRS is doing - What agencies can expect - The legal requirements for 501(c)(3) status - Recent IRS treatment of housing counseling agencies - How to prepare...more

IRS Denials of Tax-Exempt Status to Mortgage Foreclosure Assistance Providers Offer Lessons for Housing Counseling Agencies

by George Constantine, Matthew Journy, Jonathan L. Pompan, Jeffrey S. Tenenbaum | Venable LLP on 3/12/2013

The Internal Revenue Service (IRS) is preparing an industry-wide review of tax-exempt organizations that are engaged in mortgage foreclosure assistance, including housing counseling agencies (the “compliance project”). In...more

Banks Not Required to Capitalize OREO Costs

by Thomas Blank, Thomas Cotter, Mark Hildreth, W. Kent Ihrig | Shumaker, Loop & Kendrick, LLP on 3/11/2013

The Office of the Chief Counsel of the Internal Revenue Service has issued a Legal Memorandum (Number AM2013-001, dated March 1, 2013) (the “Memorandum”), which has important implications and represents a victory for lenders...more

Financial Services – Update on UK and European Regulatory Developments - March 2013

by Dechert LLP on 3/7/2013

In This Issue: - Part A – Regulation of Financial Markets - Part B – Regulation of Investment Management - Part C – Regulation of Investment Funds - Appendix: Regulatory Calendar – Key Milestones Please...more

Adding Accrued Interest To Principal Balance Does Not Generate A Deduction

by Charles (Chuck) Rubin on 3/7/2013

Cash basis taxpayers may deduct “qualified residence interest” when paid. Qualified resident interest is generally interest on a loan taken out to purchase a qualified residence, or to refinance it within certain dollar...more

IRS Uncertain Over Tax Treatment Of OREO Costs

by Deirdre Mitacek | Cullen and Dykman LLP on 3/7/2013

The Internal Revenue Service released two internal advice memoranda this week regarding the proper treatment of expenses incurred by banks and other financial institutions in connection with “Other Real Estate Owned” (“OREO”)...more

Another Item on the Closing Checklist – Purchasers Should Take Caution as NYC Department of Finance Cracks Down on Late and...

by Joanna Slusarz | Cole Schotz on 2/8/2013

Owners of most income-producing properties in New York City have an obligation to file an annual Real Property Income & Expense (“RPIE”) form with the NYC Department of Finance (“DOF”). (For more information about the purpose...more

IRS Examinations of Nonprofit Housing Counseling Agencies

by Venable LLP on 2/6/2013

This is a pivotal time for nonprofit providers of housing counseling and related services. The Internal Revenue Service ("IRS") has begun to focus on the activities of nonprofit, tax-exempt housing counseling agencies and...more

Real Estate Professionals Navigating The New 3.8% Medicare Tax

by Richard Goldstein, Joshua Kaplan | Bilzin Sumberg Baena Price & Axelrod LLP on 2/1/2013

With a new year comes a new beginning. While New Year’s Day is typically viewed as a chance to start fresh and make changes in our personal lives, for many people New Year’s Day in 2013 took a different tone. Instead of...more

‘Tis The Season To Be WARY!

by Win Mims | Jeff Field & Associates on 1/14/2013

Tax season is on us once again and many are thinking about how to make the best use of any tax refund to pay down their obligations. Be aware: scammers are out there and are plotting strategies to separate you from your...more

Mortgage Forgiveness Act Extended

by Michele Bowman | Lawyers.com on 1/8/2013

As part of the law passed as a last minute escape of the so-called fiscal cliff, Congress extended the Mortgage Forgiveness Debt Relief Act to the great relief of homeowners who’ve suffered foreclosure....more

Tax Law Blog: Buying a House in 2013? You Could Qualify for a Federal Tax Credit up to $2,000 a Year for the Life of Your...

by Courtney A. Strutt Todd | Davis Brown Law Firm on 1/8/2013

On Monday, Jan. 7, Governor Branstad and Lt. Gov. Reynolds announced a new program which allows eligible homeowners that purchase a home in 2013 to receive a dollar-for-dollar federal tax credit in an amount up to $2,000 per...more

Damage From Superstorm Sandy Means Substantial Real Property Tax Relief May Now Be In Order

by Carl Rizzo | Cole Schotz on 1/7/2013

When Superstorm Sandy hit New Jersey on the evening of October 29, many local residents and businesses did not expect the devastation that followed. Numerous suffered substantial business and residential property losses as a...more

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Residential Real Estate › Finance & Banking › Tax Law