Residential Real Estate, Tax Law

Congress Reinstates Income Tax Advantages for Conservation Easements

by Womble Carlyle Sandridge & Rice, PLLC on 5/17/2013

Executive Summary: Congress has temporarily reinstated certain income tax advantages for donations of conservation easements. These advantageous provisions are scheduled to expire at the end of 2013....more

Illinois County Clerk’s Official Property Tax Manual Provides Comprehensive Resource For The Levy And Extension Process

by Ares Dalianis, Scott R. Metcalf | Franczek Radelet P.C. on 5/10/2013

The Illinois Association of County Clerks and Recorders recently released a comprehensive manual for the levying and extension of property taxes in Illinois. The 240-page manual addresses the entire range of property tax...more

Tennessee Property Tax Assessment Appeals: Davidson County in Reappraisal Year

by Brett R. Carter, Joseph Gibbs, Patricia Head Moskal, Brian Shelton | Bradley Arant Boult Cummings LLP on 5/9/2013

With Davidson County and several other Tennessee counties in reappraisal years, we remind Tennessee property owners that now is the time to request an appointment to appeal real or personal property assessments if you...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

Hidden State Tax Trap On Real Estate

by Patrick Lannon | Bilzin Sumberg Baena Price & Axelrod LLP on 5/9/2013

Miami residents have a long history of escaping to cooler climates during the summer months. While the advent of central air conditioning has made regular visits to the north more of a luxury than a necessity, vacation homes...more

Tax Law Blog: Disclaiming an Inheritance

by Jana M. Luttenegger | Davis Brown Law Firm on 5/8/2013

Most of the time, people are pleased to accept an inheritance. However, there are many reasons to not want the inheritance. For example, in small estates, you may receive a home that comes subject to a mortgage, and you...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

Sweeping Maine Tax Reform Proposal Announced

by Sarah Beard, Jonathan Block, Kris Eimicke | Pierce Atwood LLP on 5/3/2013

A bipartisan group of 11 legislators have proposed an overhaul of Maine’s tax system, including major changes to the individual and corporate income tax, property tax, sales tax, and estate tax. ...more

It’s Like Déjà Vu – All Over Again – NSW Defers the Abolition of Stamp Duty

by Philip Diviny, Marise Fraser, Murray Landis | K&L Gates LLP on 5/2/2013

Abolition of NSW duties deferred again - The NSW Government has indicated that the abolition of Inter-Governmental Agreement taxes, including duties on: - marketable securities (shares and units) - ...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

Investing in luxury properties in France: a counterflow strategy that could pay off

by Nadia Chatraoui, Stéphane Illouz | Reed Smith on 4/26/2013

Since the new taxation reform was passed earlier this year, a number of wealthy owners have moved out of France and put up their properties for sale. This resulted in an exceptional price fall of up to 15% for properties over...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

Overriding Interest - Spring 2013

by Steven D. Cox, Bonny Hedderly, Rupeena Purewal | K&L Gates LLP on 4/24/2013

In this issue: - The Green Deal - Impact on Commercial Real Estate - High Value Residential Property Tax - Announcements and Events - Transaction Profile - Focus on Henderson Global Investors...more

Condominium Sales Could Lead To Large Tax Bills

by Keir Wilmut | Heenan Blaikie LLP on 4/24/2013

If you sold a condominium in Canada’s booming housing market, don’t count your profit just yet – the Canada Revenue Agency could soon be knocking on your door with a large tax bill....more

Considerations For International Clients Who Intend to Buy A Home In the U.S.

by Amy McEvoy | Sheppard Mullin Richter & Hampton LLP on 4/23/2013

International buyers invested $82.5 billion in U.S. residential real estate (4.8% of total U.S. sales) according to the most recent survey conducted by the National Association of Realtors for the 12 month period ending with...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

Adverse Possessor Of Religious Nonprofit’s Land Does Not Need To Pay Property Taxes To Obtain Title To Land

by Jon E. Goetz, Brett L. Price | Kronick, Moskovitz, Tiedemann & Girard on 4/17/2013

The law of adverse possession allows persons to obtain legal title to property by occupying the property for at least five years, and satisfying other requirements such as the payment of taxes on the property. In practice,...more

Part-Time Landlords That Work Full Time Will Have A Hard Time Qualifying As Real Estate Professionals

by Charles (Chuck) Rubin on 4/15/2013

Taxpayers that own rental real estate property will often want to qualify as “real estate professionals” under Section 469 (the “passive loss rules”). If they do that, their losses from their real estate activities can be...more

Alabama Taxpayers' Bill of Rights II Passes Easily In House; Other Important Tax Bills of Interest

by Bruce Ely, James Long, Dave Stewart, William Thistle | Bradley Arant Boult Cummings LLP on 4/12/2013

On April 4, Birmingham attorney and State Representative Paul DeMarco led the effort to pass the 2013 version of the Alabama Taxpayers’ Bill of Rights II, HB 264. The House of Representatives voted 96-2 in favor of the bill....more

Under The Dome: Inside The Maine State House 4-5-13

by Avery T. Day, John D. Delahanty, Andrea Cianchette Maker | Pierce Atwood LLP on 4/5/2013

This week, Governor LePage vetoed two bills: LD 49, An Act to Amend the Laws Governing Payment of Fees to Registers of Deeds, and LD 272, An Act to Reduce Youth Cancer Risk. These were the first vetoes of the 126th...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

Understanding the Basics of Philadelphia's New Actual Value Initiative

by George Kroculick, Michael J. McCalley | Duane Morris LLP on 3/28/2013

Originally published in The Legal Intelligencer on March 27, 2013. The city of Philadelphia's new property tax program is coming and your assessment is likely going up, but it is not all bad news. Still, commercial...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

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Residential Real Estate › Tax Law