Tax Law, Commercial Law & Contracts, Residential Real Estate

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

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

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

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

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

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

SDLT Schemes: The Good, The Bad and The Ugly

by Sanjay Mehta | Katten Muchin Rosenman LLP on 3/27/2013

The Chancellor had previously warned that he would “not hesitate to move swiftly, without notice and retrospectively” to counter aggressive and widely marketed Stamp Duty Land Tax (SDLT) schemes. Last week, when announcing...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

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

Tennessee Appeals Court Holds that Tenant Is Required to Pay Landlord’s Tennessee Excise Tax

by Brett R. Carter, Joseph Gibbs, Patricia Head Moskal | Bradley Arant Boult Cummings LLP on 2/25/2013

The Tennessee Court of Appeals ruled on January 2, 2013 that a tenant was required to pay its landlord’s Tennessee excise tax liability, based on the terms of the applicable lease agreement. J-Star Holdings, LLC v. The...more

Buying Real Estate in Spain - FAQs

by Antonio Viñal on 2/18/2013

Prices in the Spanish real estate market have been cut down by around 30% in the last 5 years, which means a wealth of opportunities for real estate funds, savvy individual investors and anything in between. But there are...more

Appellate Notes: Recent Decisions of the Connecticut Supreme and Appellate Courts - January 2013

by Edward McCreery III | Pullman & Comley, LLC on 2/14/2013

In This Issue: -AC31211 - Aguinaldo v. Warner -AC33771 - Thompson Gardens West Condominium Assn., Inc. v. Masto -AC33850 - Unifund CCR Partners v. Schaeppi -AC33400 - Samnard Associates, LLC...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

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Tax Law › Commercial Law & Contracts › Residential Real Estate

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

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

Sweeping Maine Tax Reform Proposal Announced

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

Sales Of Condominium Units Under Audit By Canada Revenue Agency

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

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

Condominium Sales Could Lead To Large Tax Bills

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

1031 Exchanges of Investment Property— Recent Cases

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

SDLT Schemes: The Good, The Bad and The Ugly

Banks Not Required to Capitalize OREO Costs

Adding Accrued Interest To Principal Balance Does Not Generate A Deduction

Tennessee Appeals Court Holds that Tenant Is Required to Pay Landlord’s Tennessee Excise Tax

Buying Real Estate in Spain - FAQs

Appellate Notes: Recent Decisions of the Connecticut Supreme and Appellate Courts - January 2013

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

Opportunities for Real Estate Transfer Tax Refunds in Pennsylvania

Mortgage Forgiveness Act Extended

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

Rogers Towers: Documentary Stamp Tax: a Quick Review of the Basics

Fannie Mae And Freddie Mac Cite Possible “Negative Implications” To Side With Big Banks

The Fiscal Cliff for Condominium Developers

Alabama Tax Developments: 2012 Year in Review

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