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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
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
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
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)
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
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.
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
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
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
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
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
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
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
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
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
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
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
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
Taxpayers that paid Pennsylvania or Philadelphia real estate transfer tax on certain transactions involving real property located in Philadelphia during the period July 1, 2012 through January 5, 2012 may be entitled to...more
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
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
Happy new year to our blog readers! In 2013, we are all hoping for an improved economy and, with it, an increase in the volume of commercial and consumer loans. Remember that Florida has certain transactional taxes for which...more
In a lawsuit alleging that several banks violated Michigan's County Real Estate Transfer Tax Act by improperly claiming exemptions involving the sale of foreclosed properties, Judge Bell allowed Fannie Mae, Freddie Mac and...more
Heard enough about the fiscal cliff? Condominium developers should take into consideration the potential liability for assessments on developer owned condominium units when structuring condominium regimes to avoid their own...more
Our final Alabama SALT Bulletin of 2012 summarizes the major legislative, judicial, and administrative developments affecting Alabama taxpayers with respect to income, transaction, and property taxes. The spring 2012...more
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