Tax Residential Real Estate

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Bye Bye Brazil! - Tax Planning Considerations for Brazilian Investment in the United States: Part 3 - Inbound Investment Real...

As an undergraduate at West Point, I was a Spanish and Portuguese major. My Brazilian “thing” had already started a decade earlier as a ten year old growing up in the Panama Canal Zone seeing Pele play for his Brazilian team...more

Bye Bye Brazil! - Tax Planning Considerations for Brazilian Investment in the United States: Part II – Additional Income Tax...

I have mentioned in prior articles my affiliation with the South Florida law firm Osborne and Osborne, PA in Boca Raton. Back to the beginning! Boca Raton is where I started right out of the Army in 1987. I moved to Miami for...more

Gov. Cuomo Signs Law Extending Real Property Tax Abatement for Solar Power Installation

Governor Cuomo has signed into law a bill that extends real property tax breaks for installing electricity-generating solar panels on New York City buildings effective September 23, 2014. ...more

DOD Proposes Expanded Coverage Of Military Lending Act Protections

On September 29, a proposed amendment to the U.S. Department of Defense’s regulation that implements the Military Lending Act (MLA) was published in the Federal Register, with comments due by November 28. Most importantly,...more

HUD releases list of 2015 QCTs and DDAs

On Friday, October 3, 2014, HUD released a notice announcing new “Qualified Census Tract” (“QCT”) and “Difficult Development Area” (“DDA”) designations for purposes of the low-income housing tax credit under Section 42 of the...more

Tax Implications: Selling Your Home

If you've lived at a property for at least two out of the five years before you sell your home, you can consider that property your primary residence or "main home", per the Internal Revenue Service. The IRS will then...more

Affordable Housing Alert: California’s Property Tax Welfare Exemption Law Amended

Effective Jan. 1, 2015, low income housing projects face a modified legal regime when qualifying for property tax exemptions in California....more

The future of multifamily housing bonds?

Earlier this year, President Obama included within his Administration’s budget to Congress certain tax proposals. Among those was a proposal to allow states to convert up to 8 percent of their private activity bond (PAB)...more

“Change in Ownership” Can Trigger Documentary Transfer Tax

926 North Ardmore Avenue, LLC v. County of Los Angeles, (9/22/14, B248536) - The California Court of Appeals has recently held that, as a general rule, the Documentary Transfer Tax (“DTT”) applies whenever there is a...more

France, Luxembourg amend tax treaty, affecting investment structures of Luxembourg vehicles holding French real estate

The French and Luxembourg governments have signed a new amendment to the French-Luxembourg tax treaty that will significantly impact the investment structures involving Luxembourg vehicles holding French real estate assets....more

HUD announces competition for new Promise Zones

Today, HUD announced the process and criteria for selecting 6 urban communities and at least 1 rural and 1 tribal community to participate in the Promise Zone initiative. The 6 urban communities will be designated by HUD, and...more

IRS releases final LIHTC Audit Technique Guide

Yesterday the IRS released a long-anticipated update to its Audit Technique Guide for the low-income housing tax credit (“LIHTC”) program. The guide is intended to assist IRS examiners charged with auditing owners of LIHTC...more

Proposed Amendment to California's Property Tax Rules – Attempting to Close a Commercial Real Estate Loophole

Proposition 13 generally limits taxes on real property to one percent of the full cash value of that property. “Full cash value” is defined as the assessor's valuation of the property tax bill, which typically is based upon...more

Freddie Mac closes first direct purchase of a tax-exempt loan

Freddie Mac recently closed its first direct purchase of a tax-exempt loan. The loan financed the acquisition and rehabilitation of a 417-unit senior housing community in Dayton, Ohio known as The Lakewoods. The deal...more

IRS Allocates “National Pool” Credits to Thirty-Five States and Puerto Rico

Yesterday, the IRS issued Revenue Procedure 2014-52 which provides for the reallocation of $2.59 million of unused national pool low-income housing tax credits (LIHTCs). ...more

To Caesar, Only What Is Due - An Opportunity under § 505(a)(2)(C) for Ad Valorem Taxes?

Plagued with financial uncertainty and inadequate resources, debtors often fail to take the steps that are needed to minimize property taxes in the period leading up to bankruptcy. Tax protests go unfiled and valuations go...more

California Retroactively Extends Mortgage Debt Forgiveness Tax Relief, But Only For 2013

At the end of July, the California state legislature enacted an extension of its modified conformity to federal mortgage debt forgiveness tax relief for 1 year, through 2013. The law allows exclusion of income realized as a...more

Homestead Status Without Current Use Or Possession; Interaction Of Homestead Successor Rights With Terms Of Marital Settlement...

Under Florida law, a decedent will be restricted in devising his or her homestead property at death. If those restrictions apply, surviving spouses and heirs received the interests they would receive under intestacy law. For...more

Southeast State & Local Tax: Important Developments - August 2014

The Williams Mullen Southeast State and Local Tax (SESALT) team is pleased to provide you with a comprehensive recap of important tax developments around the Southeast....more

Illinois Court Holds That Tax Deed Was Not Void For Lack Of Proper Notice

Excalibur Energy (“Excalibur”) attempted to void a tax deed for certain property for which the defendant, Marilyn Rochman, also claimed ownership. To achieve this end, Excalibur filed a new action in circuit court for...more

Tax Sale Invalidated Due to Inadequate Notice

A panel of the Commonwealth Court invalidated a tax sale because the required statutory notice was not given to all owners of a property. In re Consolidated Return of Luzerne County Tax Claim Bureau, Appeal of Jack P....more

Virginia Tax Department Changes Conservation Easement Tax Credit Procedures

The Virginia Department of Taxation (“Tax”) is modifying its procedures for issuing land preservation tax credits and is trying to improve its customer service. At a meeting hosted by Molly Ward, Virginia Secretary of...more

Mortgage Holder’s Petition to Set Aside Judicial Tax Sale Rejected

A panel of the Commonwealth Court held that the trial court properly denied a mortgage holder’s petition to set aside the judicial tax sale of a property in Lackawanna County due to alleged improper service of notice and...more

Even a Tax Authority May Sometimes Have to Pay

In Clinton County Treasurer v. Wolinsky, 511 B.R. 34 (N.D.N.Y. 2014), a Chapter 7 trustee sought to avoid a property tax foreclosure as a fraudulent transfer and then to recover damages from the foreclosing county. The...more

Cook County Assessed Values Continue to Decline

For the sixth year in a row we have obtained and analyzed assessment abstract data from the Cook County Assessor’s Office. In each tax year since 2008 the County’s total assessed value has declined. The data from 2013, the...more

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