Tax Residential Real Estate

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New North Carolina Sales Tax Provisions for Contracts Related to Real Property

This alert is relevant for contractors who perform construction services on real property in the state of North Carolina. In South Carolina, contractors remain subject to the traditional sales or use tax at the time of all...more

News from the Vermont State House - An analysis from DRM's Government & Public Affairs Team - February 2017 #2

Governor’s $35 Million Housing Bond Discussed in Ways and Means Committee - Executive Director Gus Selig of the Vermont Housing and Conservation Board revealed some of the details this week behind the $35 million bond...more

IRS is Getting More Info About Your Home Mortgage

This information will allow the IRS computers and personnel to make some judgments on whether a mortgage interest deduction was properly taken on an income tax return. Without this information, the IRS would have had to audit...more

Land tax win for property developers, primary production

In a ground breaking win for property developers, a recent NSW Court of Appeal decision found that land held for future development but used for grazing, can be exempt from land tax....more

ATED Returns Are Due in April

It is that time of year again when we like to draw your attention to the need to prepare and submit your Annual Tax on Enveloped Dwellings (ATED) Returns. By 30 April 2017, you must have completed your ATED Return and...more

Gatlinburg Property Owners Affected by Wildfires May See Tax Relief

Property owners affected by the Gatlinburg fires last fall could receive tax relief – thanks to a bill approved by the Senate State & Local Government Committee this week....more

New Filing Guidance for PTEs Participating in Rehabilitation Credit Projects

In CCA 201641022 (October 7, 2016) (the “CCA”), the IRS issued new guidance regarding filing requirements for pass-through entities (“PTEs”) involved in rehabilitation credit projects. Under this new guidance, (1) a PTE may...more

IRS Issues Final Regulations on REIT and RIC Conversion Transactions

The U.S. Treasury Department and the Internal Revenue Service published on January 18, 2017 final regulations (the “Final Regulations”) reducing from ten years to five years the recognition period for the corporate-level tax...more

Non-Domicile Changes in the United Kingdom From April 2017 – Are You Ready?

Sweeping changes being introduced in the United Kingdom for non-domiciles (non-doms) will take effect from 6 April 2017. These changes are significant and will affect all non-doms. Our recommendation is that non-doms review...more

MoFo New York Tax Insights - Volume 8, Issue 2

Governor Cuomo Releases 2017-18 New York State Executive Budget - New York State Governor Andrew M. Cuomo released his 2017-2018 Executive Budget, containing an assortment of potentially important tax proposals,...more

Michigan’s 2017 property tax assessment notices are in the mail. Should you appeal?

Local assessors are in the process of sending annual notices of real and personal property tax assessments to property owners/taxpayers, who must determine whether the assessments are correct and whether an appeal should be...more

Indirect sale of real estate in the Russian Federation in the context of the beneficial ownership rules

On 17 January 2017 the Commercial Court of Vladimir Oblast delivered a judgement in case No. ?11-6602/2016 (the “Decision”) under the claim of Vladimir Energy RetailCompany1 Public Joint-Stock Company (the “Company”)....more

Wisconsin Supreme Court Clarifies Required Assessment Methodology for Section 42 Housing

Regency West concerned the 2012 and 2013 assessments of a newly constructed 72-unit Section 42 housing development. For 2012 (the first tax year following completion of construction), the city assessed the property at...more

Michigan Tax News - January 2017

Michigan’s 2017 property tax assessment notices are in the mail. Should you appeal? Local assessors are in the process of sending annual notices of real and personal property tax assessments to property owners/taxpayers,...more

Real Property Tax Alert - October 2016

Nassau County Class 4 Commercial Property – Disputed Assessment Fund (“DAF”) Started with October 2016 School Bill - All Class 4 commercial properties have been impacted by the increase in the school tax rate...more

Impact of Tax Reform Proposals on REITs and Real Estate

This alert focuses on various tax reform proposals and their potential impact on REITs and the real estate industry. Tax reform is high on the agendas of both the House Ways and Means Committee and the Trump administration....more

The Basics of 1031 Exchanges – Part Two: Structuring Partnership/LLC 1031 Exchange Cash-out Transactions

This is part two of a two-part series on Internal Revenue Code Section 1031 tax-deferred exchange transactions. The first article provided an overview of the basic rules that govern 1031 exchanges. This article describes...more

Can Post-Acquisition Land Use Restrictions Change Ordinary Income to Capital Gain?

In Boree v. Commissioner, 118 AFTR 2d 2016-5742 (11th Cir., Sep. 12, 2016), the Eleventh Circuit held that the county’s adoption of subdivision regulatory requirements after taxpayers had purchased certain real property was...more

(US) There Are Two New York Real Estate Transfer Tax Proposals to Watch in Governor Cuomo’s Proposed Budget

New York Governor Andrew Cuomo introduced his FY 2018 budget proposal on January 17. The proposal includes several significant revenue-raisers, including a few that could impact the New York real estate market....more

Challenging New York City Real Property Taxes: Tentative Assessments and Initiation of the Tax Cert Process

New York City faces a continuing decline in state and federal funding and increased property taxes continue to be a reliable revenue stream to fund local services. Every January 15th, the NYC Department of Finance (DOF) sends...more

Amendments to Alberta's Municipal Government Act Likely to Reduce Time and Cost of Property Tax Review Process

As of January 1, 2017, amendments to the Municipal Government Act, R.S.A. 2000 c. M 26 (MGA), came into force, changing how property owners can seek court review of Assessment Review Board decisions in Alberta....more

Property Tax & Valuation Topics: Winter 2017

On September 30, 2016, the Connecticut Supreme Court heard oral argument in Nutmeg Housing Development Corp. v. Colchester. On the face of it, the ad valorem valuation of a garden variety property in the suburbanizing Town...more

Buy-to-Let Investors Turn to Commercial Property

Buy-to-let investors are increasingly turning away from residential properties, with some reports stating that the number of those jumping ship to the commercial sector has recently tripled. This shift has been spurred...more

Court Rejects PTAB Decision for Excluding Evidence of Deceased Appraiser

At the end of 2016, the Illinois appellate court reversed and remanded a PTAB decision that excluded one party’s evidence because the appraiser who authored the appraisal died prior to the hearing. The case at issue, 1411...more

Did San Francisco Eliminate its Transfer Tax Exception for Certain Gifts?

It seems that San Francisco may have just partially removed its exception from transfer tax that applied to gifts, but the Office of the Assessor-Recorder may not be aware. As a bit of background, transfer tax applies to...more

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