Tax Residential Real Estate

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Complying with Regulation X §1024.17(k)(5) - Timely Disbursements from Escrow

As part of its 2014 Mortgage Servicing Rules, the Consumer Financial Protection Bureau (CFPB) issued §1024.17(k) of Regulation X, which is devoted to Escrow Accounts and the requirements for disbursements made from those...more

MTC Nearing Completion of Model Sourcing Regulation for Services and Intangibles

The Multistate Tax Commission’s (MTC) Annual Conference and Committee Meetings are being held on July 27-30, 2015, in Spokane, Washington. On Tuesday, July 28, 2015, at approximately 1:00 pm PDT (exact time subject to...more

Disparate Impact is Here to Stay: What the Supreme Court's Decision Means for the Multi-Family Industry

On June 25, 2015, Justice Kennedy delivered the Supreme Court’s decision in Texas v. Inclusive Communities Project. In the case, the Court determined that the Fair Housing Act of 1968 includes disparate impact claims. Prior...more

Wimpy’s Investment Strategy for Foreign Real Estate Investors - Real Estate Deferral Options for Foreign Investors beyond the 1031...

Overview - I did not grow up watching much TV, or at least TV programming in English, growing up in the Panama Canal Zone. The Military’s AFRTS did not come on the air each day until around 4;30 in the afternoon. In the...more

Los Angeles Proposing Strict Regulations on Short-term Vacation Rentals, But to What Effect?

In recent years, the short-term online vacation rental market has flourished, and connecting travelers with short-term bedroom, apartment, or home rentals has become what many value as a billion dollar industry. The industry...more

New Landlords Should Not Ignore Arizona’s Requirement To Register With The County Assessor’s Office

With ongoing price volatility in Arizona’s residential real estate market, homeowners may be tempted to become recreational landlords. Anyone considering renting their home, however, should be aware that Arizona law requires...more

Elements of RAD discussed during the Ballard Spahr webinar

A number of essential points arising under HUD’s Notice PIH 2012-32, REV-2  were discussed during Ballard Spahr’s webinar, HUD’s Revised RAD Notice — What it Means for Closed and Future Projects. As a follow-up to the...more

Group Homes Were Not Charitable

A panel of the Commonwealth Court of Pennsylvania held that group homes maintained by a nonprofit for persons with intellectual disabilities were not entitled to real estate tax exemptions as charities. ARC Human Services,...more

UK Government Announces Further Shake-up to RO and FIT Regime for Solar PV

Following the closure of the RO regime to new solar ground mounted projects with a capacity of more than 5MW which were commissioned after 31 March 2015, the government has today announced a further shake-up of the subsidy...more

County Property Assessment Appeals Deadlines Approaching! - July 2015

Those who pay property tax in Pennsylvania have an annual opportunity to appeal the assessed value of property. Deadlines for these appeals vary by county, but most are either August 1 or September 1, so now is the time to...more

Failure to File Post-Trial Motions Waives Issues

A panel of the Commonwealth Court of Pennsylvania held that a taxpayer that did not file post-trial motions waived all issues on appeal. M.C.& P.K. Lees, Inc. v. W.R. Capenos, 215 Pa. Commw. LEXIS 282. The purchaser at a tax...more

Lessons Learned in Conservation Partnerships

The Internal Revenue Code has provided an incentive under Section 170(h) for charitable conservation gifts. Since at least 2002 there has been an interest in combining through partnership those land owners who may have little...more

Employment-ish FHA Decision

Amid the headlines of last week’s Supreme Court decisions was one applying disparate impact analysis to claims under the Fair Housing Act “FHA”. Texas Dept. of Housing and Community Affairs v. Inclusive Communities Project,...more

Supreme Court Affirms FHA Disparate Impact Claims

Late last month, the Supreme Court handed down a significant decision affecting rights and obligations under the Fair Housing Act. The Court’s 5-4 decision in Texas Department of Housing and Community Affairs v. Inclusive...more

The Effect of Obergefell v. Hodges for Same-Sex Couples

issued on the second-to-last decision day of the term, and provides that same-sex couples have had a constitutional right to marry since at least the passage of the Fourteenth Amendment. This ruling may come as a surprise to...more

Home Sweet Homestead

Suppose a debtor denies owning a home and then gives a false address so creditors don’t find out about the home. Can the debtor still claim the homestead exemption in bankruptcy?...more

Reining in Santa Monica’s Short-Term Rentals

Municipalities from New York to San Francisco are cracking down on the vacation-rental industry. Each city has approached the situation in a wildly different manner, but one factor remains the same: Restrictions on these...more

More UK Residential Property for the IHT Net

The headline-grabbing inheritance tax (IHT) news from last week’s Budget was the introduction, from April 2017, of an additional nil rate band when a residence is passed on death to direct descendants. However this is only...more

Anti-Discrimination Housing Laws Tackled by U.S. Supreme Court

Public Agencies May Face Litigation, but Court-Imposed Safeguards to Limit Liability - Having taken up the question twice before only to see both cases settle, the United States Supreme Court recently concluded that...more

Supreme Court Broadens Scope for Housing Discrimination Claims

Beneficial intent will not shield lenders and other financial services companies from discrimination claims under the Fair Housing Act (FHA), according to a recent decision by the United States Supreme Court. Specifically,...more

Changes to Non-Domiciled Status Announced in The UK Summer Budget 2015

Following the United Kingdom’s General Election in May, George Osborne, Chancellor of the Exchequer, gave the new government’s first budget speech on 8 July 2015. In his speech, Mr Osborne announced some changes to the tax...more

Supremes Expand Liability Under FHA

On June 25, 2015, the Supreme Court of the United States, by a margin of 5-4, held that disparate impact claims are cognizable under the Fair Housing Act. Texas Department of Housing and Community Affairs v. The Inclusive...more

Good News for Taxpayers: California 1031 Exchange Decision

The California State Board of Equalization (Board) recently issued a favorable decision in an important Section 1031 exchange case. As an elected body of five members, the Board hears appeals in California tax cases where the...more

Supreme Court Upholds Broad Interpretation of FHA

In a 5-4 decision, the Supreme Court ruled that disparate impact claims can be brought under the Fair Housing Act (“FHA”). Disparate impact claims attack policies or practices that are facially neutral but have a...more

Vacation Homes and Taxation

Summer is in full swing and PK Law thought it an appropriate time to discuss the tax implications of owning a vacation home. The general benefits of such ownership are obvious: a cheaper family vacation over the short term;...more

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