Once Removed Episode 21: Passing Down the “Family Cottage” or Other Legacy Property
As we have discussed on this podcast, legacy planning is not just about transferring money. It’s also about transferring values and relationships. And often the transfer of specific property goes hand-in-hand with the...more
This course will discuss the considerations and caveats of U.S. residents owning foreign rental property. Our seasoned panel of international tax experts will explore U.S. and foreign holding structures, residential and...more
In previous blog posts, we have explored whether your family wants to keep the family cottage or vacation property in the family, and the options for the form of ownership you want to use for the next generation. In this...more
For years taxpayers who commuted to New York for work while owning a rarely used New York vacation home or pied-a-terre have been surprised to find themselves taxed as New York State and/or City residents. This often meant...more
A family vacation home offers an escape from the stresses of everyday life, and an opportunity for bonding. Parents return to their vacation homes year after year, creating memories with their children and grandchildren. If...more
The Appellate Division recently granted taxpayers an important victory when it overturned the decision of the Tax Appeals Tribunal and held that a New Jersey resident’s vacation home in upstate New York was not enough to...more
State personal income tax issues related to residency and domicile, because of their fact-dependent nature, are often the subject of controversy and litigation. Taxpayers have a fresh win in this area to celebrate. The New...more
Escape from New York- According to data released by the IRS earlier this year, the pandemic triggered a “wealth migration” that saw high-tax states like New York lose high-income earners to low-tax jurisdictions such as...more
Bank accounts, life insurance, investments, furniture, jewelry, art and collectibles are among the many assets to consider when planning your estate. However, your home and other real estate may be among the most valuable and...more
Florida State Bar Standing Committee on the Unlicensed Practice of Law Advisory Opinion #2019-4 (August 17, 2020) - Brief Summary - The Florida State Bar Standing Committee on the Unlicensed Practice of Law (Committee)...more
Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law on June 17, 2020. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more
Do you own a vacation home? If yes, do you own it alone or with others? Are you thinking of buying a vacation home? Will you be inheriting a vacation home? Many of us fall in love with an existing vacation spot or the...more
Short-Term Rentals Continue to Gain Market Share - ("Booking Holdings breaks down private accommodation revenues for first time, now at 20% of total," Phocuswire, Feb 27, 2019) Alternative accommodations, including...more
Rental income is reportable on a Taxpayer’s tax return. Certain expenses such as mortgage interest, real estate taxes, casualty losses, maintenance, utilities, insurance, and depreciation may be deducted from a Taxpayer’s...more
Vacation homes are typically treasured by families and often pass down from generation to generation. But there may be more to transferring the family lake cottage or beach house than first meets the eye. If one plunges ahead...more
In This Issue: - Sudden impact: When a spouse unexpectedly dies - New tax law affects estate planning strategies - All in the family: Transferring your vacation home - Estate planning pitfall: You haven’t planned for...more
On January 16, 2018, the Osceola County School Board voted to approve new school impact fees for all residential developments. The proposed ordinance — which has not yet been passed by the Osceola County Board of County...more
With proper planning, owning vacation property with other family members can be a pleasant and even bonding experience. The key is to determine, as early as possible, what the parties expect and desire from the property...more
This week’s update features a number of traditional “distributor” stories and updates on short-term rentals. We elected not to include a story involving the much-publicized leadership changes at Expedia (and Uber) as I’m sure...more
This week’s client OTA & Travel Distribution Update for the week ending February 24, 2017 is below. Several interesting OTA stories this week, including an update on another Seattle-based travel distribution company, Utrip....more
My final client OTA & Travel Distribution Update for 2016 is below. It has been a quite week in the world of distribution. Here’s to a 2017 filled with much success and happiness. Happy New Year....more
Now that sunshine and blue skies are upon us, people are opening their summer homes for the season. Happy memories of family vacations and gatherings often motivate parents to seek out ways to preserve their second home for...more
Imagine that you live in Colorado, but own a vacation home in California. You love California, but are only able to visit once a year during the summer, while your kids are on vacation from school. Typically you and your...more
In just a few years, vacation rental websites have exploded onto the scene, commanding a significant market presence in the hospitality industry and redefining traditional “vacation rentals.” In particular, websites like...more
Transferring a family vacation home to the next generation without causing family strife takes serious planning. Even if the ultimate decision is to have the children own the property outright and figure out how to make it...more