News & Analysis as of

Tax Deductions Property Tax

Allen Barron, Inc.

Is there a Target on Short-term Rental Homes for New Taxation?

Allen Barron, Inc. on

Is the target on short-term rental homes for new taxation? What about rental properties in general? When is income from a short-term rental presently taxable?...more

Miller Canfield

Important Tax Changes Coming into Effect in Canada

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The new year has brought with it some important tax changes for businesses and residential property owners in Canada....more

Pullman & Comley - For What It May Be Worth

Valuation of Conservation Easement Determined by U.S. Tax Court

A trial before the United States Tax Court recently determined the value of a conservation easement imposed on a Georgia golf course which was being contested by the Internal Revenue Service. Relying on the “before and after”...more

Baker Donelson

SALT Select Developments - October 2022

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State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. In this newsletter edition, we will briefly summarize certain SALT developments in several...more

Coblentz Patch Duffy & Bass

2020 Tax Planning: Consider Transfers of California Legacy Properties in Light of Proposition 19

Proposition 19, which will be on California’s November 2020 ballot, dramatically changes the property tax rules exempting certain intra-family transfers and primary residence transactions for certain individuals such as those...more

McAfee & Taft

Maintaining Oklahoma tax incentives after COVID-19

McAfee & Taft on

As businesses look to reopen and recover from the COVID-19 pandemic, they should be attentive to Oklahoma tax incentives previously awarded to them to ensure all requirements are met to continue to avail themselves of these...more

Hogan Lovells

Budget 2020: real estate tax changes

Hogan Lovells on

Here is a brief summary of the measures in the March 2020 Budget which are relevant to the Real Estate sector. Non-UK resident companies with UK property income – As previously announced, non-UK resident companies that...more

Orrick, Herrington & Sutcliffe LLP

Bilancio di Previsione dello Stato per l'anno finanziario 2020

(Legge 27 dicembre 2019, n. 160 pubblicata in Gazzetta Ufficiale serie generale 304 del 30 dicembre 2019). ...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Investment Property Exception to $10,000 Cap on Itemized Deduction for State and Local Property Taxes?

As it relates to individuals, one of the more controversial aspects of the 2017 revenue act (commonly referred to as the “Tax Cuts and Jobs Act") is the $10,000 cap on itemized deductions for state and local taxes. ...more

McAfee & Taft

Every action has a reaction, even in the tax world - Gavel to Gavel

McAfee & Taft on

The Tax Cuts and Jobs Act of 2017 limited the state and local taxes paid deduction available to individual taxpayers to $10,000. The deduction is most notably taken by Oklahomans on their federal tax return to deduct state...more

Tucker Arensberg, P.C.

Real Estate and Taxes

Tucker Arensberg, P.C. on

For a lot of us, the first income tax year under the Tax Cuts and Jobs Act of 2017 is in the rearview mirror.  Now is the time for you commercial real estate owners and investors to sit down and figure out how you utilized...more

Rosenberg Martin Greenberg LLP

The Tax Cuts and Jobs Act: What Everyone Should Know Before Filing Their 2018 Taxes

The smell of tax season is in the air. Accountants and tax attorneys alike are sharpening their pencils, replacing the batteries in their calculators, and stocking up on coffee. But something feels different this year. . . ...more

Holland & Knight LLP

Se publica en la Gaceta oficial el texto final de la nueva Ley de Financiamiento Colombia

Holland & Knight LLP on

El pasado 21 de diciembre de 2018, se publicó en la Gaceta del Congreso bajo el código 1152, el texto definitivo de la Ley de Financiamiento Colombia por la cual se expiden normas de financiamiento para el restablecimiento...more

Bracewell LLP

Bracewell Tax Report - September 2018

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The Bracewell Tax Report is a periodic publication focused on developments in federal income tax law, including the recently enacted Tax Cuts and Jobs Act, with emphasis on how such developments impact the energy, technology...more

Verrill

Connecticut Reacts to Federal Tax Law Reform Changes

Verrill on

The sweeping changes created by the federal Tax Cuts and Jobs Act (“TCJA”) has resulted in some states enacting their own legislation in response to the federal tax reform. On May 31, 2018, Connecticut signed into law a bill...more

Tonkon Torp LLP

Real Estate Winners and Losers Under Federal Tax Overhaul

Tonkon Torp LLP on

In a prior post, I highlighted the effect the December 2017 Tax Cuts and Jobs Act has on Section 1031 tax deferred exchanges. While those changes affected investors in everything but real estate, other provisions of the Act...more

Foodman CPAs & Advisors

Taxes in Florida

The Sunshine State is one of the lowest tax burden states in the US. Florida has no state individual income tax. At the state level, there is NO tax on social security benefits, retirement income, IRAs, 401(k) accounts,...more

Holland & Knight LLP

Six Tips for Tribal Governments to Reduce Tribal Member Taxes in 2018

Holland & Knight LLP on

• President Donald Trump on Dec. 22, 2017, signed the Tax Cuts and Jobs Act, the first major overhaul of the U.S. tax system in over 30 years. • Although few of the enacted provisions are specific to Indian Country, several...more

Faegre Drinker Biddle & Reath LLP

Federal Tax Reform and Minnesota Tax Policy: A Preliminary Guide to Conformity

Since the enactment of the Tax Cuts and Jobs Act (TCJA), Minnesota’s Department of Revenue (DOR) has been analyzing what the TCJA will mean for Minnesota. The TCJA marks the most significant changes to the Internal Revenue...more

Gray Reed

New Tax Law – Impacting Your Small Business and You

Gray Reed on

Agreeing with Benjamin Franklin that there is nothing certain except death and taxes, Sketch Wood and his partner Minnie Brix, owners of Wood & Brix, and their 200 employees are certain that the new tax law will affect them,...more

Miles & Stockbridge P.C.

Tax Reform and your Property-Related Deductions

H.R. 1, originally known as the “Tax Cuts and Jobs Act,” makes certain changes to mortgage interest and property interest deductions. These changes will affect taxpayers who own real property, including homeowners and...more

Holland & Knight LLP

The New Tax Law: Impact on Illinois Local Governments

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The new tax reform law – the Tax Cuts and Jobs Act – has been extensively reported in a variety of media outlets. Most discussions focus on the reduction in individual and corporate tax rates, the availability of deductions...more

Clark Hill PLC

Warning for Taxpayers Prepaying Real Property Taxes in 2017

Clark Hill PLC on

Under a new law enacted as part of the Tax Cuts and Jobs Act of 2017, effective January 1, 2018, individuals’ combined federal income tax deduction for state and local income, sales, and property taxes is limited to $10,000....more

Jaburg Wilk

10 Steps to Take Now to Minimize Taxes under the New Tax Law

Jaburg Wilk on

The overhaul of the Internal Revenue Code was passed by Congress on December 21, 2017 and signed into law by the President. Many changes become effective January 1, 2018. Although 2017 is almost over, the following are some...more

Lowndes

IRS Announces Property Tax Prepayments May Not Be Deductible

Lowndes on

One of the outstanding questions from the new tax bill is whether individuals can prepay their 2018 property taxes in advance to claim the full deduction in 2017. The IRS announced in an advisory late Wednesday that prepaying...more

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