It is a basic principle of the income tax that the gain or loss realized by a taxpayer from the conversion of property into cash, or from the exchange of property for other property that differs materially in kind from the...more
When two or more people (whether spouses, romantic partners, friends, or business partners) purchase property, they put significant thought into, among other things, the property's value, appearance and condition, and how...more
Can you play nice and share a piece of real estate? Sharing is hard enough, but imagine jointly owning an investment property with your brother when he decides that he would like to sell and then retire in Hawaii. While your...more
When it comes to tenant-in-common real estate (TICs), there are professionally-managed TICs assembled by a sponsor and sold to investors, usually to facilitate section 1031 exchanges. These TICs include a tenant-in-common...more
The U.S. Supreme Court held that property owners do not have to comply with state administrative processes to obtain a final decision before bringing a takings claim under 42 U.S.C. § 1983 when the government’s position is...more
Governor Newsom signs into law extension of California eviction protections, rent relief - Los Angeles Times – June 28 - California tenants will be protected from evictions for another three months, and those with low...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ROMANIAN LAW - I. Types of Real Property Transactions - A. Purchase of an undeveloped plot of land (agricultural); B. Purchase of a buildable plot of land (with or without...more
Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate...more
In my last post, “Real Estate Alphabet Soup: S Is for Survey,” I continued my primer on the “alphabet soup” of real estate. This post continues to stir the “alphabet soup” with the letter “T.”...more
A common LLC problem: LLC members are ready to call it quits on the LLC and divide their interests in the LLC’s real property. Some members may want to sell, receive cash, and recognize gains for tax purposes. Other...more
How long – if ever – has it been since you pondered the difference between a “tenancy in common” and a “joint tenancy”? Same for us, until the wheels came off a family relationship and a lawsuit was filed in Wagenschein v....more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ECUADOREAN LAW - I. STANDARD FORMS OF AGREEMENTS - A. Offer to Purchase sets forth Buyer’s offer of price, date for closing, contingencies for inspections, financing etc. and...more
As with any investment, due diligence is required. Investing in an Opportunity Zone Fund (“OZF”) is not any different. Historically, we have seen taxpayers go to great lengths to attain tax deferral. In some instances, the...more
An account that is titled in your name and that of your child “with right of survivorship” passes to your child upon your death “by operation of law.” That is, your Will does not control the disposition of this account. When...more
When two or more people (whether spouses, friends, or business partners) purchase property, they put significant thought into, among other things, the property's value, appearance, and condition, and how they are going to...more
Estate-planning is often focused on reducing or eliminating estate tax at death. As the estate-tax exemption has increased in recent years — currently $5.45 million and counting — there is a shift to planning for income and...more
Often the most difficult asset for which to plan in an estate plan is non-commercial real property such as a family farm, a hunting cabin or other recreational property. This is especially true when the property makes up a...more
This webinar addresses the requirements for 1031 Exchanges, the various types of 1031 Exchanges, and issues involving 1031 Exchanges in partnerships, limited liability companies and tenant-in-common situations. Please...more
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
When two or more individuals own property -- whether it's a condominium, a home, or a piece of land -- the relationship between the owners is very important. The form of ownership of the property affects how property is...more
What is the difference between a Deed of Trust and a Mortgage? The terms “Deed of Trust” and “mortgage” are often used by people interchangeably. Both serve to give the lender a lien as collateral for a loan but, these...more
Colony Beach & Tennis Club Ass’n, Inc. v. Colony Lender, LLC (In re Colony Beach & Tennis Club, Inc.), 508 B.R. 468 (Bankr. M.D. Fla. 2014) – Three affiliated debtors (RMI, CBTC and CBI) proposed a plan of...more
In Gordon v. Erie Islands Resort & Marina, 6th Dist. No. OT-13-040, 2014-Ohio-4970, the Court of Appeals for the Sixth District of Ohio reversed an order granting class certification on the grounds that the trial court failed...more
In re NNN Parkway 400 26, LLC, 505 B.R. 277 (Bankr. C.D. Cal. 2014) – The primary creditor (an undersecured lender) objected to the debtors’ proposed plan of reorganization on various grounds, including that the plan...more