New York State Homeowner Tax Rebate Credit New York State offers a tax rebate credit for homeowners who meet certain eligibility criteria. The credit provides a refundable amount of money to eligible taxpayers to help offset the cost of property taxes. Eligibility To be eligible for the New York State Homeowner Tax Rebate Credit, taxpayers …
IRS Letter to Congressional Office Indicates $10,000 Cap Applies to Deduction of Real Estate Taxes on Real Estate Cooperative Unit under 216 The IRS has issued a letter to a Congressional office clarifying that the $10,000 cap on state and local tax deductions also applies to the deduction of real estate taxes on a …
Navigating Real Estate Professional Rules: A Guide for Taxpayers Real estate professionals may be eligible for certain tax deductions and benefits, but navigating the rules can be challenging. Here’s what you need to know to ensure compliance. What is a Real Estate Professional? A real estate professional is someone who spends more than half of …
Reporting and Paying Tax on US Real Property Interests for International Taxpayers If you’re an international taxpayer with US real property interests, you may be subject to US tax laws and reporting requirements. The IRS provides several guidelines and tips to help you understand your obligations and ensure compliance. Determining US Real Property Interests Under …
Real Estate Tax Tips: Recordkeeping for Small Businesses Introduction Recordkeeping is an important part of running a small business, especially when it comes to real estate. By keeping accurate records of your income and expenses, you can ensure that you’re paying the right amount of taxes and can help you avoid any potential issues …
Real Estate Tax Tips: Understanding Like-Kind Exchanges Introduction A like-kind exchange is a transaction that allows you to defer taxes on any gains from the sale of real estate by using the proceeds to purchase similar property. By understanding the rules surrounding like-kind exchanges, you can defer taxes on any gains and …
Real Estate Tax Tips: Understanding Installment Sales Introduction If you’re selling real estate, you may have the option to use an installment sale to defer some of the taxes owed on the sale. An installment sale allows you to spread out the gain on the sale over a period of time, rather than paying it …
Real Estate Tax Tips: Taking Advantage of the Rehabilitation Tax Credit Introduction If you’re a real estate investor looking to renovate or restore a historic property, you may be eligible for the Rehabilitation Tax Credit. This tax credit is designed to encourage the preservation of historic buildings by providing a financial incentive for their rehabilitation. …
Real Estate Tax Tips: Maximizing Your Rental Income and Deductions If you own rental property, you may be eligible for a variety of tax deductions and credits related to your rental income and expenses. The IRS provides several tips and guidelines for rental property owners to help you understand these deductions and maximize your tax …