A significant number of our clients (more than) dabble in real estate investing. Why? Because it’s a fantastic way to aggrandize one’s wealth. The tax breaks, even with breakeven rent, and the growth in capital (the value of the house increases) are hard to beat- especially in today’s market.
Continue reading Real Estate Rental?
When I lived in New York, one of my pet peeves (trust me, I had a whole menagerie) was the Port Authority of New York and New Jersey. This criminal organization (that statement will be justified as you read this blog) has been ripping off the citizens of Metropolitan New York for nearly 8 decades. (It also rips off those who must traverse the bridges and tunnels between New York and New Jersey that it “owns”).
Continue reading How the Port Authority Rips Off The Public
One of the largest components (by number of practitioners) in our financial and managerial advisory services is real estate.
Continue reading Real Estate Gets Its Rule
The Ten Commandments. The Bridge Over The River Kwai. I Want to Live. Ben Hur. Some Like It Hot. Spartacus.
Continue reading 80 y old- Last Legs?
For years, the one crucial question I had to ask my business tax clients was, “Can you be considered to be a real estate professional?” (If you don’t recall my discussions on this matter, you can refer to my blog posts here and here.) Because without that certification, it’s possible that all expenses involved in rental real estate operations may not be deductible on one’s Schedule E (1040).
Continue reading There’s a New Tax in Town…
FASB. IASB. Those eight (8) letters are going to cause a lot of us some grief. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are planning to change the rules, which will make our business profits look very different.
Continue reading It’s coming- and our balance sheet will never be the same…
It’s amazing what can happen when a corporation has a slew of professionals that do nothing but make sure that their tax bill is very low- zero would be ideal. Oh, I know, we all want to pay the lowest amount of taxes- but companies like GE have managed to pay no taxes, in spite of their profits.
Continue reading How a business can pay no taxes
Another change in the tax situation for 2013…
Many folks are afraid to claim their duly earned home office deduction, because they fear they will be audited. About 3.5 million folks used this deduction in the past years- which is a lot lower than the number of folks who maintained a home office. (NASE- the National Association for the Self Employed- did a survey in 2008 and found more than 60% of those entitled never took this deduction.)
Continue reading Simpler Taxes Are Not Always Better
I recently wrote (So you want to be a real estate mogul) about the “right way” to get involved in real estate investment. You’ll remember that I suggested that you set up a corporation to hold all these properties; the business of the corporation would be real estate management.
Continue reading Real Estate Mogul Wannabe- Part 2
If you are considering the purchase of a property for investment, one you plan to rent to others, we need to talk. Too many folks buy these properties and then find that, unlike conventional businesses, rental property management has its own set of regulations- and tax considerations. (Part of the reason is that real estate businesses, while cash flow positive, often create negative income considerations for taxes, since depreciation can be a substantial factor. And, as opposed to other businesses that don’t show a profit for 3 of 5 years, these are allowed to continue and are not considered “hobbies”.)
Continue reading So you want to be a real estate mogul?
