It seems as if we’ve been seeing news items every day for the last few months about the “the most sweeping overhaul of the US tax system in more than 30 years” that was just passed by Congress in December. Unsurprisingly, this massive revision has resulted in a mad scramble, as the IRS, accountants, tax attorneys, and other tax professionals grapple with the multitude of … [Read more...] about Did recent wide-ranging tax code changes resolve the home mortgage interest deduction “marriage penalty” ambiguity, or further muddy the waters?
The chronic shortage of housing in California is a problem that has vexed policy makers here for years. The situation has recently reached a crisis level, and has thus become a regular subject of discussion in this blog. If the California Association of Realtors (“CAR”) has anything to say about it, however, we may soon be seeing significant changes to some aspects of … [Read more...] about California realtors propose property tax initiatives to increase “portability” of assessed values for homeowners who sell
Since starting this blog, I’ve written a number of posts about various issues involved in the use of Section 1031 tax-deferred exchanges for commercial real estate. I’ve previously discussed the stumbling blocks that can emerge when record title is held in a partnership or LLC, and the partners/members disagree about how to proceed with a proposed exchange—the so-called “drop … [Read more...] about Board of Equalization hammers California taxpayers in failed Section 1031 “drop and swap”
Back in 2013, I wrote in this blog about some surprising restrictions on the home mortgage interest deduction. In one of the instances noted, two unmarried persons, who together owned two houses that otherwise qualified for this deduction, each claimed the maximum amount of the deduction for the mortgages they had jointly taken out on those homes. The U.S. Tax Court rejected … [Read more...] about IRS backs down over home mortgage interest deduction limits
Section 1031 Over the last couple of years, I have written a number of articles in this blog about tax-deferred exchanges of investment property under Section 1031 of the Internal Revenue Code (“IRC”). If owners of commercial real estate comply strictly with the mandates of this provision in selling their property, they can successfully defer the recognition of gain (and … [Read more...] about Mixed-use property income tax deferral