Sean Brady is a manager at Corrigan Krause.
Similar to other industries, the Tax Cut and Jobs Act (TCJA) has impacted the real estate market, especially for investors. As the real estate industry constantly responds to market-driven factors, modifications created by tax reform allow the industry to remain highly attractive for investors and business owners. Investors remain hopeful that the TCJA will remain active for the next eight to ten years permitting them to advan Read More >>
Chris Eichmuller, CPA, explains the circumstances in which the sale of your home could be tax-free:
Selling your home and moving into a smaller house or a condo is seldom an easy decision, but at least part of the decision-making process is a little easier in light of an exclusion that eliminates most people’s federal tax liability on gain from the sale or exchange of their homes.
Under these rules, up to $250,000 of the gain from the sale of single person Read More >>
Shirley Wu, CPA has tons of valuable experience with real estate transactions between an American and a foreign person:
Have you thought about buying American real estate property from a foreign person? Or maybe, you are a foreign person and considering selling U.S. real estate property. If so, it’s important that you know this: the transferee must withhold federal tax of 15% from the amount realized by the transferor. How do you avoid it? Are there any excepti Read More >>
Molly Stinn, CPA details how real estate losses could benefit you come tax time:
Losses from real estate can generally only be used to offset income from “passive activities.” Any remaining losses must be carried forward — unless you’re a real estate professional.
There’s another catch: Even real estate professionals must pass a “material participation” test in order to use passive losses to offset non-pass Read More >>