By: Amanda Wilson If you acquired or built a senior living facility that is located in an opportunity zone, or are considering doing so, a recent bipartisan bill introduced in Congress proposes making changes to …
Property-Tax Exemptions for Senior-Living Facilities: Application Deadline is March 1, 2021
By: Brendan Lynch As we have turned the calendar to 2021, now is again the time for senior living facilities around the state to evaluate whether the facility is eligible for any property tax exemptions …
IRS and Treasury Finalize Last Set of Bonus Depreciation Regulations
By: Amanda Wilson One of the key tax benefits for investors and owners of real estate such a senior living facilities is depreciation. The 2017 Tax Cuts and Jobs Act expanded on this benefit, allowing …
Don’t Forget the Tax Man: Many Tax Returns and Payments Due Next Week
By: Amanda Wilson Because of Covid-19, the IRS extended most federal tax filing and payment deadlines otherwise due from April 1, 2020 to July 14, 2020 until July 15, 2020. The postponement is coming to …
Have an Open Like-Kind Exchange? Don’t Fall Into This Trap
By: Amanda Wilson A common tax planning tool for real estate transactions is to engage in a like-kind exchange of real estate. If structured properly, a taxpayer can sell real property (the relinquished property) and …
Important Year End Deadline for Opportunity Zones
By: Amanda Wilson Opportunity zones provide a powerful tool for taxpayers to defer recognizing their capital gains if they roll over their investment into a qualified opportunity zone fund, and offer investors the potential of …
Real Estate Safe Harbor for 20% QBI Deduction
By: Amanda Wilson Section 199A introduced a new 20% deduction for qualified business income (previously discussed here). To qualify for the deduction, income must be from a trade or business. Many senior living communities hold …
Now Is The Time To Review Your Tax Provisions
By: Amanda Wilson As tax season is underway, one important deadline is coming that should not be overlooked. Tax law allows for partnership and LLC agreements to be amended retroactively to the first day of the …
Before 2018 Ends, Be Sure Your Partnership Agreements Are Up To Date
By: Amanda Wilson As 2018 comes to a close, it is important to make sure that your partnership and LLC agreements reflect the new tax law that went into effect on January 1, 2018. For all tax …
Tax Reform Improves Expensing and Depreciation Rules
By: Amanda Wilson The Tax Cut and Jobs Act made several key changes to the expensing and depreciation rules, which will be a boon for Senior Living businesses that tend to be real estate heavy. …
