By: Amanda Wilson The Internal Revenue Service provided individual taxpayers a nice St. Patrick’s Day surprise by announcing that the tax deadline for individuals had automatically been extended from April 15, 2021 to May 17, …
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 …
What will happen to my 2020 Property Taxes?
By Brendan Lynch: As the pandemic continues to ravage many industries, senior living facilities continue to stand apart as specially impacted properties. From the outset of the COVID-19 crisis, these facilities have been in the …
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 …
IRS Finalizes Real Estate Safe Harbor for 20% QBI Deduction
By: Amanda Wilson Section 199A introduced a 20% deduction for qualified business income (previously discussed here). To qualify for the deduction, income must be from a trade or business. Whether rental activity rises to …
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 …
Considering Making A Qualified Opportunity Zone Investment?
By: Amanda Wilson Qualified Opportunity Zones are a hot topic in the tax and business world, and are an opportunity that span into almost any business market including senior living. I get questions about them …
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 …
