Home/Real Estate

A Tax Court Victory for Homebuilders Might Not Apply to Others, Says the IRS

By | 2017-05-24T13:42:02+00:00 April 21st, 2017|Real Estate|

In a significant case, homebuilders that want to realize income under the completed contract accounting method based on an entire development won a victory. However, the IRS recently responded by announcing that it generally wouldn't follow the decision in cases involving other taxpayers. The U.S. Court of Appeals for the Ninth Circuit upheld a lower [...]

Correctly Report Your Rental Income

By | 2017-05-24T13:42:02+00:00 March 29th, 2017|Real Estate|

Reporting income from rental properties may seem straightforward, but that’s not always the case. The IRS definition of rental income may be broader than property owners realize. Such misunderstandings could prove costly if uncovered by an IRS audit. What is Rental Income? Rental income is any payment you receive for the use or occupation of [...]

4 Tax Implications to Keep in Mind When Donating Real Estate to Charity

By | 2017-05-24T13:42:05+00:00 August 31st, 2016|Real Estate, Tax Planning|

Did you know that the estate of director John Hughes donated the family’s Illinois mansion to a nonprofit hospital? After allowing another charity to use the home for a fundraising event, the hospital sold the home and used the proceeds to expand its campus. In this instance, two organizations were able to enjoy this gift. [...]

4 Steps to Stopping and Restarting a Construction Project

By | 2017-05-24T13:42:09+00:00 February 17th, 2016|Real Estate|

Gumbiner Savett Inc. has been working with the construction industry since we opened our doors in 1950. I have seen many ups and downs in the industry throughout the years and in these uncertain economic times, many construction projects have been put on hold — sometimes indefinitely and other times for a relatively short duration. If you find yourself in such a predicament, here are four steps to stopping and restarting a project effectively:

5 Steps to Audit Ready Records For Property Managers

By | 2017-05-24T13:42:24+00:00 May 26th, 2014|Articles, Real Estate|

Rick Parent, Executive Vice President at Gumbiner Savett Inc., and co-chair of our Real Estate Department published an article titled, Operating Expenses vs. Capital Costs:  Five Steps to Audit Ready Records in 2011 that still holds true today. The entire article appears in Commercial Property Executive. Minimize Controversy by Keeping Audit-Ready Records You may manage the best [...]

Final Tangible Property Repair Regulations

By | 2017-05-24T13:42:29+00:00 February 17th, 2014|Articles, Business Advice, Real Estate, Tax Planning|

Business owners have lots of questions when it comes to deciding whether to expense costs or capitalize fixed assets, such as: Can I expense a laptop computer that I purchased for $699 in the current year? What qualifies as standby emergency spare parts, and can I capitalize them for tax purposes? Can I use the [...]

GS ALERT: Business Owned Tangible Property – IRS Announces New Rules

By | 2017-05-24T13:42:32+00:00 September 25th, 2013|Articles, News, Real Estate, Tax Planning|

The IRS has released its final regulations on the tax treatment of expenditures related to tangible property. The regulations provide guidance on how to comply with Sections 162 and 263 of the Internal Revenue Code, which require the capitalization of amounts paid to acquire, produce or improve tangible property but allow amounts for incidental repairs [...]

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