Residential Real Estate Attorney Guide IRS Interest

The IRS Limits the Interest Deduction on Non-Married Couples

With tax season upon us, a recent IRS ruling has important impact on a subject that will be of interest to many taxpayers who co-own property with a person who is not their spouse. First, let’s review the basic rules on home mortgage interest deduction. Taxpayers who itemize deductions on Schedule A can include interest …


Residential Real Estate Lawyer Guide Sales Tax

A Sales Tax on Real Estate Sales? Yes, Well Sort of…

The internet can be great for providing information on any number of subjects. And real estate is among the most popular, with “experts” weighing in on any issues raised by (confused) consumers. Recently, there has been a flurry of activity offering “guidance” on the new 3.8% sales tax on real estate. Much of the “analysis” …


Residential Real Estate Lawyer Legal Update Flip Tax

Legal Update: Flip Taxes and Fannie Mae / Freddie Mac

Sometimes government’s attempt to resolve problems unintentionally overreaches, and has an unintended impact.  That is the case with a recent round of proposed rule-making from the Federal Housing Finance Agency (the regulators of Fannie, Freddie, and 12 other Federal Home Loan Banks).  FHFA was trying to redress abuses by unscrupulous developers (imagine that) who were building and …


Residential Real Estate Lawyer New York State Income Tax

New York State Tax Department and the Second Home

So unless you have been on a desert island for the last week with no internet access, you have likely heard about the case involving the Connecticut couple that just lost a tax appeal to the tune of about $1 million in back taxes, interest and penalties.  The case hinged around a second home they …