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Balancing The Budget By Taxing Real Estate . . . Again!
In the typical “smoky backroom” that is a regular part of the state’s budget process, the legislature passed and the Governor signed an unexpected change to the real estate transfer tax. The surprise change was in lieu of a disastrous possible pied a terre tax that Mayor DiBlasio had originally supported. The new taxes impact …
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Mastering The Walk Through
The final inspection or “walk through” can often generate last-minute disputes between buyers and sellers the can transform an amicable closing into a contentious one. But it doesn’t need to, and here are some tips that can help avoid problems. The basics: Let’s remember what we are trying to accomplish in the walk through. The …
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Filing Your Tax Return After Selling Property in a 1031 Like Kind Exchange: A Hidden Landmine in a Safe Harbor
Amanda: “Can you elaborate as to what constitutes “like-kind” properties ? That is, can a coop seller (where it’s been rented for 3 years) buy a condo? Or a house?” Jerry Feeney: “Good question Armanda. IRS guidelines interpret “like-kind” broadly with respect to real estate, and include coops held in productive use as an investment …
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