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The Qualified Opportunity Fund Tax Savings Opportunity

5 days ago . 55 people watched

In the case of a sale of real estate, it may make sense to involve a 1031 qualified intermediary, give yourself the up to 45 days allowed to identify potential replacement properties and up to 180 days to acquire a replacement property, and then if you decide against going the 1031 route you can still potentially go the QOF route.

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Late Election Opportunity For Real Estate Professionals

6 days ago . 56 people watched

  • A “real estate professional” for purposes of this exception is one who spends at least 750 hours during the year on real estate activities and more than ½ his or her working hours on real estate
  • For purposes of the 500-hour rule (and other material participation standards), each …

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The 20% Qualified Business Income Deduction

3 days ago . 43 people watched

Real estate agents and brokers and insurance agents and brokers are specifically carved out from the definition of “brokerage services”, and thus may enjoy the benefit (unless limited by another provision such as the “financial services” exclusion or the lack of W-2 wages paid).

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Reporting Of LLC Member Compensation: W-2 Or Schedule K-1

7 days ago . 58 people watched

  • Prior to the 1990s, the partnership format was used almost exclusively by professional service firms (e.g
  • mostly CPA firms and law firms) and real estate and oil & gas ventures
  • Companies in other industries were typically structured as C-corps or S-corps.

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A 3.8% Tax On The Sale Of Your Home

5 days ago . 35 people watched

  • A 3.8% Tax on the Sale of Your Home? By Kenneth H
  • One of our clients recently forwarded us an e-mail (apparently originated by an attorney) warning that under new tax rules you will incur a tax of 3.8% on the sales price of your home if you sell it.

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IRS Issues 2nd Set Of Proposed Regulations For Qualified

7 days ago . 57 people watched

  • Carried interests – Impactful to QOF managers and real estate developers, the 2 nd set of proposed regulations provides that investors receiving a carried interest for services rendered to the QOF are not eligible for any of the Opportunity Zone tax benefits
  • A “mixed fund” is instead created with a qualifying investment and non

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Tax Court Issues Rulings In Four Conservation Easement

1 days ago . 55 people watched

  • Tax Court Issues Rulings in Four Conservation Easement Cases
  • Bridges, CPA, PFS March 2020 “Syndicated conservation easements” have been the tax shelter du jour (especially amongst Georgia residents) for more than a decade now (in fact, we were first approached about these at …

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Tax Court Decision Pertaining To Cost Segregation

Just Now . 50 people watched

  • Tax Court Decision Pertaining to Cost Segregation
  • Owners of potentially depreciable real estate properties often attempt to segregate the property into components other than land and structure in order to accelerate their tax deductions for depreciation.

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C-corp Vs S-corp Vs LP Or LLC: Which Is Right For Your

3 days ago . 55 people watched

  • Also, real estate is frequently held in a single member LLC because you are then positioned to possibly sell the LLC units and have such qualify as a sale of real estate for purposes of the IRC 1031 like-kind exchange rules
  • Note that even though the SMLLC is disregarded for income tax purposes, you still need to maintain separate books and

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Allocation Of Partnership Liabilities

8 days ago . 37 people watched

  • Allocation of Partnership Liabilities
  • Similar to S-corps, amongst the advantages of the partnership format for tax purposes (which includes most LLCs) is the ability to pass the tax losses through to the owners (for use on their personal returns) and to make tax-free distributions to the owners.

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Marginal And Effective Tax Rates And Their Importance In

Just Now . 57 people watched

  • While it does mean that you are losing the Federal benefit of certain deductions (e.g
  • real estate taxes and state income taxes), it also means that you are paying tax at a maximum Federal rate of 28% (versus the highest rate of 35%), because the AMT caps out at 28%; and it may mean you are paying tax at a maximum Federal rate of 15% (the

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Buying Or Selling Real Estate

7 days ago . 29 people watched

  • While real estate is the asset we most frequently think of in connection with 1031 exchanges, other types of assets can qualify as well (e.g
  • plant machinery), so long as it is of “like-kind” and is not amongst the types of assets specifically excluded (e.g
  • stocks, bonds, inventory and partnership interests).

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Buying Or Selling Real Estate

5 days ago . 29 people watched

  • While real estate is the asset we most frequently think of in connection with 1031 exchanges, other types of assets can qualify as well (e.g
  • plant machinery), so long as it is of “like-kind” and is not amongst the types of assets specifically excluded (e.g
  • stocks, bonds, inventory and partnership interests)

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IRS Issues Final Like-Kind Exchange Regulations

7 days ago . 47 people watched

  • IRS Issues Final Like-Kind Exchange Regulations
  • Bridges, CPA, PFS December 2020
  • Prior to enactment of the Tax Cuts and Jobs Act (TCJA) in late 2017, the IRC 1031 like-kind exchange rules applied not only to real estate, but also to tangible personal property which was used in a trade or business or held for investment
  • TCJA changed the rules to restrict the favorable tax

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C-corp With Net Operating Loss Carryforwards

7 days ago . 44 people watched

  • C-corp with Net Operating Loss Carryforwards? Watch out for IRC §382
  • Early stage companies often incur tax losses in their first few years of existence.

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Charitable Gifting Strategies

Just Now . 29 people watched

  • However, the greatest tax benefit typically comes from donating appreciated property like stocks or real estate
  • Let’s assume that you have some highly appreciated stock which you are about to sell
  • If instead you make a donation of the stock to charity, you avoid paying tax on the gain and you get a tax deduction for the value of the

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Tax Planning & Magic Bullets

1 days ago . 32 people watched

  • IRC 1031 like-kind exchange – For a sale of real estate which is held for investment or used in a business, so long as you properly structure the transaction (e.g
  • use a qualified intermediary, identify potential replacement property(s) within 45 days, and close on replacement property within 180 days), you can defer the tax on a gain

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Could The Mayor Of London Owe U.S. Tax On The Sale Of Home

8 days ago . 59 people watched

  • Could the Mayor of London Owe U.S
  • Tax on the Sale of Home in London? By Kenneth H
  • Bridges, CPA, PFS December 2014
  • has what is known as a “worldwide tax system” whereby it taxes its citizens and residents (including domestic corporations) on their worldwide income, from whatever source derived, and then permits a credit or partial credit for taxes properly paid to other

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Doing Business Abroad – A Review Of The General Tax Rules

1 days ago . 60 people watched

  • Doing Business Abroad A Review of the General Tax Rules
  • We are often asked by our U.S.-based clients who are considering conducting business outside the U.S
  • to advise them with respect to the tax consequences of such.

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The Basics Of Partnership Taxation

5 days ago . 34 people watched

  • However, in the real world, often the partners enter and exit the venture at differing times, some may contribute cash while others contribute appreciated property or services, those contributing cash may be entitled to a priority return of their investment plus a return thereon, there may be debt in the capital structure, etc

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David Dunn-Rankin, CPA

2 days ago . 22 people watched

In addition to his work as a CPA, David was the founder and CEO of The UniLink Group, an e-commerce company serving the HVAC, plumbing and electrical industries, and he holds or has held board of directors and/or advisory board memberships in Classic Real Estate Systems, LC, Folio Z, Inc., Sun Coast Media Group, Inc., Payment Technologies, Inc

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Georgia Tax Credit For Angel Investors

1 days ago . 38 people watched

  • Georgia Tax Credit for Angel Investors
  • Bridges, CPA, PFS December 2013
  • Georgia legislation enacted in 2010 provides a Georgia tax credit of up to 35% of the amount invested in an early stage company (with utilization of the credit limited to $50,000 per year).

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The Tax Cuts And Jobs Act (2017)

3 days ago . 32 people watched

Residential real estate – The increase in the standard deduction (negating the benefit of the mortgage interest and real estate taxes deduction for many), the $750,000 cap on mortgages for interest deductibility (down from the current $1.1 million), and the limit on deductibility of real estate taxes could hurt the residential real estate market.

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Big Win For Taxpayer In Conservation Easement Case

1 days ago . 51 people watched

  • This might be a harder position to sustain in the current residential real estate market
  • Bridges, CPA, PFS is a partner with Bridges & Dunn-Rankin, LLP an Atlanta-based CPA firm
  • This article is presented for educational and informational purposes only, and is not intended to constitute legal, tax or accounting advice.

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Kenneth H. Bridges, CPA, PFS

6 days ago . 28 people watched

He is experienced in the international area, both with respect to inbound and outbound investment, and works with clients in the technology, real estate, services, manufacturing, distribution, construction and healthcare industries, as well as high net worth families.

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Business Taxation Archives

3 days ago . 26 people watched

  • Buying or Selling Real Estate? Consider a 1031 Exchange
  • Real estate has always received very favorable treatment under our tax laws
  • For your residence, you get to take deductions for the interest and taxes, and then, when you sell it at … Read more →

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The Small Business Jobs Act Of 2010

6 days ago . 35 people watched

  • Estate tax – For persons dying in 2009, there was a $3.5 million exemption from the estate tax and a maximum rate of 45%
  • For those dying in 2010, there is no estate tax
  • Effective January 1, 2011, the exemption was scheduled to revert to only $1,000,000 and the top rate to revert to 55%.

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Potential Tax Law Changes In 2017

1 days ago . 33 people watched

  • The real question is whether legislation will be narrowly targeted at hedge fund managers, or broadly applied to include real estate developers and other businesses
  • Repeal of the estate tax – In its current form, the estate tax applies to only a tiny fraction of the population (about 0.1%) and accounts for less than 1% of Federal revenue.

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Personal Taxation Archives

6 days ago . 26 people watched

Prior to enactment of the Tax Cuts and Jobs Act (TCJA) in late 2017, the IRC 1031 like-kind exchange rules applied not only to real estate, but also to tangible personal property … Read more → An Update on Conservation Easements

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Year-End Tax Planning Strategies

5 days ago . 32 people watched

  • Utilization of annual gifting exclusion – With respect to the estate and gift tax, there is an annual exclusion which permits you to give up to $15,000 per year per donee, without incurring any tax or eating into your lifetime exemption
  • For married couples, this amount is effectively doubled to $30,000.

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Donald Trump's Personal Tax Returns

5 days ago . 35 people watched

  • Donald Trump’s Personal Tax Returns
  • Bridges, CPA, PFS November 2016
  • While no law requires Presidential candidates to publicly release their tax returns, it has been customary for the past 40 years that all major candidates do so for the sake of transparency.

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Scott A. Fincher, CPA

Just Now . 21 people watched

  • His areas of specialty were cost accounting, general ledger accounting and management reporting for construction, development and real estate marketing
  • Scott spends his personal time with his wife Melissa and their two sons, Gavin and Conrad.

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Watch Out For The TCJA Interest Expense Limitations

2 days ago . 52 people watched

There are exceptions to the general rule for companies with average annual revenue (computed over 3 years) of $25 million or less (as computed aggregating related entities, and indexed for inflation) and also certain industries (most notably real estate if a proper election is made to accept slower depreciation, and also floor plan financing of

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Michael A. Sudduth, CPA

2 days ago . 23 people watched

  • Michael has also worked in the areas of gift tax and multistate income tax
  • He has worked with companies in the industries of technology, real estate, manufacturing, and retail
  • Michael’s professional affiliations include the American Institute of Certified Public Accountants and the Georgia Society of Certified Public Accountants.

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Phillip R. Poovey, CPA

1 days ago . 22 people watched

Phil has extensive experience in providing accounting and attestation services for both privately held and publicly-traded companies in the technology, distribution, manufacturing, retail, real estate, construction and professional services industries.

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Business Taxation Archives

3 days ago . 26 people watched

  • Tax Planning Opportunities for Real Estate Developers and Investors
  • Bridges, CPA, PFS February 2016
  • Federal income tax rules have long been mostly favorable for real estate developers and investors
  • Having a basic understanding of the general rules applicable to real estate developers and investors is critical … Read more →

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Personal Taxation Archives

3 days ago . 26 people watched

  • Buying or Selling Real Estate? Consider a 1031 Exchange
  • Real estate has always received very favorable treatment under our tax laws
  • For your residence, you get to take deductions for the interest and taxes, and then, when you sell it at … Read more →

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2016 Year-end Tax Planning Strategies

8 days ago . 37 people watched

  • Utilization of annual gifting exclusion – With respect to the estate and gift tax, there is an annual exclusion which permits you to give up to $14,000 per year per donee, without incurring any tax or eating into your lifetime exemption
  • For married couples, this amount is effectively doubled to $28,000.

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Volume 2, Issue 1 Tax Talk Winter 2007 A Quarterly

Just Now . 51 people watched

  • from donating appreciated property like stocks or real estate
  • Let’s assume that you have some highly appreciated stock which you are about to sell
  • If instead you make a donation of the stock to charity, you avoid paying tax on the gain and you get a tax deduction for the value of the property; a double benefit.

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Business Taxation Archives

6 days ago . 26 people watched

Prior to enactment of the Tax Cuts and Jobs Act (TCJA) in late 2017, the IRC 1031 like-kind exchange rules applied not only to real estate, but also to tangible personal property … Read more → The Paycheck Protection Program

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About bridgesdunnrankin.com real estate

Real estate is defined very broadly for these purposes, such that basically all real estate is considered to be like kind with other real estate (e.g. you can exchange raw land for an apartment complex), so long as you meet the other tests for like-kind exchange treatment.

Website: bridgesdunnrankin.com

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FAQ?

What are the working conditions of a real estate?

Real Estate Agents - Working Conditions. In a typical work setting, real estate agents: Have a high level of social contact. They are in constant contact with buyers, sellers, and other agents. Are often placed in conflict situations in which buyers and sellers may be rude or angry.

What to do to sell your house successfully?

What to Do to Sell Your House Successfully: 12 Universal Tips Virtually Every Homeowner Can Use Sign on with a stellar real estate agent-STAT. Hiring the right real estate agent should be first on every home sale... Use the 'invade your space' test to make sure you've decluttered enough. What's on your nightstand? A box of tissues,... More ...

What you should know before becoming a realtor?

Before becoming a realtor, know that requirements vary from place to place. However, all states mandate that candidates have a high school diploma and be 18 or 19 years of age. To perform real estate duties, the person must complete state-approved courses and pass an examination to earn their license.

How much does it cost to sell a house?

The cost ranges from about $500 to $1,000. The title company will run a title search on the property during the sale process. If a lien on your home is revealed, you’ll also need to settle it before you can sell the house.

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