COVID-19 impacted the economy dramatically and commercial real estate was no exception in terms of decreased values. Often, the real property could no longer service the debt used to finance it. This debt restructuring and resulting debt forgiveness can result in taxable income. Taxable Income and Debt Cancellation If you have a $80,000 loan and …
Did you know that homeowner’s insurance doesn’t cover flood damage? Because of this, homes located in a Special Flood Hazard Area (SFHA) are required by lenders to purchase a separate flood insurance policy. However, there are millions of homes at risk that also experience periodic flooding but are not located in the most hazardous zones. …
Many of us have heard that the real estate market is currently a “sellers” market and that property values are skyrocketing to new highs. In Louisville, home values have increased by about 35% over the past 5 years and are projected to increase an additional 10% this year. This may have you thinking about selling …
Selling Real Estate in 2021? First, Know the Tax Considerations Read More »
The 179D tax deduction and 45L tax credit are energy efficient tax incentives that can be applied in commercial and residential real estate. While these both have to do with improving the energy efficiency of a property, the now permanent 179D deduction is related to commercial real estate and is an allowed deduction up to …
Making Your Property Energy Efficient Can Make You Money Read More »
Even before the pandemic began, the U.S. residential real estate market was short on houses, with more people looking to buy than those who were selling. And yet, unlike the 2008 recession, any economic woes related to the pandemic did not undercut housing prices. If anything, real estate had a banner year as home prices …
By: Caroline Kaye CPA, Supervisor – With the passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) on March 27, 2020, by Congress, there have been many questions about how the CARES Act will impact the real estate industry. For businesses, the provisions of the CARES Act are centered around increasing liquidity, …
How the Federal CARES Act Will Affect the Real Estate Industry Read More »
