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August 1, 2023

Qualifying as a Real Estate Professional

By Samantha Ramirez, CPA, Manager, Tax & Advisory
ASL Real Estate Group

General Passive Rules

The general passive activity rules under Internal Revenue Code Section 469 define passive activities as any trade or business in which the taxpayer does not materially participate, OR a rental activity without regard to the level of participation.  Passive activities that produce losses, can only be offset against passive income.  If the taxpayer has no passive income, the losses will be suspended until the activity is sold in a taxable transaction. (more…)

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Categories: Real Estate, Summer 2023
Tags: Passive Activities, Real Estate Professional, Samantha Ramirez,
February 6, 2023

Inflation Reduction Act Expands Energy-Efficient Deductions and Credits

By Nick Price, CPA, Manager, Tax & Advisory
ASL Real Estate Group

The Inflation Reduction Act (IRA), which was signed into law on August 16, 2022, included expanded and extended tax credits and incentives to encourage energy efficient housing, commercial buildings, and vehicles. Our previous blogs discussed incentives for homeowners (A Greener Home Can Save You Green Under the Inflation Reduction Act) and vehicle buyers (Inflation Reduction Act Restructures Alternative Fuel Vehicle Credit). (more…)

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Categories: Real Estate, Updates & Alerts, Winter 2023
Tags: Energy-Efficient, Inflation Reduction Act, Nick Price, Tax Credit,
November 15, 2022

A Greener Home Can Save You Green Under the Inflation Reduction Act

By Amy Whitcomb Price, CPA, MST, Tax & Advisory Director
ASL Real Estate Group

The Inflation Reduction Act (IRA), which includes expanded or extended tax credits, was signed into law on August 16, 2022. The bill has been championed as a “climate change bill”, with many provisions specifically focused on direct consumer incentives to buy energy-efficient appliances, clean vehicles, rooftop solar systems, and invest in home energy efficiency. The bill provides a great opportunity for homeowners to make their homes more eco-friendly while receiving cash incentives from the government to do so. The bill includes: (more…)

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Categories: Real Estate
Tags: Amy Price, Electric Vehicle (EV) credit, Energy Efficient Home Improvement Credit, Inflation Reduction Act, Residential Energy Efficient Property Credit,
August 1, 2022

How to Use Smart Technologies Smartly

In response to buyer and tenant expectations, many owners and developers are now regularly incorporating smart technologies in their projects. But buyers and tenants understandably also have expectations regarding cybersecurity measures. The risks are real, but they can be significantly reduced with forethought and vigilance. (more…)

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Categories: Real Estate
Tags: Data Security, Real Estate, Smart Technology,
July 11, 2022

Depreciation Strategy Using Cost Segregation

By Nikky Ly, Tax & Advisory Manager
ASL Real Estate Group

Imagine you just bought a rental property for $1 million with $200,000 down payment, your CPA says “Congratulations! You are saving over $10,000 in federal tax with this purchase.” Here is the breakdown: (more…)

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Categories: Real Estate, Summer 2022
Tags: Cost Segregation Studies, Depreciation Strategies, Nikky Ly, Real Estate,
May 10, 2022

The Importance of an Insurance Coverage Audit

Insurance is a fact of life for real estate investors. From start to finish, each project needs to have the proper insurance. The time to wonder whether you’re properly insured is before there’s an issue. To be safe, hiring a qualified professional to help you conduct an insurance coverage audit may be necessary. Coverage audits can reduce the odds of an uncovered incident undermining the project’s profitability — or worse. (more…)

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Categories: Real Estate
Tags: Insurance, Insurance Coverage Audit, Real Estate Insurance,
March 9, 2022

Proposed Regs Clarify Rehabilitation Credit

The IRS has released proposed regulations regarding changes made to the Internal Revenue Code’s Section 47 rehabilitation tax credit under the Tax Cuts and Jobs Act (TCJA). The regulations address several taxpayer concerns that have arisen in the wake of the law’s passage, including how the credit should be allocated. (more…)

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Categories: Real Estate
Tags: Real Estate, Rehabilitation Credit, Tax Cuts and Jobs Act, TCJA,
February 22, 2022

Consolidated Appropriations Act - 3 Provisions for the Real Estate World

Late 2020 saw the enactment of a massive new federal spending law. Much of the media attention focused on the relief related to COVID-19, but the Consolidated Appropriations Act (CAA) also includes some tax-related provisions of particular interest to real estate owners and developers. Here are some tax law changes you should know about. (more…)

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Categories: Real Estate
Tags: Consolidated Appropriations Act, Empowerment Zones, Low-Income Housing Tax Credit, Real Estate,
January 3, 2022

Can You Deduct Travel Costs to Monitor Properties? U.S. Tax Court Says Yes, Within Limits

The Internal Revenue Code allows the deduction of “ordinary and necessary” business expenses, including travel expenses while away from home overnight for business. A recent ruling by the U.S. Tax Court is a good reminder that the deduction is subject to some restrictions. (more…)

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Categories: Real Estate
Tags: Real Estate, Travel expenses,
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