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July 21, 2021

Tax Considerations for the Sale of Real Estate

By Ivette Carrasco, CPA, Tax Manager
ASL Real Estate Group

There are different tax treatments to consider when selling your real estate property. The property can be classified as a primary residence, a real estate rental, an investment property, or a second home/vacation rental. The applicable tax consequences on the sale of a property depends on how the asset was classified in the current and prior tax years. It is important for real estate owners to be aware of the various tax implications that a real estate sale can trigger. (more…)

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Categories: Real Estate, Summer 2021
Tags: Investment property, Ivette Carrasco, Real Estate, Rental real estate, Vacation rental,
February 22, 2019

Rental Real Estate and the Section 199A Deduction

By Rachel Gillespie, CPA, Principal
ASL Real Estate Group

In December of 2017, the Tax Cuts and Jobs Act was enacted by Congress, which gave us the most sweeping and dramatic changes to the Internal Revenue Code in more than 30 years.  The Act created the Internal Revenue Code Section 199A deduction which has the potential to help taxpayers reduce their liabilities with a 20% deduction against their “qualified business income”.  Section 199A provides individual taxpayers and certain trusts and estates a deduction for qualified business income from a partnership, limited liability company, S-corporation, sole proprietorship, trust or estate.  The deduction applies to tax years beginning after December 31, 2017 and before January 1, 2026. (more…)

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Categories: Tax Reform, Winter 2019
Tags: Qualified Business Income, Rachel Gillespie, Rental real estate, Section 199A Deduction, TCJA,

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