by ConvergeCPA | Mar 1, 2022 | NOL rules, Real Estate, Real Estate Tax
For the real estate industry, several favorable components of the Tax Cuts and Jobs Act (TCJA) enacted Dec. 22, 2017, and the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted March 27, 2020 are expiring, and the implications to taxpayers involved in...
by ConvergeCPA | Aug 27, 2021 | Biden Tax Proposals, Real Estate, Real Estate Tax
Background As originally outlined in his “American Families Plan” on April 28, Biden’s individual tax proposals included increasing the top individual ordinary income tax rate from 37% to 39.6%, taxing capital gains and qualified dividend income at ordinary rates for...
by ConvergeCPA | Feb 5, 2021 | Taxation of Income from US Real Estate
General Discussion of Taxation of Income from US Real Estate In general, foreign persons engaged in a trade or business in the United States, are taxed on two categories of income: 1. Income effectively connected with the conduct of a trade or business in the US...
by ConvergeCPA | Feb 5, 2021 | Passive Activity Loss Rules
Under the passive activities loss rules (PAL) – that is, activities in which you do not “materially participate”, tax losses from rental real estate activities cannot be deducted against non-passive activity income (such as salary, professional fees,...
by ConvergeCPA | Feb 5, 2021 | Tax Benefits
Many real estate professionals deal with the difficulties presented by the passive activity loss (PAL) rules. Regardless of how much time you spend working in your real estate activities, rental income or loss is generally considered passive and is subject to the...
