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Advantages and Disadvantages of Claiming Big First-Year Real Estate Depreciation Deductions

RogerRossmeisl

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. 179 deduction can be claimed for real estate qualified improvement property (QIP), up to the maximum annual allowance. But should you?

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The Tax Break Commercial Real Estate Investors Might Need After COVID-19

Withum

The COVID-19 pandemic has had a dramatic impact on commercial real estate values, and in some cases resulted in property no longer being able to support the debt with which it is encumbered. How coronavirus hit commercial real estate – GREEN STREET ADVISORS. Business Tax Services. not insolvent).

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Real Estate Business Provision and Initiatives Included in Bipartisan COVID-19 Agreement

KROST

This relief bill provides stimulus to individuals and businesses. As an industry impacted by the pandemic, real estate businesses can benefit from several key tax provisions in the package. Business Meals Deduction. Currently, the deductibility of business meals is limited to 50% of qualifying expenses.

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Defer a Current Tax Bill with a Like-Kind Exchange

RogerRossmeisl

If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a §1031 “like-kind” exchange. With this transaction, you exchange the property rather than sell it.

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Skagit County SMBs: Note These Changing Business Tax Deductions

SkagitCountyTaxServices

Though that said, there does seem to be some easing on both of these fronts – and not necessarily because of the “Inflation Reduction Act” (more on that and business tax deductions in a minute). It can be difficult to see your way through it all and keep your business afloat. Business Tax Deductions: Meals and mileage.

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Update on Depreciating Business Assets

RogerRossmeisl

179 deductions can also be claimed for real estate qualified improvement property (QIP), up to the maximum allowance. The post Update on Depreciating Business Assets appeared first on Roger Rossmeisl, CPA.

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A Tax-Smart Way to Develop and Sell Appreciated Land

RogerRossmeisl

If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer.

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