The real estate market over the past 5 years has been a roller coaster leaving people with many questions. Stone & Company has the resources to assist whether it be with rental properties, foreclosure assistance, short sale considerations, or debt cancellation tax implications.
Rental properties can provide an excellent stream of income, and in some cases an excellent tax deduction. Understanding the aspects of rental properties is an area Stone & Company Accounting excels in. We can help you understand what can and can’t be deducted, as well as the items below-
- Passive Losses
- Like Kind Exchanges
Foreclosure or Short Sale-
Unfortunately since 2007 the real estate market has seen some tough times. Many individuals are facing the unthinkable, letting go of their home, or letting go of a rental home. We are here to assist you in these tough times bringing our expertise in-
- Cancellation of Debt – 1099c
- Mortgage Forgiveness Debt Relief Act
- Recourse versus non recourse debt
Letting go of a home is a big decision. We will help you make sense of the Mortgage Debt Forgiveness that is expiring at the end of 2012.
New Home Buyer Tax Credit-
Did you purchase a home and were awarded the new home buyer tax credit and are considering moving or foreclosure? We can help you determine the tax ramifications of this, and whether you will need to repay any of the credit.
Real Estate Structuring-
Planning to purchase rental properties to help create sustained income? There are certain considerations that must be made. We can assist you with determining whether an LLC is appropriate or if simply running them as an individual will suffice. Additionally we can help you determine whether or not you will deal with passive loss limitations, and help you determine what the net tax impact will be on your situation.