Whether you convert your main residence to a rental property or buy a property to be held as a rental, there are several tax considerations to be aware of.
AnchorPoint Accounting and Clark Anderson McNelis & Co. Joins Harris CPAs
Harris CPAs has announced a merger with AnchorPoint Accounting of Boise, Idaho and Clark Anderson McNelis & Co. of Coeur d’Alene, effective January 1, 2020. The mergers adds a total of 11 professionals to Harris CPAs Meridian and Coeur d’Alene offices.
Which Method of Accounting is Right For Land Developers?
Land developers have three methods of accounting to choose from. It is important to understand the tax implications of each one before deciding which method works best for you.
Deferring Capital Gains Through a 1031 Exchange
A 1031 exchange allows the taxpayer to sell a piece of property and purchase another “like-Kind” piece of property without depleting the cash flow from the sale due to capital gains tax. But the rules can be complex.
Tax Tips Every Realtor Needs to Know In Their First Year
Now that you have become a realtor, you are considered self- employed for tax purposes and you should approach this like any business venture. This means that it is now time to keep track of your income and expenses to track the monetary success (and failures) of your new business.
4 Real Estate & Construction Predictions for 2019
As we enter 2019, a variety of forces are at play. The IRS will continue to release additional guidance on provisions introduced via tax reform, the future of U.S. trade policy is uncertain and interest rates will likely rise again.
The IRS Wants to Know: Who is Your “Partnership Representative?”
If your partnership is audited and you don’t already have a “partnership representative” designated, the IRS has the power to designate a representative for you. Find out what role this person plays and how to keep that decision in your hands on our latest blog!
When Opportunity (Zone Funds) Come Knocking
The Tax Cuts and Jobs Act has made sweeping changes to the Tax Code with most of its provisions being effective for the 2018 tax year. By now, most of the major changes have been gone over in excruciating detail, however there seems to be one thing that hasn’t been talked about much: Opportunity Zone Funds. What Are They? Opportunity …
The Tax Incentives Keeping the LED Lights On
Many real estate and construction industries unknowingly qualify for tax incentives surrounding the energy efficiency initiatives in new construction. Take a closer look at the cost saving opportunities. The following article has more information. — Josh Tyree, Harris CPAs Q&A with: David Diaz, Managing Partner at Walker Reid Strategies As energy efficiency initiatives become common procedure for new construction, many …