by kramoltz@hotmail.com | May 9, 2022 | Global Buyers + Foreign Investment, Selling Your Home, Taxes
When a foreign person sells U.S. real estate, 15% of the sale price will withheld. However, U.S. formed entities like limited liability companies are not themselves considered to be a foreign person so withholding would not apply (although their members may be...
by kramoltz@hotmail.com | May 25, 2021 | Canada and Canadians, Taxes
You may have to file a U.S. tax return if you’re a Canadian that received money from a U.S. source while here in 2020. Since travel here last year was presumably limited due to border closures this may not be much of an issue this year. But those who worked in the...
by kramoltz@hotmail.com | Jun 29, 2020 | Home Ownership, Taxes
Prior to January 1, 2020, an owner of solar panels was entitled to a 30% credit against federal income tax owed. In 2020 the credit was reduced to 26%. In 2021 the tax credit drops to 22%, and after that year it disappears. To qualify, a system needs to be “placed in...
by kramoltz@hotmail.com | Nov 24, 2019 | Animal Stories (mostly Dogs in the Military), Taxes
SimplySOLD donates food and supplies and makes monetary contributions to local animal charities. You may do the same, and if you incur pet expenditures in your home, you could be entitled to a tax deduction. For example, taking care of or fostering a charity’s pets....
by kramoltz@hotmail.com | Jun 14, 2019 | Taxes
Tax Impacts. Real estate as an investment class benefits from certain tax characteristics, primarily from the fact that real estate can be depreciated. Depreciation provides a tax shield for income at ordinary income rates, and then when the real estate is sold, the...
by kramoltz@hotmail.com | Jun 20, 2018 | Taxes
Want to pay less tax on your real estate investments? A new community redevelopment program for economically distressed communities called Qualified Opportunity Zones (QOZs) offers significant tax benefits. One of the incentives works like a 1031 exchange, allowing a...