by kramoltz@hotmail.com | Jun 13, 2018 | Home Ownership, Taxes
Owners tackling a remodeling project may want to consider how it could impact property taxes. Renovations could result in an increase in assessed value by the county assessor. Ordinarily in the Phoenix metro area any upward adjustment in assessed value would only...
by kramoltz@hotmail.com | May 29, 2018 | Canada and Canadians, Taxes
If you’re a Canadian and have received money from a U.S. source when you are here, you may have to file a U.S. tax return. That is because the U.S. may believe you owe taxes on that money. If you are a snowbird and spend a limited amount of time in the U.S., your tax...
by kramoltz@hotmail.com | Mar 23, 2018 | Taxes
There are limits as to the type of properties that qualify for a 1031 Exchange. First, a seller must hold both the relinquished property and the replacement property “in a trade or business” or “for investment purposes.” The purpose of this rule is to ensure that...
by kramoltz@hotmail.com | Jan 5, 2018 | Taxes
1. Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Plans to make it much harder to qualify...
by kramoltz@hotmail.com | Dec 20, 2017 | Taxes
A 1031 exchange is a method to defer the payment of capital gains tax on commercial property. It involves a sale procedure where an owner sells a property and reinvests all of the sales proceeds into a new one, using a third party intermediary to complete the...
by kramoltz@hotmail.com | Feb 28, 2015 | Renters and Renting, Taxes
Do you rent out real estate in Arizona? Are you a landlord with tenants in a former or second home in the Phoenix metropolitan area? If so, the government has imposed a new, controversial and burdensome tax requirement that will increase your record keeping duties...