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Real Estate

  While idly shopping for a home may be pleasant, serious homebuyers need to start the process in a lender's office, not an open house. Potential buyers benefit in several ways by consulting with a lender and obtaining a pre-approval letter. First, they have an opportunity to discuss loan options and budgeting with the lender. Second, the lender will check on their credit and alert the...

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Partnerships do not pay tax on their profits; their partners do. Partnerships are pass-through entities that report their income, deductions, credits and other items to partners so that partners can then enter their share of this information on their personal tax returns. The partnership, as well as an entity treated as a partnership for federal income tax purposes, uses Form 1065, U.S. Return of Partnership...

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tax tips

Perhaps one shouldn’t be surprised that new real estate investors fall into the same tax traps again and again. Real estate burdens investors—especially new investors—with some tricky tax accounting.   But just because some other newbie makes these mistakes, that doesn’t mean you need to. You just need to know where the traps are so you avoid them. And here are the biggest real estate tax traps...

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Most commercial building owners are grossly overpaying federal income taxes because they are not depreciating their property as quickly as they should. A cost segregation study allows property owners to both defer and reduce federal income taxes. When properly performed by an appraiser with expertise in cost segregation, this is a conservative tax planning tool which reduces federal income taxes by properly allocating the cost...

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