Tag: real-estate
-
Understanding Real Estate Law for High School Students
1. The data shows that there is a strong correlation between smoking and lung cancer. 2. The research indicates that exercise can improve mental health and reduce symptoms of anxiety and depression. 3. The survey results reveal that a majority of respondents prefer products with environmentally friendly packaging. 4. The analysis suggests that there is…
-
Changes to Florida’s Waterfront Property Laws
– The majority of submerged land in Florida belongs to the State and is managed by the State’s Internal Improvement Trust Fund. – The State’s Department of Environmental Protection administers the submerged land through rules and regulations set forth in Chapter 18-21, F.A.C. – Some submerged lands in Florida were conveyed to other entities or…
-
Turning Your Home Into a Rental: What You Need to Know
1. Renting out a home can provide tax benefits such as deductions for expenses like utilities, operating costs, and maintenance, as well as depreciation deductions. 2. The passive activity loss rules may limit the ability to claim rental-related deductions that exceed rental income unless certain exceptions apply. 3. Renting out a home for an extended…
-
Florida’s Law for Managing Troubled Commercial Properties
– The Uniform Commercial Real Estate Receivership Act became law in Florida on July 1, 2020. – The Act clarifies the standard for the appointment of a receiver and the powers of receivers in commercial foreclosure actions. – Receivers are important because they preserve the status quo, manage property expenses, and preserve the property that…
-
“Why You Should Use Business Immigration Lawyers”
– Business immigration law is constantly evolving and covers a wide range of topics related to hiring or working with employees from other countries. – The American immigration system is complex, and business immigration attorneys stay up-to-date with the latest laws and have vast experience in the field to help clients navigate the landscape. –…
-
Florida Property Owners’ Rights to Water Views: What High School Students Need to Know
– Riparian rights in Florida are enjoyed by real property owners whose land extends to the high-water line on navigable waters. – These rights include the right of access to the water for activities such as boating, fishing, and bathing, as well as the right to an unobstructed view of the adjoining waters. – Florida…
-
“What is a Bridge Loan?”
– A bridge loan is a loan used in residential real estate when a buyer has arranged to close on one property but the property they own has not provided the purchase funds yet. – Characteristics of a bridge loan include the mortgages of two homes being rolled into a single loan for 80% of…
-
Understanding Your Retirement Account Beneficiaries
1. Beneficiaries of retirement accounts, such as 401(k) plans and traditional IRAs, will have to pay ordinary income tax on distributions they receive. 2. Inherited assets like bank accounts and real estate are usually passed to beneficiaries income tax free, but this is not the case with retirement accounts. 3. Distributions from pretax 401(k) accounts…
-
“Inheriting Money or Property: 3 Things High School Students Should Think About”
– Beneficiaries are not legally required to accept an inheritance. – Seeking legal and tax advice before deciding whether to accept or reject an inheritance is recommended. – Testators/trustors have the freedom to divide their assets however they see fit and are not obligated to leave them equally to their children. 1. If the inheritance…
-
Tips for buying a house successfully
1. It is essential to work with a trusted Realtor who can provide guidance, communication, and negotiation skills throughout the purchase process. 2. Buyers should be aware of the necessary legal steps involved in purchasing a home, including signing contracts, hiring a closing attorney, and ensuring all paperwork is reviewed and signed correctly. 3. It…
-
“Keeping Your Business and Real Estate Separate: A Guide for High School Students”
– Businesses that are formed as C corporations treat real estate assets as they do equipment and inventory, with expenses related to owning the assets appearing as ordinary expenses on their income statements and generally being tax deductible. – Transferring ownership of real estate to a pass-through entity can avoid double taxation, as profits upon…
-
Understanding Real Estate Contracts in Florida
– Real estate contracts are essential for all property purchases, and working with a Florida real estate attorney is important to ensure that the contract is legally binding. – The contract addresses who pays the closing costs, including fees such as escrow, notary and recording, title, and taxes. – The closing date is a critical…
-
Resolving Disputes Over Escrow Accounts in Florida
– Interpleader Actions in Florida are governed by Florida Rule of Civil Procedure 1.240, which is a rule promulgated by Florida’s Supreme Court. – The person holding the funds (escrow agent) to which two or more persons make claims (such as a buyer and seller) files suit asking the court to decide which party has…
-
“Who Pays the Real Estate Agent?”
– Real estate agents in Rhode Island, Massachusetts, and Florida typically earn about 6% of the purchase price of a home, but the specific amount is determined by the listing contract. – Sellers usually pay the agents on both sides of the transaction, but they may build the payment of fees into the asking price…
-
Life Insurance Basics: Choosing the Right Type for You
– Many people only start thinking about life insurance when they get a full-time job and are offered enrollment in their employer’s group life insurance policy. – Life insurance is a contract between an individual and an insurance company, where the company agrees to pay a specified sum of money to the beneficiaries upon the…
-
Title Services for Buying a Home | Real Estate Services Company
– Title insurance protects the buyer if an error is made during escrow that causes the title to be flawed. – Title services ensure that any previous owners have officially transferred their ownership to the buyer so they can share it with their bank. – Title attorneys specialize in real estate law and can help…
-
How Florida Calculates Payment for Eminent Domain Takeovers
1) The value of the condemned land, including any associated appurtenances and improvements, must be compensated under Florida law. 2) Severance damages are only available when a partial taking of the property occurs, and are meant to compensate for the reduction in value to the remaining land. 3) Business damages are only available when less…
-
Maximizing Profits from Selling Land: A Tax-Saving Strategy
– The owner of appreciated land might face a large tax bill upon developing and selling the land, as the entire profit would be treated as high-taxed ordinary income. – To potentially save on taxes, the owner can use a strategy that allows for favorable long-term capital gain tax treatment on the pre-development appreciation in…
-
Understanding the Taxes for Nonprofit Organizations’ Investments
– Nonprofit organizations have turned to alternative investments to diversify their portfolios in response to the volatility of the stock market. – Alternative investments can create multiple federal, state, and foreign filing obligations, leading to increased compliance costs. – Tax-exempt organizations may be subject to unrelated business income (UBI) tax on income generated from activities…
-
“Looking to Sell Your Commercial Property? Consider a Sale-Leaseback!”
– A sale-leaseback transaction allows the seller to raise cash from the property while continuing to operate it as the buyer’s tenant. – Sellers with significant equity in the property can use the cash from the sale for current operations, expansion, or alternative investments. – The sale can be cheaper than refinancing, and can improve…
-
What High School Students Should Know About Buying a House
1. Understand how much you can afford by budgeting for mortgage and necessary expenses and using that number as a cap for shopping around for mortgages. 2. Figure out your monthly housing costs, including mortgage payments, property taxes, insurance, homeowner’s association fees, and utilities, aiming for a payment amount below 22% of your income. 3.…
-
“Is Your Business Eligible for This Big Tax Break?”
– Pass-through entities now have a more level planning field with businesses that benefitted from the 2017 corporate tax reduction. – The Tax Cuts and Jobs Act allows noncorporate owners of pass-through businesses to claim a deduction equal to 20% of their qualified business income. – Eligibility for the new deduction is limited to qualified…