Real Estate Accountants to serve you – LSL CPAs & Business Advisors – Brea, Santa Ana and Sacramento, California – (714) 672-0022
Understand the Difference and Check Your Needs at Least Annually LSL Partner Ron Stumpf Talks with Sandra Denisac, Vice President, CIC, at McGriff Insurance General vs. environmental liability Ron: What is the difference between general liability and environmental liability coverage? Sandra: It sounds like a general liability policy would Read more…
The Opportunity Zone Is the Latest Tool for Community Development and Capital Gains Tax Deferment For the maximum 15 percent step-up in basis, the investment must be made by the end of 2019. The Land of OZ (Opportunity Zones for our purposes) is not as far away as you think. Read more…
There are several traditional methods of holding title to property, including: tenancy in common, joint tenancy, or community property. In addition, California allows married couples to hold property as “community property with right of survivorship.” Each method has its own advantages. You may want to hold title differently for different Read more…
Here’s some great news for California owners of real estate investment properties: As of September 1, 2018, the California Office of Tax Appeals (OTA) has issued a new position regarding “drop and swap” real estate transactions (defined below). The OTA ruled that drop and swap is an accepted business practice Read more…
If you are a real estate investor, you probably know there are several options when choosing how to invest in a property. However, there is an investment vehicle often unknown to investors: the Delaware Statutory Trust (DST). DSTs: great for long-term, hands-off investing If you want an investment where you Read more…
Rental’s Taxable Entity Renting out a second home on self-rental sites such as Airbnb can be very lucrative in high traffic vacation areas. I recently stayed at an Airbnb home in Palm Springs, California. As a guest it was a very enjoyable experience that I would highly recommend but as Read more…
Self-Rental Rule Many business owners that own operating businesses also own the office building or commercial building used in the business. The operating business is owned by the individual(s) through one entity, then the real estate is owned by the same individual(s) through a separate entity. The operating business pays Read more…
Renting out empty rooms or your entire home on Airbnb can seem like an easy way to make money, especially if you have open space in your home. Renting homes from individuals has become a popular choice for vacationers compared to staying at hotels because it provides a home-like comfort Read more…
Once an estate plan has been made it must be actively monitored. Monitoring an estate plan can be as simple as reviewing your estate and financial documents to determine if you wish to make changes. We recommend reviewing an estate plan every five years or when a major life event Read more…
President Trump promised tax reform during his campaign. To deliver on that promise his administration released a “first draft” of a tax-cut plan. It was a one page outline that highlighted overall goals, plus reforms to both individual and business taxation. It details individual tax relief in the form of Read more…