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A Publication of RINA Accountants & Advisors -- December, 2021 | |
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As we say goodbye to 2021, RINA’s Real Estate Group would like to share with you some tax insights regarding vacation homes, property improvements and California’s mandatory withholding requirement. | | | |
Of course, none of us likes to pay taxes, but it could be worse – during the Middle Ages, European governments placed a tax on soap, and it remained in effect for a very long time. Great Britain didn't repeal its soap tax until 1835 – so glad they cleaned up their act!
The RINA Real Estate Group’s goal is to minimize your tax burden while maximizing the value of your real estate income and holdings.
We hope you enjoy our newsletter and we hope you have a wonderful holiday season. | |
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The Tax Consequences of Renting Your Vacation Home | |
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According to Redfin, second home sales in the United States jumped 70 percent in October 2021 from pre-pandemic levels, recording another strong month in the year. The popularity of vacation or second homes has grown exponentially during the pandemic fueled by low mortgage interest rates and the ability to work from home.
However, Taxpayers who use their second home as both a rental and personal use (mixed use property) will find that applying the tax laws can be complicated. | |
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The Benefits of Qualified Improvement Property
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Now is the time to review the improvements you have made to your commercial real estate and determine either through a cost segregation study or your own documentation that you have QIP property place. | | Property Managers and California Mandatory Withholding |
California law has long required tax withholding on commercial rental income paid to a nonresident property owner. Recently, California has expanded the withholding requirement to include residential real estate rentals.
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January 2022 Real Estate Advice Seminar | |
Join us for an exhilarating presentation by Jeffrey Weil as he unveils the answers the top mysteries facing the industry in 2022.
2020 Was Challenging, 2021 Better, But Where Are We Headed in 2022?
You are invited to attend a free webinar featuring the top prognosticator in the industry! | |
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Our mailing address is: $[HF:ORGINFO]$ | |
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