Though many of our clients are homeowners, quite a few of our clients are currently in the market (or plan to be in the market) for a new home. For this reason, in our present article we’d like to take a moment to highlight some of the hottest areas for real estate purchases in the greater Seattle
Investment Property & the Personal Residence Exclusion
Contrary to what many may suppose, the initial purpose underlying the acquisition of a property does not necessarily bar future invocation of the principal residence exclusion (under IRS section 121). As we've discussed earlier, Section 121 of the Internal Revenue Code allows homeowners to exclude
The Basics of Tenancy-in-Common Ownership Arrangements
Many of our clients are real estate owners and so in this installment of HTW we thought it beneficial to introduce the concept of tenancy-in-common ownership arrangements. A tenancy-in-common (TIC) is a form of joint ownership which involves multiple owners who share an undivided fractional interest
Essential Points of the Principal Residence Exclusion
In our first essay on section 1031 we promised to explore other sections of the tax code – namely, 1033 and 121 – which may be of interest to our readers. As always with HTC, we are true to our word. In this essay we will discuss some of the basic facts of section 121.Section 121 is referred to as
Vancouver’s Latest Tax May Impact Seattle Real Estate Market
Though the Seattle real estate market is attractive on its own merits, a recent tax issued in Vancouver, Canada may create even more demand in the Seattle housing market. In recent years, foreign buyers have caused housing prices in the Vancouver market to rise substantially. In response, the city
Basic Facts of Cost Segregation
Cost segregation is a process which involves separating personal property assets from real property assets for the purpose of shortening the time of depreciation and reducing tax liability. In a cost segregation study, assets are classed together according to their depreciation period. Cost
The Tax Benefits of Real Estate Ownership
Most people -- even those among the so-called millennial generation -- would like to own property at some point in their lives. Since it relates to both our drive for prosperity as well as our abundance of space, there is something about real estate ownership which gives off a thoroughly American
Reasons Why Your Property Taxes May Have Increased
If you own a home or commercial property, you will notice that your property tax amount changes from year to year. No matter where you are located, there exists always a possibility that your property tax will increase. Here are some reasons why your property taxes may vary annually.Increase in