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Archive for the Real Estate Category

Landlords: Benefits of Creating a Rental Property LLC

Landlords

Whether you own one or multiple rental properties, creating the Limited Liability Company (LLC) business structure for your rental property brings three main benefits. Personal Liability Protection Without an LLC, the owner’s personal assets are at risk if you are sued relating to an issue with your rental property.  With an LLC structure, only the assets owned by the LLC […]

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Buying a Home With Cash: Important Steps in the Process

home with cash

An increasing number of people have been choosing to pay cash for a first or second residence after analyzing benefits such as current low return on investments, closing cost savings, and seller’s willingness to discount a property to a cash buyer.  However, even in the absence of lender requirements, taking several steps when buying a home with cash is prudent.  […]

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Section 8 Housing: Pros and Cons for Your Rental Property

Section 8 Housing

Section 8 is a federal program that provides rent and utilities assistance to low income families. Currently, these families pay no more than 30% of their adjusted monthly income for rent and utilities. If a rental property owner meets thirteen (13) federal housing (HUD) quality standards, which are in most cases reasonable to meet, that owner may choose to accept […]

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Obtaining Long-term Capital Gains Treatment for Development Property

Landlords

To maximize the after-tax gain on a real estate development transaction, the investor/developer is greatly incentivized to obtain long-term capital gains treatment where the highest federal capital gains rate of tax is 20% compared with the top ordinary income rate of up to 40%. The Internal Revenue Code (IRC) provides that long-term capital gain treatment applies to a gain from […]

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What Is Title Insurance and Is It Required?

Landlords

In general, title insurance is an indemnity insurance covering the loss of ownership of a real property interest due to title defects or liens.  There are two types of title insurance, one of which is required and the other is optional, though strongly recommended under certain circumstances. A Lender’s Title Insurance policy, which is required by banks and mortgage companies […]

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Rental Property Investors: What are the IRS Rules Allowing Deductibility of Losses against Ordinary Income?

Constructive Receipt

In the past few years, the IRS has been taking an increased interest in real estate investors. Typically, for landlords at least, every deduction claimed usually has something to do with the operations of the property. However, the Tax Reform Act of 1986 created a section of the Internal Revenue Code that prevents “passive investors” from claiming investment losses against […]

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Buying a Home: What to Expect at the Closing

1031 tax deferred exchange

The process of buying a house is a very exciting (and a bit stressful) time, but it’s always a little easier if you are prepared and know what to expect. The final step happens at the closing table, when the ownership of one home will transfer from the seller to the buyer, and the new owner receives the keys to […]

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Considering a Tax Deferred Exchange (1031 Exchange)? You Need a Qualified Intermediary [Video]

Tax Deferred

Considering a tax deferred exchange (1031 Exchange)? The IRS requires that you have a qualified intermediary to facilitate the sale and purchase process. Learn more from Attorney, Dean (Mac) Nichols of Layman & Nichols, PC. Be sure to contact us at Layman & Nichols, PC if we can help facilitate your next 1031 Exchange.

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For Businesses: Understanding Your Lease

Understanding Your Lease | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney Selecting just the right location for your business is incredibly important. After all, they say it’s all about location, location, location. But even if you have found the perfect location, it’s important to take a good look at your lease and review it with a professional before putting your signature on it. Here are some sections […]

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Why Have Your Residential Construction Contract Reviewed by a Professional (Attorney)?

By Dean ‘Mac’ Nichols, Attorney If you have decided to build your own home, it’s important to have a residential construction contract in place. This contract between you and the contractor helps protect you and the contractor, so that you get the house you planned and the contractor gets paid for the house that’s built. The contract between you reflects this, […]

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