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H.R. 3221, the “American Housing Rescue and Foreclosure Prevention Act of 2008”—the Housing Act—was signed into law by the President on July 30, 2008.  This sweeping measure is designed to shore up the ailing housing market as well as tighten lending practices and reform financial institutions associated with that market.  It also contains a number of tax changes, including tax breaks for homebuyers and homeowners, relaxed requirements for tax-exempt bonds, eased AMT rules, tax changes for businesses, as well as highly specialized changes affecting low-income housing and special investment vehicles called Real Estate Investment Trusts (REITs).
I'm writing to give you an overview of the more widely applicable tax changes in the Housing Act.  Please call our offices for details of how the new changes may affect you, your family, your investments, or your business.

IRS RECENTLY ISSUED FAVORABLE SAFE HARBOR RULES FOR LIKE-KIND EXCHANGE PROPERTY HAVING LIMITED PERSONAL USE

 

Does your company have an incentive stock option (ISO) plan?  If so, have you ever thought about the tax consequences to you of your company's offer to grant you an ISO on its stock.

Although options are usually thought of as stock market or commodities tools, they can also be useful tools in other types of property, such as real estate (“real property”).

Over the next few years, many individuals will be faced with answering the question what “cost” for tax purposes (or “basis”) does an individual get in property they inherit from another.  This is an important area and is too often overlooked when families start to put their affairs in order.

January, 2008

A special estate tax deferral election is available if a large portion (more than 35%) of an estate is comprised of a farm or other closely-held business. The election can substantially ease the immediate estate tax burden.

Ever think about the tax consequences to you of an award by your employer of restricted stock?

If you own a home, the interest you pay on your home mortgage provides one of the best tax breaks available. However, many taxpayers believe that any interest paid on their home mortgage loan is deductible. Sadly, they are wrong.

September, 2007

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