Are You Maximizing Your Real Estate Tax Benefits?
If you are a seasoned real estate investor or a new home owner you should be leveraging the full tax advantages of your real estate investment. Here at Accolade Accounting we will work closely with you to realize all of your real estate tax benefits.
Schedule your free consultation today to learn how our firm can help.
Why Work With Our Firm?
Structuring the operations of your real estate investments in the most tax-efficient way is critical to the health of your portfolio. You work hard for your investment, do not erase your efforts with a poorly planned tax strategy. Here at Accolade Accounting, we start our clients out on the right path and guide them to make wise, fiscally responsible decisions. We can develop and follow a plan that charts a path to your short and long-term goals.
Here are just some of the benefits of working with our real estate tax accountants at Accolade Accounting.
Simplify Taxes
The US tax code is over 2,600 pages and growing. We remove the hassle and uncertainty around whether you have deducted too much or too little. We simplify complicated tax rules to make sense, and you clearly understand what it means to you.
Tax Planning
We will analyze your taxes’ specifics, your real estate portfolio and recognize where you want to go to develop an actionable plan inline with your goals.
No Surprises
We work closely with you and estimate your tax liabilities in advance and find hidden deductions so that you are never surprised.
Real Estate Network
You will expand your network with exposure as we are connected to a wide range of real estate professionals in this space. From developers to lenders, from real estate agents to brokers, landscapers to builders. Depending on your goals and interest, you will potentially have access to our network here in Atlanta and throughout Georgia.
About our firm
Accolade Accounting is a full-service accounting firm specializing in real estate taxes. We are headquartered in Atlanta, GA.
Accolade Accounting is dedicated to providing you with an exceptional client experience through our relationship-based approach and personalized services.
Accolade Accounting seeks to grow alongside our clients by providing honesty, integrity, and care in our tax and accounting services while creating and promoting quality tax and accounting services for small businesses and their owners.
What Do Our Clients Say?
Below are some of the reviews our clients have graciously provided
Commonly Asked Questions
Here are a few FAQs we are often asked
A 1031 exchange is a tool used to defer income recognition on the sale of property. When selling property used for investment or in a business, a taxpayer can receive similar property in return instead of cash. The gain on the sale can then be deferred indefinitely.
- Beginning in 2018, the real property qualifies.
- The property transferred and the property received are either used both held for investment or both held for productive use in a business.
- The nature and character of both properties are the same.
- The form of the transaction is an exchange.
With the exception of land and property placed in service and disposed of in the same year, depreciation allows a taxpayer to recover the cost of property over time. Real estate entities calculate depreciation under the Generally Accepted Accounting Principles (GAAP) for financial reporting but use MACRS for tax depreciation.
- Residential real property – A building or structure that has 80% or more of its gross income from dwelling units. The recovery period for this type of asset is 27.5 years.
- Nonresidential property – Depreciable property which is not residential property and has a recovery period of 39 years.
- Qualified Improvement Property – Interior, non-structural improvements to nonresidential buildings were placed-in-service after the building was placed in service. In 2018, QIP, with a recovery period of 15 years, replaced the asset categories of Qualified leasehold Improvement Property, Qualified restaurant property, and qualified retail improvement property.
- These rules limit the amount of losses that can be deducted in a specific year. Any unused portion is carried forward until there is enough limitation to allow its use. Closely held C corporations, S corporations, and partnerships are subject to the at-risk rules. At-risk basis is calculated annually with increases coming from income, contributions, and recourse loans, while losses, distributions, and reductions of recourse debt reduce it.
- Passive activity rules dictate when losses from a passive real estate activity are able to be deducted on a tax return. In general passive losses can only be offset against passive income. If passive losses exceed income, then the losses can be carried forward and used in future years.
Offering Real Estate Tax Services
Do not allow your investment to be eaten away by taxes. Work with Accolade Accounting and be confident that you paid only the taxes you owe and not a penny more.
CONTACT US
What's Your Tax Strategy?
If you are needing to devise a tax plan for your goals or any assistance with your real estate taxes let one of our real estate accountants help.
Don’t miss this opportunity to speak with our tax experts. Call or submit this form to schedule your no-obligation consultation with a trusted CPA.
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