Our Real Estate practice works with developers, brokers and investors in the commercial and residential arenas. We provide advanced tax planning, consulting and compliance services, as well as wealth management techniques.
Before tax reform, there were not many limitations on a business's ability to deduct interest expense on their tax return. However, beginning in 2018, tax reform will significantly alter the ability to deduct business interest expense for a great many taxpayers.
The UHY global real estate guide has been developed to provide property investors with information on rules and regulations from over 70 countries featured in the guide, covering areas such as real estate regulations (e.g. deduction of expenses and interests), tax rates (e.g. VAT, wealth tax and inheritance tax) and also touches on some tax planning techniques.
The Mortgage Credit Certificate program has issued a federal tax credit to first time homebuyers statewide. The homebuyer can credit 20 percent of their annual mortgage interest paid against their federal tax liability. This credit is good for the life of the mortgage. There are only certain mortgage companies that are participating in this program.
When an individual transfers real estate in the state of Michigan a real estate transfer tax fee is charged, which is percentage of the sales price. This fee is assessed both by the state and the county in which the property was sold. This fee is the seller's responsibility, unless otherwise agreed upon, and is reported on the "Real Estate Transfer Valuation."
On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act ("ACA"). Although the ACA has not been fully implemented, some of its provisions have already taken effect.