real estate

New Law Alert – Commercial Property Leases & Self-Rental

House Bill 2324 sponsored by Gilbert Representative Eddie Farnsworth will be enacted in September of 2013, with many municipalities enacting it as of July 1, 2013. The bill, which passed the Arizona State House AND Senate UNANIMOUSLY excepts certain commercial leases from Transaction Privilege Tax.  Additionally, the bill prohibits municipalities from taxing the transactions as well. The exemption applies to certain affiliated companies, businesses, or persons. Background: It is very common for a business owner that owns both the business and the land & building the business uses to utilize separate business entities to separate liabilities.  For example, a manufacturing company [...]

August 5th, 2013|Business Tax|Comments Off on New Law Alert – Commercial Property Leases & Self-Rental

The Power of the Beneficiary Deed

Recently I took questions from two different clients concerning end-of-life planning, and specifically how it relates to the transfer of Real Estate. In the first case, a taxpayer's parent was on their deathbed, and they were contemplating preparing a quit-claim deed to transfer property into the name of the taxpayer in contemplation of death in order to avoid probate. In the second case, the taxpayer's parent had a proper trust which was being used to divide the parent's property amongst children from different families.  The parent, however, wanted their home to go directly, and in an undivided fashion, to the [...]

July 25th, 2013|General Consulting, Personal Tax|Comments Off on The Power of the Beneficiary Deed
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