Safe Harbor for Rental Real Estate – What You Need to Know

On February 28, 2019   /   Business Law West Des Moines, Contract Law West Des Moines, Real Estate Law West Des Moines, Taxation Law West Des Moines  
real estate safe harbor tax law

Last month the IRS issued the final regulations regarding Section 199A.  The IRS also issued IRS Notice 2019-07 which set forth a safe harbor under which a rental real estate enterprise would be treated as a trade or business under Section 199A.  The purpose of the Notice is to give taxpayers guidelines as to the application of the 199A deduction for rental real estate properties. To qualify for the safe harbor requirements, the taxpayer must meet the following requirements: Keep separate books and records setting out the income and expenses for the rental real estate enterprise; For tax years beginning

More Legal News & Information... →
Back to Top

New Laws Pertaining to First-Time Homebuyer Savings Accounts

On May 29, 2017   /   Business Law West Des Moines, Contract Law West Des Moines, Corporate Law West Des Moines, Estate & Trust Administration, Legal Resources West Des Moines, Real Estate Law West Des Moines  
first time homebuyer contract des moines

A new law was recently signed by the Governor which authorizes tax-preferred First-Time Homebuyer Savings Accounts beginning in the year 2018.  Under the law, when an individual sets up a FTHSA account, he or she may exclude from their Iowa adjusted gross income yearly deposits of $2,000.  Married taxpayers who file a joint return may exclude up to $4,000.00 a year if the money is deposited into a joint FTHSA.  Any interest earned on a FTHSA account, will not be included in a taxpayer’s income. At the time that the FTHSA is opened, an individual can designate a sole beneficiary. 

More Legal News & Information... →
Back to Top