The pandemic’s impact on property valuations is still far from clear, with some owners taking a more measured approach to tax appeals ahead of this year’s filing deadline in New Jersey.
Government & Public Policy
From zoning disputes to the federal tax code, public policy affects the commercial real estate sector far more than you may realize. For industry leaders, government and politics demand constant attention.
Like-Kind Exchange: What Real Property Can Do For You
The IRS recently released long awaited guidance on Sec. 1031 (like-kind exchanges) and defines what property qualifies for the deferred tax treatment. With the enactment of Tax Cuts and Jobs Act (TCJA), rules provide that no gain or loss is recognized on the sale or exchange of “real property” held in a trade or business or for investment. Prior to the TCJA, “personal property” (like automobiles, machinery or equipment) applied for the deferral. This change means a real estate investor recognizes gain to the extent of money and personal property ineligible for the tax deferral.
New grants for New Jersey towns, cities could boost redevelopment opportunities
Business leaders are cheering the passage of a new economic development incentives law in New Jersey, following a two-year battle in Trenton and the added uncertainty of the pandemic. Yet some stakeholders are pointing to a far less heralded, less contentious piece of the New Jersey Economic Recovery Act as a key tool for spurring new investments around the state.
