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Real Estate Transactions Tax Guidance Toolkit (National and Select States)
Practical Law Toolkit w-032-2457 (Approx. 14 pages)
Real Estate Transactions Tax Guidance Toolkit (National and Select States)
by Practical Law Real Estate
| Maintained • ExpandCalifornia, Florida, Georgia...Illinois, Massachusetts, New Jersey, New York, Ohio, Pennsylvania, USA (National/Federal) |
Resources to assist counsel to owners, sellers, purchasers, lenders, borrowers, and tenants of real property in identifying and understanding tax laws applicable to a real estate transaction. This Toolkit lists resources addressing the federal and state tax aspects of owning, leasing, and financing real estate, including guidance on entity formation, REITs, joint ventures, tax deferral, transfer taxes, and mortgage recording taxes.
When structuring and negotiating a real estate transaction, counsel must understand how various federal and state tax laws can affect it. Counsel should be fully informed of the tax consequences to assist its client in:
- Understanding the financial impact on the transaction.
- Mitigating the tax impact and maximizing the return on investment.
- Avoiding fees or other civil or criminal penalties for failing to comply with applicable laws.
This Toolkit contains links to continuously maintained Practice Notes, Standard Documents, Standard Clauses, and Checklists to help counsel analyze the tax laws affecting real estate transactions.
Because taxes are governed at the federal, state, and local level, this Toolkit also provides links to resources in select states designed to provide guidance for owners in out-of-state transactions where the parties' counsel may be unfamiliar with the local laws and customs.