Category: Real Estate
NJ Real Property Tax Assessment Appeals
Many New Jersey property owners believe their property tax assessments cannot be challenged. They can be. Property assessments hinge on the tax assessor’s calculation of the market value of a property, and often such calculations may not be accurate or reflective of current market value. Tax assessors are in control…
New Jersey Supreme Court tackles issue of real estate taxation of private businesses on public properties
Gourmet Dining, LLC, is a “for-profit” business entity that had entered into a management agreement with Kean University to operate a “high-end” restaurant called “Ursino” on Kean University property. The Gourmet Dining business is on University property and, as a state school, it is operated on property owned by the…
Final Regulations under Section 199A Create Safe Harbor for Rental Real Estate, Exclude Triple Net Leases
On January 18, 2019, the Treasury Department and the Internal Revenue Service (IRS) issued final regulations under new Section 199A and three related pieces of guidance. Created by the 2017 Tax Cuts and Jobs Act (TCJA), Section 199A allows eligible taxpayers (individuals, trusts and estates) to deduct up to twenty…
Consider Prepaying 2018 Property Taxes by December 31, 2017
The Tax Cut and Jobs Act (the “Act”) limits the deduction for state property and income taxes to $10,000 per year starting in 2018. Many taxpayers will be over that just for NJ income taxes and will get no benefit from paying property taxes going forward. If that is the…
October is the Right Time to Consider Property Assessment Appeals
October 1 is the time of year the fair value of property is assessed for the following year, providing essentially the “snapshot” of fair value for the 2018 property assessment. Additionally, municipal budgets for the next tax year are typically set in December, making this time of year particularly opportune…
ALERT: Form BE-10 Required for Clients with Foreign Rental Real Estate By June 30, 2015
In recent years, tax practitioners who have clients with foreign assets have been inundated with information regarding offshore filing requirements. The vast majority of information publicized focuses on the FBAR filing requirement, with supplementary focus on forms required to be filed with a taxpayer’s Form 1040 (such as Forms 8938…
Attorney Eric A. Feldhake Successfully Represents Client Before Pennsylvania Appellate Court
Toll Naval Assoc. v. Chun-Fang Hsu, PICS Case No. 14-0214 (Pa. Super. Jan. 30, 2014) Bender, J. (15 pages.) Eric A. Feldhake of Kulzer & DiPadova, P.A. appeared before the Pennsylvania Appellate Court representing Chun-Fang Hsu. Fox Rothchild represented Appellant Toll Naval Assoc. which appealed from the judgment entered against it confirming…