Prague & Company, P.C. specializes in understanding the tax implications of various real estate interests ranging from public and private partnerships to Real Estate Investments Trusts (REITs). We have experience with the various individual and corporate tax issues related to indirect or direct investments in multi-family, retail or commercial properties.
Among the many real estate related services Prague & Company, P.C. offers, we provide the following:
- Choice of purchase entity
- Like-kind exchanges (IRC §1031)
- Partnership investments and the benefits of IRC §754
- Installment sales
- The passive loss rules
- Recaptured and unrecaptured forms of depreciation (IRC §1245, §1250, etc.)
- Recourse vs. non-recourse debt
- Proper treatment of closing costs (i.e. deducted, amortized or added to cost basis)
- State-specific statutes
- Exclusion of personal residence gain
- Vacation home rules
- Home Office deduction
- Estate and gift tax concerns
For partnerships and other types of multi-investor vehicles owning real estate, we can provide Accounting & Bookkeeping services to maintain the day-to-day operations of your investments and prepare internal financial statements for review by management. In addition, our Partnership and Private Equity Administration group can provide added services for larger-scale investors who need to outsource their accounting function.