Professional Liability for Tax Shelter Opinions

Article Abstract:

Investors in real estate tax shelters sometimes learn, too late, that their investments are not allowed as tax shelters by the Internal Revenue Service (IRS). This can result either from taking uninformed advice or the advice of a swindler doing the selling. The Federal Securities Laws are examined as to when the party giving wrong advice is legally liable. The Racketeer Influenced and Corrupt Organization Act can be a means of redress for a victim of tax shelter misinformation. The Act is examined. Generally the victim is more likely to win his case in a state court than federal court.

Laws, regulations and rules, Tax shelters, Professional ethics

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Renovating Older Buildings: The Recapture Dilemma

Article Abstract:

The attractiveness of real estate as a tax shelter is enhanced by recent legislation. Big tax credits can be realized in renovation projects. However, the factors of reduced depreciation and depreciation recapture when the property is sold should be understood. Measuring the tax cost of investment tax credits for both historic and non-historic renovations is explained, aided by tables. The most critical single factor in renovating older buildings is apt to be the discount rate. The criteria for deciding to seek historic status are examined.

Remodeling and renovation, Tax credits, Investment tax credit

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Tax Shelter Topics: Estate Planning for Tax Shelter Interests

Article Abstract:

Both estate planning and tax shelter planning must be understood to do estate planning for tax shelter purposes. It is very important to keep abreast of the investor's basis and capital account. Factors to be considered are explained. Methods to modify basis are listed. A table shows figures to use in computing basis and capital account from one to fifteen years. Five forms of ownership are explained. The variables in real estate investments are examined.

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