Archive: property tax

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Refundable Tax Credit For D.C. Retail Businesses

Businesses in the District of Columbia should not overlook the Small Retailer Property Tax Relief Credit. The term “small retailer” implies a narrow scope of eligible businesses, but the credit applies to more business activities than the program’s name suggests. Plus, the credit is easy to claim and refundable.  For tax years beginning on or […]
February 4, 2020

Prepaying 2018 Property Taxes – They May Not Be Deductible

Due to the new tax law many taxpayers have been prepaying their 2018 property taxes in an attempt to take advantage of getting that deduction in 2017. The new law will limit state and local tax deductions to $10,000 in 2018. There is no such limit in 2017. Yesterday, the Internal Revenue Service (IRS) issued […]
December 28, 2017

Montgomery County Allows Residents to Prepay Their 2018 Property Taxes

The Montgomery County Council has enacted a bill, Expedited Bill 42-17, to allow residents to prepay their 2018 County property taxes before the end of 2017. The Council acted quickly in response to recently enacted federal income tax reform, which will limit a taxpayer’s deduction for all types of state and local taxes to $10,000. Prepaying […]
December 26, 2017

Real Estate Taxes—IRC 1031 Exchange

IRC 1031 can be a great tool for owners of certain types of property that have appreciated in value, but that owners would like to exchange for similar property without recognizing the gain and paying the associated real estate taxes. For example, upon the sale of real property, a real estate investor is required to […]
November 20, 2017