Tuesday, February 9, 2010

Tax Tips for New Jersey Real Estate Owners and Investors

While you should always ask a tax professional any question you have on your specific situation, here are some general tips as you prepare your 2009 tax return, which may save you money.

Homeowners
1.  Take advantage of deductions and credits for green remodeling and appliances.
2.  Take advantage of lower property valuations.  Consider gifting real property as part of your estate planning.

Investors
1.  Are you a dealer or investor?  Proper planning and decisions can affect the disposition of the properties for tax purposes.
2.  Allocation of land costs.  If you sold more than one parcel of land this past year, you need to allocate the costs among them, equitably.  There are several methods to consider.
3.  Take advantage of lower property valuations.  Possibly you can convert your corporation into an LLC for tax reasons.
4.  Accounting for lease income.  Do you use cash accounting or is there a better alternative.

These are some questions for your tax advisor and think about them early, so you can put into place in 2010 what will benefit you the most at tax time next year.

For questions on New Jersey real estate, valuations, and best areas for bargains, call or email.  Here's a page where you can search homes and land for sale in Mercer County - there are plenty of reasons to purchase Mercer County real estate in 2010.

Joe Giancarli, Sales Associate
RE/MAX Tri County
http://www.njhomesource.net/
http://www.joegiancarli.com/
609-658-2612

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