The Real Deal New York

Posts Tagged ‘internal revenue service’

  • 5 secret graveyards in NYC

    October 26, 2014 12:32PM
    Bodies are buried in Madison Square Park

    Bodies are buried in Madison Square Park

    There are corpses rotting under our feet. [more]

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  • A view of the collapsed retaining wall at Castle Village

    UPDATED, 11:17 a.m., Feb. 8: Residents at Castle Village — the 589-unit cooperative on Manhattan’s Upper West Side — won a major victory yesterday when a federal appeals court ruled that they qualify for tax deductions after paying roughly $25 million for repairs from the collapse of the complex’s retaining wall in 2005. Residents at the Washington Heights complex were assessed at least $25,000 each to cover repairs after a 75-foot retaining wall at the building spilled onto the Henry Hudson Parkway in an incident that brought traffic to a halt and sent TV cameras and emergency crews rushing to the scene.  [more]

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  • Home office (Source: Home Office Design Blog)

    If you’re one of the millions of homeowners and renters who work or run a business from the place you live, here’s some good news on taxes: The Internal Revenue Service wants to make it easier for you to file for deductions on the business-related use of your home. Rather than the complicated 43-line form you now have to fill out to claim a write-off — the instructions alone take up four pages of text and involve computations ranging from depreciation to utility bill expense allocations — the IRS has come up with a much simpler option: What it calls a “safe harbor” method that allows you to measure the square footage of your business space and apply for a deduction. [more]

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  • Can the Internal Revenue Service handle tax credit programs that pump out billions of dollars to homeowners and buyers? A new federal investigation on home energy tax credits suggests the answer may be: not quite yet. The Treasury Department’s inspector general for tax administration audited the residential tax credit program created by Congress to encourage homeowners to install energy-saving equipment and materials in their houses, and found some disturbing oversights. One part of the program offers 30 percent credits — with no dollar limit — for solar energy systems, geothermal heat pumps, wind turbines and fuel cells installed before Dec. 31, 2016. … [more]

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  • Homebuyers begin to repay tax credit

    February 15, 2011 01:04PM

    Most homebuyers who claimed the federal tax credit of up to $7,500 for buying their first home in 2008 are required to start repaying the credit in 15 annual installments, beginning with their 2010 tax returns, according to the National Association of Homebuilders. The credit — which was offered for qualified home purchases in 2008, 2009 and 2010 — has different repayment rules depending on when the home was purchased and as tax season approaches, this may cause confusion. “It is important that homebuyers consult a qualified tax professional to make sure they are receiving all the tax benefits as well as fulfilling the obligations of their home purchase,” said Bob Nielsen, chairman of the NAHB and a home builder from Reno, Nev. TRD[more]

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  • Nearly 1,300 incarcerated prisoners — 241 of whom were serving life sentences — were among those who received the popular federal homebuyer tax credit nationwide, according to a report released today by the Treasury Inspector G … [more]

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  • Nearly 1,300 incarcerated prisoners — 241 of whom were serving life sentences — were among those who received the popular federal homebuyer tax credit nationwide, according to a report released today by the Treasury Inspector G … [more]

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  • Acorn to shutter offices by April 1

    March 23, 2010 01:22PM

    National non-profit housing advocacy organization Acorn is folding and will shutter state affiliates and field offices by April 1, the scandal-plagued group has announced. The news follows a string of highly-publicized embarrassments for the group. Last fall, Acorn employees were accused of giving advice to activists posing as a pimp and a prostitute on how to conceal their criminal behavior, and during the 2008 election, Acorn was hit with a barrage of criticism over allegedly shady voter registration efforts. Since then, Congress stopped giving grants to the organization and the Internal Revenue Service dropped it from its Voluntary Income Tax Assistance program. The Brooklyn district attorney’s office last month concluded that the Acorn employees in the video had not taken part in any criminal activity. But in the end, the organization’s image could not recover. “For Acorn as a national organization, our vindication on the facts doesn’t necessarily pay the bills,” Acorn head Bertha Lewis said in a statement. The New York chapter, however, has split from the national
    group and operates under a new name, the New York Times reported previously.
    (Other state groups also reorganized and will take courses separate from

    national group.) … [more]

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  • When Washington issued new rules three weeks ago to facilitate the
    modification process for troubled securitized loans, some leaders in
    New York’s commercial real estate industry quickly took notice. But anyone hoping to see immediate help for struggling property owners
    will be disappointed, experts who track commercial mortgage-backed
    securities say. “I think it is premature. [The changes are] really just giving people
    the opportunity to enter into negotiations,” said Tom Fink, senior vice
    president at Trepp, a firm which tracks commercial mortgage securities.
    “Whether it is going to make a difference on any of the loans in New
    York City, it is too early to tell.” At a real estate panel last month, Robert Freedman, executive chairman
    at commercial firm FirstService Williams, told the audience that the
    changes were a positive development. “We will be hearing a lot more about it,” he said. The new rules issued by the Internal Revenue Service Sept. 15 allow the
    special servicer to alter loans in CMBS pools under broader
    circumstances than before. … [more]

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