Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that understands your business, that works in all 50 states and is there for you when you need him?
“For more than 30 years I have relied on Jerry to provide me with critical guidance for both investment decisions and tax strategies. His opinions have been crucial in helping me make the best possible business decisions, as well as providing me with sound advice regarding personal tax planning”.
Steve T., Taxpayer

Voices Pros and cons of the new tax law for real estate owners

By Heidi Henderson

The new tax laws have both experts and amateurs pouring over the details as the upcoming tax season dawns. For real estate owners, however, there's one surefire boon: bonus depreciation.

Under the prior law, there was a 50% bonus depreciation for property placed in service in 2017, 40% for 2018, and 30% for 2019. Qualified property has to be new, not used.

Under the new law, there's 100% bonus depreciation for property placed in service after Sept. 27, 2017, and before 2023, 80% for 2023, 60% for 2024, 40% for 2025 and 20% for 2026. The acquisition date for property purchased with a written contract is the date of the contract.

Qualified property includes property acquired by purchase if a taxpayer has not previously used the property, so the property does not have to be new, as long as it's not acquired from a related party. A qualified property does not include property used in a business that is not subject to the net business interest expense limitation (see below), but it does include property used in farm business. The law also adds a new category for qualified film, TV, and live theatrical production property. Taxpayer can elect a 50% bonus for 2017.

Section 179 expensing has also increased to include roofs, HVAC systems, fire protection, alarm systems and security systems, with the allowable expense increased from $500,000 to $1,000,000 in 2018, and the phase-out deduction increased to $2.5 million. These rules now include tangible personal property acquired for rental properties, furniture and appliances.

Wire Fraud in Real Estate Transactions

By Doug McIntyre, President
Reno/Sparks Association of REALTORS®

According to a recent article in the Chicago-Sun Times, the FBI reported that in fiscal year 2017, nearly $1 billion ($969 million) was “diverted or attempted to be diverted” from real estate transactions, and wire to “criminally controlled” accounts. It occurs every day. Consumers, particularly those involved in a real estate purchase or rental, are prime victims.

Senate Approves Condo Bill

FHA tax housing credit CPA Jerry JonesThe U.S. Senate has cleared the way for final approval of bill that would make it possible for more condo buyers to get financing through the Federal Housing Administration (FHA) loan program.

Senators on Thursday unanimously passed H.R. 3700, also known as the Housing Opportunity Through Modernization Act. Current rules disqualify buyers from seeking FHA loans if less than 50 percent of the condominium units are owner-occupied. The bill would lower that requirement to a 35 percent owner-occupied ratio.

Wire Fraud Alert for Buyers

NAR General Counsel Katie Johnson has made a video to help educate buyers about how to avoid being caught up in a wire fraud scam during their purchase of a residence.

 

 

home owner jerry jones cpaThinking of moving? Make these 7 financial moves first

Short of getting married or having kids, moving to a new home is one of the most life-altering things you are likely to do. It can impact you socially, professionally, and financially, even if you are just renting a new apartment - and if you are buying a home, the effect is greater still. With all the bother and upheaval involved, you owe it to yourself to make sure that the financial side of things goes smoothly.

7 financial moves to make before changing homes

Before you change your residence, here are seven financial moves you should make:

Designed by NJ Designs