Real Estate Tax Planning for 2010: Dealing with Distressed Assets
By David Thaw, Vice President, Gumbiner Savett Inc.
With the continued downturn in the real estate markets, the one topic that many will wrestle with at this time of year is their year-end tax strategy: What do we do with these distressed assets?
There are a number of options when it comes to dealing with non-performing assets, and much of it depends on the status of the property. The loan may be heading for default or the owner may have already completed a workout with the lender. No matter what the action, it is prudent to consider the tax consequences to ensure that your choice provides the best outcome in the long run.
