Doug
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Recent activity by Doug-
How can I avoid a reassessment of property taxes in CA when transferring property
In California, property taxes are reassessed when ownership changes, as per the rules established by Proposition 13, which was passed in 1978. This law limits property tax increases to 2% per year ...
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Arizona Entity/CTA Advisory (Former Clients)
During your time as a client with Lodmell & Lodmell, you set up one or more legal entities which are registered with the State of Arizona. As such, these existing entities have remained active and ...
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Taxation of the Asset Management Limited Partnerships: Balancing Business and Personal Assets
In the intricate landscape of financial planning and asset management, the Asset Management Limited Partnership (AMLP) emerges as a versatile vehicle for handling a diverse range of assets. This in...
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How to Use an S-Corp Holding Company
Many clients have multiple S-Corps which may be in similar or related businesses. In some cases it makes sense to simplify the reporting by rolling the multiple S-Corps into a single holding compa...
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Grouping Active and Passive income as a R.E. Professional
Understanding Non-Active Real Estate Income Non-active real estate income primarily originates from sources like rental income or property investments that do not require regular, active participat...
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Do Real Estate Professionals automatically qualify Short-Term Rentals as Active Income?
For a real estate (RE) professional, the classification of rental income and losses from short-term rentals is not automatic. It depends on material participation. Even if you qualify as a real est...
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What is the $25K passive loss exception?
The $25,000 passive loss exception is a tax rule that allows some taxpayers who actively participate in a rental real estate activity to deduct up to $25,000 of passive rental losses against non-pa...
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Real Estate Professional Rules
To qualify as a real estate professional for tax purposes, which can affect the treatment of rental real estate activities under the passive activity loss rules, a taxpayer must meet certain criter...
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Tax Reporting for the Bridge Trust (Alternatives to filing Form 1041)
Grantor trusts (such as the Bridge Trust) are generally required to file Form 1041, U.S. Income Tax Return for Estates and Trusts, each year. However, there are alternative reporting method...
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When going Offshore is Best
In the simplest form, Asset Protection works by limiting or even removing access to the assets from the legal system, courts and potential creditors. This can be done in two ways: The first approa...