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Gifting real estate property to children is a significant financial and legal decision that requires careful consideration. Here are some important things people need to know when gifting real estate property to their children: TAX IMPLICATIONS Gifting real estate property to children can have tax implications for both the giver and the recipient. In many jurisdictions, including the United States, there are gift tax regulations that come into play when transferring property. These regulations dictate [...]

Introduction There has been increasing government interest in obtaining ownership information with respect to the class of commercial real estate comprising nursing facilities. Specifically, the government is focused on nursing home facilities owned by private equity firms and real estate investment trusts (REITs) because of a perceived difference in quality outcomes. Between 2015 and 2020, there were almost 190 private equity deals related to nursing facilities, compared with 116 between 2010 and 2014. The total [...]

At the turn of the new year, New York City unveiled a city-funded adaptation of the 421a tax incentive (named after Section 421a of NY Real Property Tax and Proceedings Law), the lucrative state tax exemption that lapsed in 2022. Since the 1970s, developers for most major residential projects in New York City relied on 421a, which froze property taxes on new developments for up to 30 years. Building owners were required to only pay [...]