Commercial real estate transactions are multifaceted, with various legal complexities that require experienced handling. At The Towne Law Firm, P.C., we work in navigating these complexities and ensuring that you achieve optimal results. Our team of Albany tax lawyers is well-versed in the intricacies of Federal and New York tax laws and how they affect commercial real estate transactions. Let us help you structure your transactions in order to ensure the best tax treatment of your efforts.
The domain of commercial real estate is expansive and diverse, covering a wide range of property types including office buildings, retail locations, industrial warehouses, and multifaceted mixed-use developments. Each type of transaction carries various unique tax considerations with different financial ramifications.
When it comes to property sales, businesses must navigate the complexities of capital gains versus ordinary income taxes. The tax treatment of the profit from these sale of the property and can be substantial depending on the length of ownership, methods used to depreciate the property during ownership and the appreciation of the property’s value. Strategic planning and legal advice are essential to mitigate these tax burdens and optimize the financial outcome of the transaction.
On the rental property side of the spectrum, leasing commercial real estate introduces a different set of tax implications. For the property owner, rental income is passive income subject to tax, and the manner in which this income is reported and taxed can vary based on the structure of the lease and the type of property involved.
Our team at The Towne Law Firm, P.C. is committed to demystifying these complexities, ensuring you are well informed and prepared. As experienced tax lawyers in Albany NY, we are adept at challenging property tax assessments, securing tax refunds, and representing clients in various tax litigation when necessary. Our goal is to ensure that our clients are not overburdened by unfair tax assessments and that their rights are vigorously defended. Contact us today for a consultation.
