Blog

Discussing 1031 Exchanges with Todd Pajonas

By Joe Beige | Published August 4, 2023

Despite the tight real estate market and historically low inventories many Long Islanders do find themselves owning property besides their primary home. Sometimes this is due to a dedicated plan to invest in real estate, other times as an adjunct to a business and still other times as a result of an inheritance.

Discussing “reasonable development” with Islip Town Supervisor Angie Carpenter

By Joe Beige | Published April 2, 2023

One thing that every Long Islander has in common is real estate development. Whether you are an owner or tenant of residential real estate, a commercial property, business owner, or a real estate developer you are affected both locally and regionally by real estate development. Or the lack of it.

Good News For First Time Homeowners

By Joe Beige | Published March 5, 2023

If you have been in the market to purchase a new home the last few years good news may have been few and far between. Prospective home buyers who had been faced with rapidly rising prices and heavy competition for available homes then got hit with equally rising mortgage interest rates. For many there was not much positive news.

That is changing for those home buyers financing their purchases with FHA loans.

Tax Implications of a Real Estate Transaction

By Joe Beige | Published February 26, 2023

Have you bought a new home this year! Did you sell one? Maybe you refinanced your current home? Buying, Selling and Refinancing real estate all can have an impact on your personal federal and state tax returns. Join Long Island Real Estate Attorney Joseph Beige and David Korcz, CPA discuss the tax implications of real estate transactions. Learn about the effects these transactions can have on your personal tax returns, how to maximize your refunds and tips on important conversations to have with your tax preparer.

Tax Implications of RE Transactions

IRS Will Begin Direct Deposit For Amended Returns

By Joe Beige | Published February 9, 2023

The IRS has recently announced that taxpayers filing amended returns (Form 1040-X) will now be able to choose to have any refund directly deposited into their bank account.

Prior to this change taxpayers filing amended returns had to wait for a physical, paper check to be issued. This added time to the process and delayed taxpayers in receiving their refunds.

IRS Announces Start of 2023 Tax Season

By Joe Beige | Published January 12, 2023

The Internal Revenue Service has announced that it will begin accepting tax returns for tax year 2022 beginning January 23, 2023 thus commencing the 2023 tax season. It was also announced that the filing deadline for 2022 returns will be April 18, 2023 due to holidays and weekends.

Taxpayers who have suffered the past three years with pandemic related customer service issues with the IRS have some good news. The IRS announced it has hired more than 5,000 new telephone assistors and added more in-person staff to help support taxpayers and expects an improvement in taxpayer experience.

2022 Tax Filing News From The IRS

By Joe Beige | Published December 20, 2022

The Internal Revenue Service recently made several announcements intended to give taxpayers some advance notice of changes that may affect their 2022 filings.

Some of the highlights that taxpayers should be aware of include:

Good News For Home Buyers? Really?

By Joe Beige | Published December 2, 2022

Between low inventory of homes for sale, record high prices, bidding wars for homes and then mortgage interest rates that increased about twice what they had been in a year…there hasn’t been much good news for people looking to purchase a home on Long Island.

But…as incredible as it may seem there is some good news to report!

Professional Real Estate Education

By Joe Beige | Published November 28, 2022

Have you ever thought about becoming a professional real estate salesperson? Maybe you’ve recently bought or sold a home and have seen firsthand what the real estate salesperson does have wondered about it as full or part time occupation?

401(k) and IRA Limits Raised by the IRS

By Joe Beige | Published October 28, 2022

The Internal Revenue Service recently announced increases to the amount that individuals can contribute to their 401(K) and IRAs.

For individuals who participate in 401(k), 403(b), most 457 plan or the federal government’s Thrift Savings Plan the contribution limit has increased to $22,500 (up from $20,500). For individuals with IRAs the limit on annual contributions has increased to $6,500 (up from $6,000).