A New Jersey tax court judge has granted a property owner’s request to reduce its tax assessment by about $1.5 million. The Court found that the taxes should have equaled a judgment entered two years earlier under the Freeze Act.
In Norwood Realty Associates v. Township of Ocean, Judge Mala Sundar approved the property owner’s request to use the Freeze Act to substantially lower the taxes on a property located in Monmouth, Ocean Township. […]
If you own both property and a business, it just makes sense to lease the property to your business, right? Not always—this approach could be costly tax-wise, especially in light of the 3.8% net investment income tax (NIIT) now imposed on certain passive income. Fortunately, there may be a way to avoid these undesirable consequences.
The Self-Rental Rule
The self-rental rule applies when you rent property to a business in which you and/or your spouse “materially […]
A further step towards implementation of the renegotiated double tax avoidance agreement between Cyprus and India has taken place with the announcement that the Indian cabinet has now given its approval to the document. This follows an earlier announcement that the negotiations at official level had been successfully concluded.
As was widely expected following similar changes to India’s double tax agreements with Mauritius and Singapore, the agreement provides for source¬based taxation of gains from the […]