Tax Law Offers Benefits to Real Estate Investors
The new tax law affects investors in three distinct ways. One of the
benefits will be an increase in the amount property owners can depreciate on
tenant improvements made in their buildings and on certain equipment,
especially those that are security-related.
Fred Witt, national director of real estate tax services at Deloitte &
Touche LLP, comments, "A real-estate owner investing $1,000 in new
improvements will claim a deduction of $512.82, or a write-off of 51 percent
in the first year." Also under the new law, investors in such commercial
properties as shopping centers and motels will be required to pay a lower
tax on the capital gains from the sale of their property. This reduced rate
is effective for transactions that take place between May 6 of this year and
Dec. 31, 2008.
Finally, the new tax law is something of a mixed bag for real estate
investment trusts. REITs do not qualify for the new law's reduction of
corporate-dividend taxes and will continue to pay a maximum tax of 35
percent on most dividends. However, REIT dividends will qualify for the
lower 15-percent maximum rate spelled out in the new law under certain
circumstances.
Source: Wall Street Journal
(06/04/03); Smith, Ray A.
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