As the Maine economy continues to rebound, the Real Estate industry offers the possibility of gains and profits made through investment and development in real estate, as well as the potential for additional passive revenue streams. In our local economy, that can include land development and subdivisions, commercial property development, and residential real estate development including single family residences, multi-unit apartment buildings, or residential complexes.
The industry has unique challenges, including:
- Entity Selection
- Passive Loss Allowance Rules
- Real Estate Professional Rules
- Partnership Basis Allocations
- Special Depreciation Elections & Allowances
- Capitalization Policies
- Bookkeeping Solutions
The Real Estate Team at BBSC has the experience necessary to assist you in navigating the taxation of real estate development and management in our area. We provide a variety of services tailored to the industry including: bookkeeping, tax planning, and exit planning, if necessary. Using a variety of tools and strategies, we can tailor a custom solution which fits your individual needs and reduces your tax impact. As a member of your financial team, we are always available to assist with your questions and guide you through the complexity of the industry.