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Rental property owners get late assist in year-end spending law

January 13, 2021Media Mention
CQ

Greenberg Glusker partner, Michael Wiener, provided input to CQ regarding tax breaks for residential property owners that were included in the coronavirus relief package last month. The fix in last month’s spending package allows certain owners of apartments built or bought before Jan. 1, 2018, to depreciate their investments over 30 years instead of 40 years.

Excerpts:

“It’s a pure benefit for people who are already in this situation” of depreciating their property over 40 years, said Michael Wiener, a Los Angeles attorney who advises clients on complex real estate transactions.

“The hope, Wiener said, is that the Treasury Department can quickly come out with guidance on how residential rental businesses can apply for refunds by amending their 2018 and 2019 tax returns.”

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