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Articles from Patrick Oconnor | Selfgrowth.com
- Investment hypothesis - by Submitted on Aug 09, 2011 from Patrick OconnorInvestors usually have a basic premise for making a particular investment. O’Connor and Associates terms this concept the “investment hypothesis”. Evaluating the accuracy of the investment hypothesis early in the acquisition process allows the investor to increase their returns and reduce due ...
Views: 1312(1 vote) - Harris County Appraisal District's i-Settle Program - by Submitted on Jul 26, 2011 from Patrick OconnorOverview Harris County Appraisal District's i-Settle program is worth considering. However, for most property owners it is a poor choice. O'Connor & Associates' experience with i-Settle yielded three conclusions: The settlement rate was very low (about seven percent) When settlement ...
Views: 2500 - Appealing Property Taxes for Your Home - by Submitted on Jul 19, 2011 from Patrick OconnorProperty taxes are a substantial expense for Texas homeowners, averaging about $3,600 annually. To reduce this expense, property owners should annually review and consider appealing property taxes. While there is no guarantee that an appeal will be successful, a recent survey conducted by ...
Views: 1516 - Cost Segregation - Tax Deductions (Don’t pay more than your fair share of taxes) - by Submitted on Jul 10, 2011 from Patrick OconnorTaxes are your enemy, but tax deductions are your friends. Taxes are the great bane of most businesses. Unfortunately, business deductions act as a salve to cool the burning and itching of your bank account. Business taxes can be summarized simply as calculating your total income, bringing ...
Views: 1090 - Appeal Your Property Taxes on Market Value and Unequal Appraisal - by Submitted on Jun 26, 2011 from Patrick OconnorThe first step to annually appealing your property taxes is to send a written notice to the appraisal review board (ARB) for the county in which your home is located. Even if you have not received a notice of assessed value from the appraisal district, file a notice of appeal by May 31st. You ...
Views: 1203 - Preparing for Binding Arbitration - by Submitted on Jun 18, 2011 from Patrick OconnorFor many homeowners, the property tax appeal process can seem too difficult and therefore only about 8% appeal even though 70% of those who do appeal are successful. Most homeowners also do not realize that their appeal can be resolved at the informal hearing. Here are some tips on attending ...
Views: 1429 - Cost Segregation - Tax Deductions (The primary goal of cost segregation) - by Submitted on Jun 05, 2011 from Patrick OconnorTax Rule No.1: Don’t cheat the IRS. But that doesn’t mean you should cheat yourself. Take every legal tax deduction you can. In addition to the numerous tax deductions the Internal Revenue Service allows, research indicates that most U.S. taxpayers do not claim all deductions to which they ...
Views: 1015 - Casuality Loss - by Submitted on May 25, 2011 from Patrick OconnorSilver Lining from Hurricane Ike Casualty Losses May Significantly Reduce Federal Income Taxes Hurricane Ike inflicted a steep penalty on the Texas Gulf coast. However, there is an inconspicuous benefit – casualty loss tax deductions. Taxpayers may be able to take a 2008 deduction if ...
Views: 1303 - Arcane Income Tax Tip - by Submitted on May 20, 2011 from Patrick OconnorSam sold 2 commercial properties in June 2008 and was discussing tax planning with his CPA and cost segregation provider. The sales price for the properties was $5.2 million and $3.3 million. Sam had owned both properties for about 8 years. The cost segregation specialist estimated Sam could ...
Views: 1117 - Commercial Real Estate Appraisal Sales Comparison Approach - by Submitted on May 07, 2011 from Patrick OconnorThe sales comparison approach is the most intuitive and best understood of the three approaches to value. Home buyers, companies renting office space and real estate investors all utilize this approach. Comparable sales are often referred to as comps and rental comparables are often referred to ...
Views: 1773 - Casualty Loss Can Generate Massive Tax Deductions - by Submitted on Apr 19, 2011 from Patrick OconnorA casualty loss may occur as a result of a flood, hurricane, tornado, mudslide or other natural disaster. The intuitive thought pattern is: “My apartment complex worth $5,000,000 suffered major damage totaling $1,500,000 for repairs and rent loss. Fortunately, I was completely covered for both ...
Views: 1249 - Tax Reduction Affected by Cost Segregation - by Submitted on Apr 07, 2011 from Patrick OconnorTax reduction is just one of the benefits of cost segregation. Many real estate owners and tax preparers believe cost segregation simply defers payment of taxes. While they recognize it effectively generates an interest-free loan from the government, they do not understand it also provides tax ...
Views: 1307 - Due Diligence - by Submitted on Apr 01, 2011 from Patrick OconnorDue diligence is an essential step in real estate investment. After selecting the property type and geographic location, the investor needs to ascertain he has accurate information regarding the physical asset, financial performance, tenant base and future prospects for the subject property. Due ...
Views: 1039 - Tax Reductions through Cost Segregation - by Submitted on Mar 26, 2011 from Patrick OconnorTax reductions and tax deductions are both benefits of cost segregation. However, it would be inaccurate to term cost segregation a tax shelter. The IRS has written a manual titled Audit Techniques Guide that delineates methods to establish depreciation schedules and increase tax ...
Views: 1182 - Austin Commercial Comparable Sales Data - by Submitted on Feb 19, 2011 from Patrick OconnorCommercial comparable sales data is essential for Austin real estate professionals in making reasoned decisions regarding buying, selling and financing real estate. Accurate and timely commercial comparable sales data provides investors, brokers, lenders and appraisers the edge and advantage ...
Views: 1800 - Cost Segregation - Tax Deductions - Take all legal deductions - by Submitted on Feb 13, 2011 from Patrick OconnorTaxes are your enemy, but tax deductions are your friends. Taxes are the great bane of most businesses. Alas, business deductions act as a salve to cool the burning and itching of your bank account. Business taxes can be summarized simply as calculating your total revenue, reducing this ...
Views: 1047 - Casualty Loss Hurricane - by Submitted on Feb 04, 2011 from Patrick OconnorSilver Lining from Hurricane Ike Hurricane Ike inflicted a steep penalty on the Texas Gulf coast. However, there is an inconspicuous benefit – casualty loss tax deductions. Taxpayers may be able to take a 2008 deduction if either personal or business property was damaged by Hurricane ...
Views: 1140 - Leasing Retail Space - Know Your Neighbors - by Submitted on Jan 21, 2011 from Patrick OconnorAre Nearby Stores Complementary? Next review whether the retail space you are considering is complementary to nearby retail establishments. For example, it would not be appropriate to put a liquor store adjacent to a school for troubled children. However, a dry cleaners, nail salon, office ...
Views: 1796 - Cost Segregation - Tax Deductions - by Submitted on Jan 11, 2011 from Patrick OconnorTax Rule No.1: Don’t cheat the IRS. But that doesn’t mean you should cheat yourself. Take every legal tax deduction you can. In addition to the numerous tax deductions the Internal Revenue Service allows, research indicates that most U.S. taxpayers do not claim all deductions to which they ...
Views: 1117 - Financial Modeling - by Submitted on Nov 23, 2010 from Patrick OconnorFinancial Modeling is essential for making decisions to acquire, keep or sell investment real estate. The central aim is to provide a framework evaluating options and risks. Financial modeling is also utilized for decisions regarding material capital expenditures and leases. Financial modeling ...
Views: 1573(6 votes) - Tax Reduction Benefits of Cost Segregation - by Submitted on Oct 27, 2010 from Patrick OconnorTax reduction and tax deferral are the primary benefits of obtaining a cost segregation study. Tax reduction occurs since more income is taxed at the capital gains rate instead of the ordinary income rate. Tax deferral occurs since depreciation is accurately taken in the early years of ...
Views: 1837 - Appealing Your Property Taxes - by Submitted on Oct 26, 2010 from Patrick OconnorHow To Request Binding Arbitration Thousands of Texas homeowners will go through the property tax appeal process this year because the appraisal district incorrectly assessed their home's value. Sometimes getting a satisfactory reduction takes some time, but it is important to utilize the ...
Views: 1696 - Use the Appraisal District's Information to Reduce Your Property Taxes - by Submitted on Aug 12, 2010 from Patrick OconnorHomeowners are amazed to learn they can obtain a copy of the appraisal district's evidence at a nominal cost. This is referred to as a House Bill 201 package, and is the only information many homeowners use to successfully reduce their property taxes. Obtaining a House Bill 201 package when ...
Views: 1842(5 votes)