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% Document Info
\author{khanlamisa}
\pdfinfo{
  /Title (income-tax-in-real-estate-transactions.pdf)
  /Creator (Cheatography)
  /Author (khanlamisa)
  /Subject (Income Tax in Real Estate Transactions Cheat Sheet)
}

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\noindent
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    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Income Tax in Real Estate Transactions Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{khanlamisa} via \textcolor{DarkBackground}{\uline{cheatography.com/124035/cs/26023/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}khanlamisa \\
  \uline{cheatography.com/khanlamisa} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 7th January, 2021.\\
   Updated 7th January, 2021.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{x{2.33919 cm} x{2.63781 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Key Terminology}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Taxpayer Relief Act of 1997}} & reduced several federal taxes in the US \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
{\bf{IRC Section 121}} & provides each taxpayer filing a federal tax return an exclusion on capital gains tax when selling their primary residence \tn 
% Row Count 8 (+ 6)
% Row 2
\SetRowColor{LightBackground}
{\bf{capital gain}} & the difference b/w a lower selling and a higher purchase price, resulting in a financial loss to seller \tn 
% Row Count 13 (+ 5)
% Row 3
\SetRowColor{white}
{\bf{realized gain}} & gain that is not necessarily taxed \tn 
% Row Count 15 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\{\{noshy\}\}{\bf{recognized gain}} & amt of gain which is subject to tax when property is disposed of at a gain or profit in a taxable transfer \tn 
% Row Count 21 (+ 6)
% Row 5
\SetRowColor{white}
{\bf{basis}} & a major accounting method that recognizes revenues and expenses at the time physical cash is actually received or paid out \tn 
% Row Count 27 (+ 6)
% Row 6
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{\bf{boot}} & cash received in a tax-deferred exchange \tn 
% Row Count 29 (+ 2)
% Row 7
\SetRowColor{white}
\{\{noshy\}\}{\bf{recaptured depreciation}} & when real property is sold at a gain and accelerated depreciation has been claimed, the owner may be required to pay a tax at ordinary (non-accelerated) rates to the extent of the excess accelerate depreciation \tn 
% Row Count 39 (+ 10)
\end{tabularx}
\par\addvspace{1.3em}

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\begin{tabularx}{5.377cm}{x{2.33919 cm} x{2.63781 cm} }
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Key Terminology (cont)}}  \tn
% Row 8
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{\bf{home equity financing}} & mortgage that uses qualified home as collateral \tn 
% Row Count 3 (+ 3)
% Row 9
\SetRowColor{white}
{\bf{appreciation}} & monetary gain resulting from the increase in market value of an investment, excluding additions of capital \tn 
% Row Count 9 (+ 6)
% Row 10
\SetRowColor{LightBackground}
{\bf{LIHC}} & established under the Tax Reform Act of 1986 to promote private sector involvement in the retention and production of rental houses for low income households \tn 
% Row Count 17 (+ 8)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{1031 Exchange}}  \tn
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1.) & sale of property \tn 
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% Row 1
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2.) & 45 days to identify new property \tn 
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3.) & 180 days to acquire/close on property \tn 
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\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\mymulticolumn{2}{x{5.377cm}}{Major benefit is that an owner can delay the payment of capital gains taxes, which provides him/her with extra capital to use in the present day}  \tn 
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.43873 cm} x{2.53827 cm} }
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Depreciation}}  \tn
% Row 0
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\{\{noshy\}\}{\bf{depreciation}} & a loss of utility and thus value caused by the physical deterioration, functional obsolescence or economic obsolescence or any combination thereof \tn 
% Row Count 8 (+ 8)
% Row 1
\SetRowColor{white}
\{\{noshy\}\}{\bf{straight-line depreciation}} & a method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year \tn 
% Row Count 15 (+ 7)
% Row 2
\SetRowColor{LightBackground}
\{\{noshy\}\}{\bf{tax depreciation}} & an income deduction that allows a taxpayer to recover the cost or basis of certain property' it is an annual allowance for the wear and tear, deterioration, or obsolescence of the property \tn 
% Row Count 25 (+ 10)
% Row 3
\SetRowColor{white}
{\bf{Non-depreciable assets:}} & personal use assets; land \tn 
% Row Count 27 (+ 2)
% Row 4
\SetRowColor{LightBackground}
{\bf{Depreciable assets:}} & buildings; equipment; machinery \tn 
% Row Count 29 (+ 2)
% Row 5
\SetRowColor{white}
{\bf{component depreciation}} & difference b/w a lower selling price and a higher purchase price, resulting in a financial loss to the seller \tn 
% Row Count 35 (+ 6)
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\mymulticolumn{2}{x{5.377cm}}{Investors can benefit from depreciation when they own the property but may be a liability when they sell the property \newline  \newline {\emph{residential property is depreciated over 27.5 yrs}} \newline {\emph{commercial property is depreciated over 39 yrs}}}  \tn 
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\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Income Types}}  \tn
% Row 0
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\{\{noshy\}\}{\bf{Operations Income}} & active income & salaries, business participation \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
 & portfolio income & dividends, interest annuities, royalties \tn 
% Row Count 6 (+ 3)
% Row 2
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 & passive income (invested funds) & earnings an individual derives from a rental property in which he/she is not actively involved \tn 
% Row Count 13 (+ 7)
% Row 3
\SetRowColor{white}
{\bf{Capital Gain}} & short term & asset is held \textless{}12 months \tn 
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 & long term & asset is held\textgreater{}12 months w/ tax rate approx. 23.5\% \tn 
% Row Count 19 (+ 4)
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\mymulticolumn{3}{x{5.377cm}}{Tax exemption applies every 2 yrs provided: \newline -property is primary residence \newline -taxpayer has lived in home for at least 2 out of the past 5 yrs}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}---}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Missed/Unsure Questions}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{What type of depreciation is described by the physical deterioration of property?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}economic depreciation} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{When calculating the amount of taxes to be paid on a property, the tax rate is multiplied by what number?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}taxable income} \tn 
% Row Count 7 (+ 4)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{When depreciation is subtracted from net income to determine a property's taxable income, what is the depreciation considered?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}tax deduction} \tn 
% Row Count 11 (+ 4)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Using the straight-line depreciation method, commercial property is depreciated over how many years?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}39 yrs} \tn 
% Row Count 14 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{When executing a 1031 exchange, what does the tax code require an owner to purchase?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}like-kind properties} \tn 
% Row Count 17 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

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