1. **Deductible Expenses:** Corporations can deduct various expenses related to the maintenance and operation of real estate properties, such as property taxes, mortgage interest, insurance premiums, repairs, and property management fees. These deductions can help reduce the corporation’s taxable income. 2. **Depreciation:** Real estate held by a corporation can be depreciated over time, allowing the […]
Title insurance is issued using standardized forms of policies and endorsements. The most commonly used forms for commercial properties are those promulgated by the American Land Title Association (ALTA), a nationwide title insurance industry group. A title endorsement is an addition to or limitation of title insurance coverage that is attached to a title insurance […]
In July 9th, 2021, Governor J.B. Pritzker signed a bill which changes the Residential Real Property Transfer on Death Instrument Act, the new law will be called the Illinois Real Property Transfer on Death Instrument Act, this law will start on January 1st, 2022. The previous law and the new law that allows for a […]
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