Kravets Law Group, P.C.

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Kravets Law Group, P.C.

The Kravets Law Group is a full-service law firm representing clients throughout IL, PA and NJ

04/25/2022

Managing partner, Daniel Kravets, is thrilled to announce his selection as a Lawyer of Distinction this year!

01/27/2022

For the past few weeks, we’ve been summarizing the tax benefits that arise from investing in real estate. This week, we’re looking at Capital Gains.

There are two types of capital gains: short-term and long-term.

A short-term capital gain is when you profit from selling an asset within a year of owning it. Doing so isn’t always advantageous because the profit earned is added to your regular income which can change your income tax bracket.

The real tax benefit is realized when you sell an asset that you’ve held for over a year. This is called a long-term capital gain and the tax rate is lower than the standard income tax rate.

The long-term tax rate varies from 0%-20% depending on your income, whereas the short-term capital gains tax matches your standard tax bracket which 10%-37%.

01/13/2022

As part of our real estate tax advantage series, today we’ll talk about “pass-through deductions.”

A pass-through deduction allows you to deduct up to 20% of your qualified business income (QBI) on your personal taxes.

To qualify for the deduction, you must:
-own your rental property personally or through a business entity
-earn a net profit from your rental activity for the year
-have positive taxable income

As always, consult with your accountant to make sure you qualify. There are many rules and regulations associated with all tax benefits. This benefit, along with other provisions in the Tax Cut and Jobs Act of 2017, is currently set to expire in 2025.

01/06/2022

As part of our real estate tax advantage series, today we’ll talk about “depreciation.”

In simple terms, “depreciation” is the incremental loss of your property’s value over time 📉

When you buy a property with the intent to rent it out, you can depreciate the cost of acquiring the property over a period of time set by the IRS (27.5 years for residential and 39 years for commercial).

You can also depreciate other capital investments you make, such as:
-Appliances
-Furnace
-Roof Replacement
-Landscaping Improvements
-Equipment
-....and many more

The IRS sets guidelines for what can be depreciated and the time period for deducting depreciation. Ask your accountant about depreciation and what elements of your investment property you can deduct!

12/23/2021

Real estate investment tax deductions is one of the biggest financial perks of using real estate as an income stream. Picture any expenses tied to the operation, management, and maintenance of your property(s):

-Property taxes
-Insurance
-Mortgage interest
-Property management fees
-Repairs
-Advertising
-Office space
-Legal and accounting fees
-Travel

You can deduct all of these! 😮

All of these deductions reduce your taxable income, which then saves you money when you file your taxes.

Investor hack: make sure you keep records and receipts for all of your transactions so you can prove the legitimacy of your deductions.

12/15/2021

Let’s talk about debt….

The most important thing to remember: EVERYONE HAS DEBT
💳 The average American has $90,460 in debt across mortgage loans, auto loans, credit card debt, student loan debt, and other debts like personal loans.

Debt is Stressful 😰
This goes without saying! It’s important to acknowledge and accept your financial situation before creating an actionable plan to improve it.

Consider Debt Settlement 📉
Debt settlement is a settlement negotiated with your creditors on your behalf. In short, our attorneys negotiate your debt to a lower total balance and create a payment plan that fits within your budget.

Let’s Work Together 🤝
If you have debt that’s weighing you down, contact our attorneys to learn more about the debt settlement process.

We offer a complementary 30 minute consultation to all new clients. Call us today at 215-595-2206

11/23/2021

Let’s Talk About Being a Landlord…

📄Lease Agreement
A Lease Agreement is the foundation of the landlord-tenant relationship. It is a legally binding contract detailing the responsibilities of both the landlord and the tenant.

👩🏻‍🔧Landlord Obligation
As a landlord, you have to adhere to the landlord-tenant laws laid out by your state. These typically include:
-Ensure the property is clean, safe, and livable.
-Choose your tenants in accordance with The Fair Housing Act.
-Disclose lead-based paint and security deposit bank information.

🏡Evictions
You may evict a tenant if:
-Tenant does not pay rent.
-Tenant violates the Lease Agreement.
-Tenant engages in an illegal act.

You are required to give your tenant at least a 10-15 day notice depending on the reason for eviction.

🤝Let’s work together
Operating in accordance with your state’s landlord-tenant laws is crucial.

Contact our attorneys to draft your Lease Agreement, file an eviction, or learn more about being a landlord!

11/16/2021

New website LIVE NOW!

07/17/2021

The Kravets Law Group is pleased to announce the firm’s founder and managing partner, Daniel Kravets, has been nominated as a Lawyer of Distinction this year!

06/24/2021

Exactly one year ago my law firm opened its doors. I was terrified—unsure of what to do or how to begin. Would I generate any business? Would I need to get a second job to support my family? Could I run a business? All these thoughts permeated my mind.

Fast forward a year and I could not be more proud of how far my firm has come. Most importantly, I’m excited about how far my firm is poised to go!

03/31/2021

So let’s talk about mortgages….

Most people think a mortgage is a loan to get the money you need to buy or refinance real estate. But it’s much more.

A mortgage is a “security interest” in property that is transferred from a debtor to a creditor as assurance for the payment of the debt between them. A “security interest” means you pledge the real estate financed by the mortgage as collateral for the loan.

The mortgage is given by the debtor, who is the “mortgagor,” to the creditor, who is the “mortgagee.”

In the event a debtor fails to make mortgage payments, this failure may result in the “foreclosure” of the mortgage. A “foreclosure” proceeding allows the mortgagee to declare that the entire mortgage debt is due and must be paid immediately.

If a property is being foreclosed upon, the debtor has the right of “redemption” meaning that the debtor can reclaim their property by paying the amount due (plus interest and penalties) before the foreclosure process begins.

When a property with a mortgage is sold, the lender has a certain payoff amount to satisfy the terms of the loan. What that means is that when you sell your property, you first use the proceeds from the sale to pay off your mortgage. Once the loan is fully paid, the seller walks away with the rest.

Are you considering taking out a mortgage to buy a property and don’t know where to begin? Or are you behind on mortgage payments and concerned about foreclosure? Contact us for a free consultation!

03/25/2021

Love getting this awesome client feedback!

Address

211 W Wacker Drive, Floor 3
Chicago, IL
60606

Telephone

+13126201404

Website

http://www.kravetslawgroup.com/

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