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Case Studies

Sales and Use Tax
for Real Estate

A Comprehensive Source Advisors Case Study

Real Estate Holding/Management Company Claims Tax Refund for Overpayments

This nationally recognized real estate firm holds and oversees properties in major cities like Boston, Chicago, New York, Los Angeles, Las Vegas, Miami, and San Francisco. As one of the premier landlords in the U.S., they command thousands of residential units. Beyond their own portfolio, they manage assets for an array of clients including sovereign wealth funds, pension plans, endowments, multi-managers, benefits plans, and family offices.

About The Company

The firm’s revenue primarily stems from a combination of management fees and a share of the rental income from the properties they oversee. Their suite of services, tailored to each property, encompasses tenant acquisition & screening, rent collection, maintenance & repairs, financial management, lease agreements, tenant relations, compliance & legal matters, and property inspections. The cost savings the company implements in any of these areas result in a direct increase in the company’s compensation.

The Goal

Given the vast nature of their operations, there’s an intricate web of taxation, especially when dealing with capital improvements and regular maintenance. Their primary aim was to streamline the sales and use tax application, ensuring accuracy and minimizing overpayments.

Key Milestones

Determined eligibility for a tax refund.
Gathered and submitted proper documentation to the corresponding state.
Identified noticed frequent inaccuracies due to misclassifications by onsite property managers and contractors.
Identified overpaid sales tax on capital improvements.
Provide a bi-annual review across all properties.
Reinforced a system where capital improvements, distinct from regular repairs, are exempted from sales tax, following each jurisdiction's specific criteria.

The Results

On a bi-annual basis a review is performed on the spending of between 70 to 100 properties. Due to the varying nature of expenses on a property basis from year to year a refund is typically pursued for between 40 and 50 entities. In the most recent cycle, we secured a refund of $1.2M between 40 properties.

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Don’t leave money on the table. Contact Source Advisors to find out how our Sales and Use Tax Services can work wonders for your bottom line.

Discover the Source Advisors Difference

Our industry experience with sales and use taxes has helped businesses claim billions of dollars in tax credits and incentives.

Industry Experience

Source Advisors has demonstrated success in assisting many growing businesses with complicated tax issues and is able to leverage that experience to avoid common pitfalls

Proven Track Record

Our 40-year history of achieving substantial tax credit savings for clients across various industries is a testament to our commitment and expertise.

Expansive Resources

Source Advisors has a network of national accounting and sales & use tax experts. By extension, clients have access to assistance in every region regarding state, county, and local tax issues.

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Our dedicated support team is readily available to guide you through every step of the process, ensuring a smooth and stress-free experience.

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Our recommendations stand in full compliance with tax legislations, offering clients unmatched peace of mind.

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