Sara Palovick serves as a tax partner with expertise in the real estate industry.
She specializes in partnership and individual taxation. Sara assists in all areas of compliance, as well as tax planning and succession planning. Her clients include both closely held and institutional real estate. She is a prior recipient of Withum’s Strength Award and is actively involved in the Firm’s DisAbility+ Team Member Resource Group (TMRG).
Sara joined Withum in 2008.
Learn more about my professional experience and how I spend my time outside the firm.
Education:
Professional Affiliations:
Sara enjoys volunteering and fundraising for tick-borne disease charities.
In her free time, Sara enjoys cooking, hiking, CrossFit and traveling. Her favorite pastime is relaxing by the pool with a spy-thriller novel.
The real estate professional rules under Internal Revenue Code (IRC) Section 469(c)(7) were instituted in 1993 to afford those who earn their living in real estate trades or businesses the opportunity to deduct losses from their real estate activities. Under IRC Section 469(c)(2), passive activities include any rental activity except as provided in (7), which…
The recently-enacted §199A Qualified Business Income (QBI) deduction has created an opportunity for substantial deductions for taxpayers who meet the requirements. In order to qualify for this deduction several criteria must be met and there are limitations based upon wages and property in a business. With respect to the real estate industry, one of the…
Owners of real estate are in a unique position as it relates to estate planning opportunities. They are able to employ various strategies to minimize their tax burden as they begin to transfer their assets. The goal of a good estate plan is to reduce the overall estate and gift taxes that an individual will…