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State & Local Tax

Diagram: nonresident sells a partnership interest; section 751 gain changes character only and is sourced to the seller's home state

California Loses Its “Hot Asset” Argument: What a New Ruling Means for Nonresidents Selling a Partnership Interest

A new California ruling sources nonresidents’ gain on a partnership interest sale, including 751 hot-asset gain, to their home state. See who it affects.

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OBBBA Home Deduction

Buying a Home Before vs. After OBBBA: How the Rules Change for High-Income Individuals

Buying a Home Before vs. After OBBBA: How the Rules Change for High-Income Individuals Understanding the OBBBA Changes Many high-earning individuals focus on mortgage rates when buying a house. However, few realize that tax law timing can have a six-figure impact on their real after-tax cost of ownership. The One Big Beautiful Bill Act (OBBBA),

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