10,000 Retiring Baby Boomers every day. Every Day, for the next 20 years. Locally and nationally, even globally, this is our new demographic normal – an aging population with fewer and what baby boomers would have you believe, “less talented” workers to replace them.
United States birth rate (births per 1000 population). The red segment from 1946 to 1964 is the postwar baby boom.
Bigger than huge, this is a monumental generational shift that will affect numerous aspects of our lives – opportunities, obligations, and financials. State Economist, Dr. Stinson, recently spoke on the new normal in his Economic Outlook, noting “As a significant portion of our [Minnesota’s] population ages, there is not much in the way of labor force growth to replace these individuals.”
Property Owners: As If You Didn’t Have Enough Issues To Deal With Already.
Apparently, the Department of the Treasury feels that a significant number of real estate property owners have mis-reported rental income. They, as a group, have been singled out for special attention by the IRS. See the article below by Steven Katkov. Steven is an adjunct instructor who teaches Real Estate Law at the University of St Thomas. He is also the Senior Partner in the Katkov Law Group.
The Internal Revenue Service (IRS) should increase its examinations of personal tax returns that report losses from rental real estate activity, according to a new audit report released publicly today by the Treasury Inspector General for Tax Administration (TIGTA).
TIGTA’s report, “Actions are Needed in the Identification, Selection, and Examination of Individual Tax Returns with Rental Real Estate Activity,” was conducted because a Government Accountability Office report in August 2008 stated that at least 53 percent of individual taxpayers with rental real estate activity for Tax Year 2001 misreported their rental real estate activity, resulting in an estimated $12.4 billion of net misreported income.
Mark Moorhouse of Dominium, the Midwest’s premier owner and developer of affordable, luxury, and senior multifamily real estate will speak at the University of St. Thomas on Tuesday, December 6 at 5:45 p.m. This is the last event for 2011 in the Real Estate Executive Insight Series. This event is free and open to the public but please register here.
As senior vice president and project partner for Dominium, Mark Moorhouse is responsible for development and acquisition activity. Since joining the firm in 1996, Moorhouse has played an integral role in the financing of over $140 Million of apartments and has helped raise in excess of $40 Million in equity.
Paisano Green Community in El Paso features rooftop solar PV electricity generation.
The Paisano Green Community in El Paso, Texas, will open on Earth Day in 2012. The nation’s first Net-Zero energy multifamily for-rent development project is funded by an $8.25 million grant from the American Recovery and Reinvestment Act (ARRA), along with $1.6 million from Housing Authority of Central El Paso and a $500,000 loan from the City of El Paso.