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Business

by Williams D. Brack, Special to The New Tri-State Defender Some refuse to acknowledge past injustices as a direct cause of the current state of African-American wealth and business community. With those people particularly in mind, let’s examine the grocery business. In the early 1900s, Malone & Hyde, a wholesale food...
The EDGE (Economic Development Growth Engine) Finance Committee has approved two projects – Memphis Area Youth Association (MAYA) and Eggxactly Breakfast & Deli – for the Inner City Economic Development (ICED) Loan Program. Approved ICED Loans now total 51 projects. The two latest loan projects are located in Whitehaven. The ICED...
Thomas Burrell, president of the 15,000-member Black Farmers and Agriculturalists Association (BFAA), has received an official invitation from the White House to be a VIP guest of President Donald Trump when Trump delivers the keynote address at the American Farm Bureau Federation’s Convention in Nashville on Monday, January 8th. COGIC...
Whether it’s shoes, groceries or razors, subscription box services are on the rise. People are snubbing the in-store experience and turning to goods and services that they can receive in their mailbox or pick up from their doorstep after work. In February 2018, Kapriskie Mack, owner of The 901 Box,...

Miss Robbie, of the OWN Network show “Welcome to Sweetie Pie’s,” is suing her son, Tim, over trademark infringement after he opened an eatery called TJ’s Sweetie Pie’s NOHO.

According to the lawsuit, the opening of the eatery, along …

When two strangers decided to start a business serving community nonprofits, they had no idea it would become one of the most sought after, minority-owned businesses in Memphis In August, Kingdom Quality Communications (KQ) celebrated a decade in business. Despite the eminent success, co-founders Renee Malone and Terrell Gatewood said...
Community L.I.F.T. has commissioned Good Jobs First to research national best practices from economic development agencies in four cities. The group is making it a call to action for the Memphis area to “seize this moment to intensify our ongoing efforts to bring economic opportunity to neighborhoods across Memphis...
By Charles Sims Jr., Special to The New Tri-State Defender



With a stable housing market, low interest rates, and a more positive employment picture, more Americans may be in a position to buy or sell properties in 2017. Moreover, the U.S. tax code favors real estate ownership, allowing for tax savings that might help families enhance their everyday lives and build wealth over the long term. Incentives for homeowners The ability to write off mortgage interest and other home-related expenses can help subsidize a home purchase. Homeowners must itemize deductions on Schedule A of their federal tax returns instead of claiming the standard deduction. The deduction for mortgage interest applies on up to $1 million for first mortgages — plus up to $100,000 on home-equity loans — for a primary residence and a second home such as a vacation condo, mobile home, boat, house trailer, or any structure with sleeping, cooking, and toilet facilities (if it is not rented for income). The property owner can also deduct real estate taxes in the year they are paid, as well as mortgage points (origination fees) — even if the seller pays them for the buyer. Protected profits When a principal residence is sold, losses are not tax deductible, but a profit of up to $250,000 ($500,000 for married joint filers) may be excluded from the federal capital gains tax. To qualify for the exclusion, the home must have been owned and occupied as a principal residence for two out of the five years before the sale. Owners who cannot pass this test may be eligible for a reduced exclusion, but only if the home sale resulted from an employment relocation, health reasons, or certain other unforeseen circumstances. Different rules for rentals Because rental property is considered business property, mortgage interest, property taxes, insurance, maintenance, depreciation, and other expenses are tax deductible and can be used to offset some or all of the rental income. Depreciation is calculated on a straight-line basis over 27.5 years, which means about 3.63% of the entire purchase price may be deducted each year, even if the property is largely financed. Under IRS Section 1031, when a qualified (non-owner occupied) investment property such as a rental home is exchanged instead of sold, the capital gains tax may be postponed indefinitely as long as the transaction is documented and conducted properly. The seller must purchase ‘like-kind’ property (i.e., real estate must be exchanged for real estate, but it need not be the same grade, quality, type, or class) of equal or greater value within 180 days. IRS rules mandate that the proceeds from the sale of the original property must be held by a third party (such as a qualified intermediary), and the exchange process must meet a number of other specific conditions. (Charles Sims Jr., CMFC, LUTCF, is President/CEO of The Sims Financial Group. Contact him at 901-682-2410 or visit www.SimsFinancialGroup.com).
In an attempt to close Memphis’ gaping disparities in wealth and education attainment, LITE Memphis trains high school students in entrepreneurial skills. That unique approach to community revival recently garnered the nonprofit a national award for civic innovation.“Our mission is to equip African-American and Latinx students in the Memphis...
The New Tri-State Defender has a rich and inspirational legacy. This year the newspaper celebrated 66 years of continuous publishing in Memphis. During this time, the TSD has been a major journalistic voice in the Greater Memphis region, first under the leadership of the Sengstacke family, then Real Times...