Ezra Dyckman and Charles S. Nelson IRS Issues Guidance on Developers' Common Improvements
In their Real Estate Financing column, Ezra Dyckman and Charles Nelson discuss the recently issued Revenue Procedure 2023-9, in which the IRS provides an optional safe harbor method for developers to account for certain common improvement costs of real estate projects.
February 21, 2023 at 10:00 AM
5 minute read
When a real estate developer constructs multiple residential units to be held for sale as part of a single project, the developer is often legally or contractually required to construct certain common improvements, such as roads, sidewalks, sewer lines, and amenities. The construction of these improvements is often not complete by the time the developer begins to sell the units.
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