Real Estate Tax
MAKE THE TAX DECISION BEFORE THE DEAL.
Written tax analysis for real estate owners, operators, sponsors, and investors before terms are fixed.
We help you evaluate acquisitions, sales, exchanges, leases, partnerships, and entity structures while there is still room to change course. Start with a Diagnostic that maps the facts, ranks the issues, and shows what to address next.
who we work with
We work with real estate and private equity investors, owners, operators, sponsors, and investment groups whose tax work involves entities, partnerships, commercial property, or active transactions. Individuals without significant real estate or private equity holdings, including those with only a few passive rentals and no planned transaction, are invited to join the waitlist.
01
Owners, Operators & Sponsors
Direct owners, developers, GPs, and fund managers holding real estate through entities, partnerships, or operating structures.
02
Family Offices & Investment Groups
Multi-entity holdings, partnership reporting, ownership changes, and decisions managed across people or generations.
03
Selected Real Estate Situations
REITs, lenders, credit funds, commercial tenants, and other situations involving significant property, partnership, or transaction complexity.
areas of focus
Our work concentrates where real estate structure decides the tax outcome.
01
§1031 Exchanges
Single and multi-property exchanges, assessed before closing and calculated after.
02
Transactions & Gain Analysis
Acquisitions, dispositions, and real estate M&A, including gain, basis, foreclosures, and workouts.
03
Depreciation & Cost Segregation
Fixed asset schedules, cost segregation decisions and review, and depreciation strategy.
04
Partnerships & Waterfalls
Operating agreements, distribution waterfalls, and capital accounts.
05
Lease Structuring
Long-term and ground leases, including §467 analysis.
06
Entity & Cross-Border Structuring
Entity structure for owners and property in more than one state or country.
07
REIT Advisory
Quarterly asset and income tests, distributions, and proposed transactions for REITs and their sponsors.
what we do differently
Three things that shape every engagement.
01
We start before the deal. Not after the return.
We look at the tax side while terms can still change: before the LOI, the lease, or the operating agreement is signed.
02
We stay in the deal. Through closing.
We work as live advisors through diligence, negotiation, and closing, so new facts get answered as they come up.
03
We write it down. All of it.
Advisory engagements conclude with a written analysis and the assumptions behind it, so you, your partners, and your lender can follow the reasoning. Compliance engagements produce the agreed returns, schedules, and reporting deliverables.
work spotlight
Experience applied to the decisions in front of you.
01
Long-Term Lease Structuring
Working alongside the lessor through every iteration of a long-term lease as it’s built. The rent is uneven, so §467 shapes when it’s taxed, with implications that run through the whole agreement. Each draft is reviewed against the intended tax treatment, with prompt answers at every turn. The lease is expected to close within the next 30 days.
02
Cross-Border Restructuring
Delivered a complete restructuring plan to reorganize an existing entity into a new structure built for its foreign ownership: what changes, in what order, and why.
03
Prior Big 4 Experience
Before founding Bastion & Thorne, Chris’s Big 4 work included multi-property §1031 exchanges, joint-venture and waterfall analysis, REIT fund structures, lender-side foreclosures converted into operating assets, and cross-border entity structuring.
how we engage
Most new engagements begin with the Real Estate Tax Readiness Diagnostic, and every Real Estate Tax Office relationship does. For advisory and compliance work, the fit call determines whether the Diagnostic is the right starting point or whether the required background review should be included in that engagement.
Start here
01
The Diagnostic
A written map of your tax exposure and the order to address it. It covers a strategic review of your most recent tax year, an entity and ownership map, a 12-month tax and transaction calendar, and a prioritized action register of ranked findings, walked through with you on a call.
Then, choose your level of support
02
Structure Advisory
A clear, written answer on a specific deal or decision, before you sign. Each engagement combines the modules your situation needs, such as §1031, gain analysis, cost segregation, partnerships, or leases, into one written scope with one fixed fee.
03
Compliance Portfolio
Annual returns and K-1s that reflect how your deals were actually structured: entity, federal, and state filings, K-1 packages, depreciation schedules, estimated payments, and a tax calendar, priced by complexity.
04
Real Estate Tax Office
Our most complete engagement: compliance, advisory, and a standing advisor all year, with quarterly meetings, a tax calendar, a risk log, and an annual advisory credit, separate from any Diagnostic credit, that may be applied to one separately defined advisory project, subject to the engagement terms.
