We recently purchased a new home and our real estate agent was a key part of the process. Whenever buying or selling a property, advisors such as your real estate agent and accountant are crucial. This Thankful Thursday, we discuss the role of your professional advisors and why they are an important part of your 1031 tax-deferred exchange.Read More
This Friday Free for All we will discuss an important rule in a 1031 tax deferred exchange: the same taxpayer requirement.Read More
By none, we have all heard quite a bit about the American Taxpayer Act of 2012 and the new 3.8% Medicare Tax. Now let’s take a look at an example and see how a 1031 tax-deferred exchange might benefit the seller:
This Thankful Thursday post discussed portability. When it comes to taxes, the term “portability” does not sound like a good thing. As part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (The “ACT”), portability is a GREAT thing! It is the concept in which a surviving spouse is allowed to use his/her deceased spouse’s unused estate tax exclusion.
This Wealth Building Wednesday post discusses a common 1031 misconception. You are not required to invest all your value and equity if you don’t want to. The general rule to maximize your deferral in a 1031 exchange is to acquire replacement property of equal or greater value and equity.
This Free for All Friday post is devoted to clarifying state income tax issues and state withholding requirements when it comes to a 1031 tax-deferred exchange.
Many that requested an extension are now wrapping up (or maybe just starting) their 2012 tax return. Those that completed a 1031 exchange must also report the transaction on this return due October 15th. Therefore, we are using this Thankful Thursday post to help those now trying to report their 1031 exchange. Following is a line-by-line Instruction for the completion of Form 8824:
This Tuesday Tips is designed to help you avoid “boot,” the taxable portion of a 1031 exchange.
This Tuesday’s Tip is about an often used loophole in the 1031 exchange regulations that has exchangers refinancing their replacement property to tap their equity.
We’ve all heard a million times that a 1031 exchange defers the gain you have when selling a business use or investment property. What many forget is that you must recapture all of your depreciation at 25%. Depending how long you have owned your property, the depreciation recapture could be a bigger tax bill than the capital gains.