RECENT BLOG POSTS
Before you sell property, it may be a good idea to talk with your CPA or tax preparer about two critical points: (1) What is your *adjusted basis* in the property that may be sold off? NOTE: If you 1031 exchanged into this property, your basis will be lower than your *cost*, because of the def...
03/19/2011
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Normally, the federal filling deadline falls on April 15, unless it happens to be on a Saturday, Sunday or a federal holiday. The reason for this is because IRC Section 6072(a) imposes the deadline of April 15 for filing income tax returns. See also IRC Section 7503. This year, however, there is...
03/17/2011
IRC § 1031(a)(2)(D), was enacted as a part of the Tax Reform Act of 1984 to exclude partnership interests as eligible 1031 exchange property. Many limited liability companies are taxed as partnerships; so combined there are many owners who may be wondering how to most efficiently sell their inte...
03/15/2011
1031 exchanges of intangible personal property used in trade or business are becoming more and more popular. Owners of unusual property types are asking themselves ‘how can I sell property without unnecessarily triggering taxes’. Is this Intangible Business Property? As an aside, IRC Section 19...
03/13/2011
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Deferred Sales Trust Passport to Tax Deferral There are many people who are subject to US capital gains taxes on the sale of their foreign property. These folks may be surprised to discover that the US government collects taxes on income from many sources. This is true, even if the income is d...
03/07/2011
Is There a Tax Efficient Way to Sell Foreign Currency? Many people may be holding foreign currency that has or will (hopefully) appreciate in value. These folks may be wondering how to lessen the amount of taxes that they will have to pay when they convert their foreign currency for a profit or...
03/04/2011
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The FDIC insurance limit was increased from $100,000.00 to $250,000.00. The change in coverage limits is effective from October 3, 2008, through December 31, 2009. A link to the FDIC website gives more information: http://www.fdic.gov/news/news/financial/2008/fil08102a.html Many investors con...
10/06/2008
FS-2008-18 Date: Mar. 5, 2008Like-Kind Exchanges Under IRC Code Section 1031 February 2008WASHINGTON -- Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you to po...
03/12/2008
QUESTION Under Rev. Proc. 2008-16, could the fact that the taxpayer did not wait until the end of the second 12 month period to sell the property - threaten the Safe Harbor status of the exchange? I think the property could still qualify for Section 1031. Revenue Procedure 2008-16 only provides ...
02/29/2008
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IRS Will Soon Issue Taxpayer Friendly Revenue Procedure for Vacation Homes Used Occasionally for Personal Pleasure.For years tax controversies have stemmed from taxpayers selling their highly appreciated vacation homes.The problem has been that these "personal use" vacation properties have fallen...
02/19/2008