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Tax Relief for Victims in Disaster SituationsRequirements for Postponement of 1031 Exchange Time PeriodsSpecial tax law provisions may help taxpayers recover financially from the impact of a disaster such as a flood, hurricane, tornado, wildfire or certain other natural disasters or catastrophic events, particularly when the federal government declares a location to be a Presidentially-declared disaster area often referred to as a federally-declared disaster. If the IRS releases an official notice, then Section 17 of Revenue Procedure 2007-56 provides extensions of certain time deadlines in a 1031 exchange. Read More » |
The U.S. States People Are Fleeing (And The Ones They Are Moving To)
Each year families pack up their belongings and move to a new home, sometimes out of state. Tracking where they go—and where they’re leaving from—paints an interesting picture of U.S. migration…Read More » |
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State Tax Withholding & Op Zones
State Tax Withholding: Summary of the Extensions & Rules Some states impose a mandatory tax withholding requirement on the sale of real property by nonresident individuals or entities. In some cases, an exemption is available [...]
Happy Holidays From Asset Preservation, Inc.
Dear Friends, As the Holidays rapidly approach us, I wanted to take a moment and thank you all for your business, your loyalty, and your work this past year. 2018 was a very busy year [...]
Happy 1031 Day
Important Information for Investors Beginning an Exchange From October 17 – December 31, 2018 Do Not File Your 2018 Income Tax Return Until Your Exchange Has Been Fully Completed. The time frame you have to complete the [...]
Improving Relinquished Property Before a Sale
It is common for a taxpayer to make repairs, updates, and improvements to enhance a relinquished property in preparation for listing with a real estate agent or broker. A commonly asked question is, “Can I [...]