Statutory Limitations on Like-Kind ExchangesThe proposed regulations provide guidance implementing changes enacted in the Tax Cuts and Jobs Act (TCJA). These proposed regulations amend the existing regulations adding a definition of real property reflecting statutory changes limiting section 1031 to exchanges of real property. The proposed regulations provide a rule addressing a taxpayer’s receipt of personal property that is incidental to real property. They also affect taxpayers that exchange business or investment property for other business or investment property in determining whether the exchanged properties are real property for Section 1031 purposes. Read More » |
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Tax Relief for Victims in Disaster Situations Relief for Victims of California Wildfires The IRS is providing a variety of tax relief for those affected by California Wildfires. For more information, check the California Wildfires page. Relief for [...]
Tax Relief for Victims of Disaster Areas
Relief for Victims of Hurricane Irma The IRS is providing a variety of tax relief for those affected by Hurricane Irma. For the latest updates, check the Hurricane Irma page. Relief for Victims of Hurricane Harvey The [...]
1031 Exchange Update
1031 Exchange Update Here is a brief update regarding 1031 exchange activity from Stewart’s 1031 exchange qualified intermediary, Asset Preservation, Inc. (API): 1031 Exchanges are up Significantly: The increase in prices and rents for both commercial [...]
1031 Exchange & Primary Residence
1031 Exchange & Primary Residence The tax code provides a number of provisions that provide benefits to taxpayers who own real property. IRC Section 1031 allows for tax deferral on the sale of a property [...]