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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Section 1031 versus Section 1033
There are many tax code provisions that provide tax benefits for different situations. Section 1031 exchanges allow a taxpayer selling property held for investment or used in their business to defer paying taxes when exchanging [...]
10 Reasons to Exchange & Never Pay Capital Gain Taxes Again
Exciting news! 1031 exchange activity is on the rise, and investors nationwide are opting to defer capital gain taxes. But there's more to it than just tax deferral. Discover why exchanging is a strategic move [...]
Spring 1031 Exchange Update
Is a Partial Exchange Right for You? A prevailing misconception is that a taxpayer considering a 1031 exchange should always seek to obtain full tax deferral. However, in reality, approximately one-third of taxpayers opt for [...]
Overview of the Corporate Transparency Act (CTA) Reporting Requirements
As of January 1, 2024, the federal Corporate Transparency Act (CTA) has been implemented to enhance transparency and hinder illicit activities facilitated by obscure ownership structures. The CTA mandates the reporting of Beneficial Ownership Information [...]