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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Wishing You a Happy Thanksgiving!
Thank you for referring your 1031 exchange transactions to Asset Preservation, Inc. (API) over the years. We appreciate the opportunity to provide excellent service on each and every 1031 exchange. We will continue to work [...]
Partnerships and 1031 Exchanges
Available Options for Partners and Partnerships (and LLCs)Like any taxpayer, a partnership (and a limited liability company taxed as a partnership, generally referred to herein as a “partnership”) can engage in a like-kind exchange under [...]
Appreciation and 1031 Exchange Uptick in Vacation Destinations
The COVID-19 pandemic changed how many people work, with many more working at home or a hybrid of at home split with time in an office setting. This has led to a significant increase in [...]
Pennsylvania to Recognize 1031 Exchange Tax Deferral Beginning January 1, 2023
The state of Pennsylvania has been the only state where the personal income tax provision regarding Section 1031 did not conform to the federal Internal Revenue Code Section 1031. In the past, this meant taxpayers [...]