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Introducing Asset Preservation's New Website!
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We made some big changes to the layout and worked hard to develop the most comprehensive and user-friendly 1031 exchange website. Check out the new site on your mobile device- it's really great!
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Impacts Non-California Replacement Property Acquisitions-AB 92
Under Internal Revenue Code Section 1031, taxpayers can defer capital gains by exchanging real property held for use in a trade or business, or for investment, for other like-kind property. For sellers subject to California income tax, California’s tax law follows federal law for purposes of deferral under Section 1031, so California’s income tax is also deferred. In each case, the deferred capital gain continues as a tax attribute of the replacement property acquired by the taxpayer in the exchange. Taxpayers who exchange out of a California relinquished property and into replacement property located outside of California have an added reporting requirement with the State of California.
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1031 Basics: The 1031 Exchange Library
The 1031 Exchange Library is one of our industry's largest 1031-related libraries in the world, with hundreds of items including articles, handbooks, webinar recordings, calculators, tax & legal updates and regulations in its collection. The Library provides taxpayers and other real estate professionals with a rich, diverse, and enduring source of knowledge to inform and provide them with various 1031-related strategies.
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Like-Kind Exchanges are a Model for All Capital Gains
In the perfect world, income from capital gains would not be taxed at all. The 23.8 percent tax hits income that has already been subjected to income taxes and is then reinvested to help create jobs, grow wages, and increase economic growth. This double taxation makes no sense from the perspective of encouraging investment and stronger growth.
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Existing-Home Sales Hit 9-Year High
Sales of existing homes reached the highest level in May since early 2007, the National Association of Realtors reported. The median sales price rose 4.7% from a year earlier to $239,700, a record high.
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Pamela Michaels
SVP/Division Manager
866.317.1031
pmichaels@apiexchange.com
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HQ 800.282.1031
ERO 866.394.1031
info@apiexchange.com
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Asset Preservation, Inc., does not give tax or legal advice. The information contained herein should not be relied upon as a substitute for tax or legal advice obtained from a competent tax and/or legal advisor. If this message was sent to you in error or if you wish to be removed from our email list, please do one of the following: reply to this message, call us toll-free at 866.713.1031, email us at: e-newz@apiexchange-enewz.com or notify us in writing to: Asset Preservation, Inc., 1420 Rocky Ridge Drive, Suite 100, Roseville, CA 95661, Attn: Marketing Dept. All rights reserved.
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