Selling Appreciated Property
The Federal Tax Code provides a number of ways for taxpayers to dispose of, exchange, or sell appreciated property and receive tax benefits. Let’s briefly go over several of these ways.
Federally Declared Disaster Extension Information
If your exchange has been impacted by a federally declared disaster, you may qualify for an extension of certain 1031 exchange deadlines.
Review current IRS disaster relief information here: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
Additional 1031 exchange disaster information is available here: https://apiexchange.com/disaster-relief/
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With interest rates much higher than a year ago, some real estate investors are uncertain if now is a good time to purchase additional investment property. Come join this webinar co-hosted by Scott Saunders, SVP of Asset Preservation, and Matt Bowles, President of Maverick Investor Group, to get Matt’s insights on why this buyer’s market is a good time for investors to be purchasing additional assets. Click on the link below to register for this webinar.
Real estate in resort or vacation destinations can produce diverse and significant tax consequences. These tax consequences can be particularly critical at the time a property is sold, since many vacation destinations have appreciated significantly and property owners may be facing significant capital gain tax consequences upon disposition. The use of a tax deferred exchange under IRC Section 1031 can be particularly important in disposing of such property.
This publication will first address the use of Section 1031 tax deferred exchanges in disposing of vacation properties. It will then consider a number of different scenarios, and the tax consequences of each, both while the property is owned and upon disposition of the property. Last, it concludes with a few words about converting a vacation property into an investment property eligible for Section 1031.
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These are the States Americans are Moving to
Florida saw the greatest net domestic migration gains in 2022, a new report from the National Association of Realtors shows. Texas, North Carolina, South Carolina, and Tennessee also saw population boosts.
