A recent client was contacted by a qualified land trust to acquire the development rights to his 500 acre tract of forest/meadow land. The property had long been identified by the conservation community as a key wildlife migration path to adjoining protected property. Our client had been approached numerous times but resisted a sale that […]
Vacation homes can be a source of great pleasure during their ownership; the reality of how they are treated for tax purposes happens once you decide to sell the property. You may have determined that the cottage at the beach or condo slope side at the mountain is your “investment” property, however, the truth is, […]
Posted by permission of the author: Christopher Nolt, LUTCF Solid Rock Realty Advisors, LLC 2020 Charlotte Street, Suite 14 Bozeman, MT 59718 406-582-1265 Office 800-517-1031 Toll-Free 800-249-1033 Fax The IRC Section 1031 Exchange is one of the most powerful tax saving and wealth building tools available for people selling highly appreciated real estate. A properly structured 1031 exchange […]
Franconia, NH Edmund & Wheeler, Inc. is pleased to announce that Chris Brown of Stowe VT has joined our team as an Exchange Specialist. Edmund & Wheeler, Inc. provides capital gains tax deferral services for owners who sell and replace like kind real and personal property under Section 1031 of the IRS tax code. In […]
Real estate investors who buy & sell from related parties often get blind sided by related party rules when using Section 1031.
We hear this troubling refrain too often. It seems that many accountants and attorneys will tell their clients that a Section 1031 exchange is cumbersome and just delaying the inevitable. Some advise that the tax rates today are the cheapest you will ever see, “It’s easier to just pay the tax” they say. In far too […]
There are two types of real estate that can be sold with advantageous tax treatment, your primary residence and your business/investment property. Favorable treatment exists for the sale of a personal residence if the property has been the primary residence of the taxpayer for two of the preceding five years. Section 121 of the Internal […]
If you have been mulling rebalancing your investment property assets, now is the time to seriously consider making the move toward a planned exit from your multifamily property ownership. According to a recent article by Jaime Lackey in the March/April edition of Northeast Real Estate Business, the New England multifamily housing market has experienced continued […]
I took a call last week from a past client that was concerned about the potential capital gains tax if they sold a parcel of land and did not conduct a Section 1031 Exchange. While our business is to facilitate exchanges, we are always happy to help our clients navigate tax code implications in real […]
The Internal Revenue Service recently released Revenue Procedure 2013-13 that provides a new safe harbor for home office deductions. This has the potential to make your calculations streamlined where it is difficult to determine a fair value deduction. Generally speaking, Section 280A disallows any deduction for personal expenses associated with the taxpayer’s residence unless a […]
