Our client was under agreement to sell his commercial property when a fire broke out and destroyed one of the two buildings on the property. After carefully renegotiating the agreement, he proceeded with a Section 1031 Exchange for the land and existing building and used Section 1033 for the casualty loss portion of his property. […]
Selling Your Home Office
This is an area that many people disregard only to be rudely awakened at tax time, well after their transaction is old and cold. Prior home office deductions including depreciation can return to create a tax obligation unless the business portion of the property is handled as a Section 1031 Exchange. Operating a home office […]
Common Identification Issues
Meeting the identification deadline can be challenging. It’s imperative that you submit your list of replacement property choices within 45 days of your sale and that they be acquired within 180 days, or the due date of your tax return. Here is a quick guide for your reference: Must be within the United States, the […]
President Declares Disaster in Vermont
Only in certain circumstances are the 45 and 180 day Section 1031 time limits extended.
Alaska, Idaho, South Dakota…..
We Have Another Pin in Our Map! Many of the readers of this newsletter are past clients, clients who we have never met. We hasten to point out that we welcome visits by clients and their advisors, but many of you, upon glancing at a map and noting the location of Littleton have said “Let’s […]
Will Section 1031 Be Around for the Long Run?
At first glance, one might be tempted to say that Section 1031 is an overly generous provision of the tax code whose time has passed. But wait: Section 1031 was first passed into law on March 8, 1921, in the waning days of the Wilson Administration, and has been reviewed and commented upon in nearly […]
Structured Sales – A Solution for a Failed Exchange
While this technique is not for everyone, rather than face the taxes due when an exchange fails, this may be an option that will provide tax relief. The disappointment of a failed exchange (one where the identification fails or the replacement property is undesirable) is exasperated by the tax consequences of having to pay the […]
Edmund & Wheeler Facilitates Exchange of the 1697 “Molitor Strad”
From 1695 to 1725 Antonio Stradivari hand crafted his finest instruments. He built some 1,100 instruments during this time (not all were violins) some estimates indicate that there are still over 600 of these instruments still in existence. Recently, the Molitor Strad (once reportedly owned by Napoleon) was sold at auction by Tarisio for a record breaking $3.6M. The instrument […]
NH DRA Gives Refunds – TIR 2010-009
By John D. Hamrick Please TIR 2010-009 outlining the ability for a taxpayer who got snared in the New Hampshire DRA audit of Section 1031 exchanges to get there money refunded! How sweet it is!
Splitting Heirs
The transfer of wealth from one generation to another will hit its peak in just a few years and understanding the tax impact on the heirs is an important consideration.