In a perfect world your investment portfolio would contain a combination of Real Estate, Stocks, Bonds, Mutual Funds and Cash providing both long-term and short-term instruments. Diversification of your assets is key to riding out the peaks and valleys of investment performance. In today’s changing economic environment, understanding your exposure to risk will ultimately define […]
If you are conducting a Section 1031 Exchange, “what’s in a name” can be the difference between a successful exchange and one that will fail on its face. This provision, called the Identity of Taxpayer Rule, requires that the same person or entity that sold the old or Relinquished Property be the same one that […]
By Dave Owens, CPA Republished with Permission As someone that has been in the tax business for over twenty years, I cannot ever remember seeing any predicament like the tax code is in now. Most people do not realize but I believe there will be major tax legislation sometime in 2010. There has to be. […]
It is possible to convert property from one type to another without tax consequences. Your primary residence can become your rental/investment property and your investment/rental property can become your primary residence.
Great news. Senate Bill 483, regarding the NHDRA disregarded entity issue was introduced into the New Hampshire Senate today. Click here to review the Bill. Note that the Bill is retroactive to January 1, 2004. Testimony on the bill will be later this winter, before the Ways & Means Committee of the Senate. It has […]
I took a call from a taxpayer yesterday. She wanted to ask some questions about a Section 1031 exchange. Her accountant told her to get in touch with us. Great, that’s what we do. She informed me that she and her husband purchased some land many years ago in what was then “way out of […]
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We find that many times the concepts of basis, indicated gain, realized gain and most importantly the level of taxation that is faced when selling investment property is widely mis-understoon. Even amongst professionals. We have developed a quick and easy tool to help to visualize a Section 1031 Exchange.
By: George E. Foss III As the days and weeks pass, the effectiveness (from IRS’ perspective) of the new provisions slipped into Section 121 grow and grow. It used to be true that you could move into one of your rental properties, live there for two more years as your primary residence, and then sell […]
It’s tough out there right now. To make matters worse, in the past year hundreds of taxpayers who trusted their money, sometimes their life savings, to Qualified Intermediaries to take advantage of Section 1031, lost it all. A good Qualified Intermediary will have safeguards and policies in place to ensure your Exchange funds are there […]
