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. […]
Archive | November, 2011
Selling Your Home Office
By John Hamrick on November 2, 2011 in Section 1031 Basics
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 […]