The Trump administration announced an “outline” of sweeping tax reform on April 26th (just in time for his 100th day). You can look at the document here. Many of our clients have been asking us how this tax reform could effect Section 1031. Of course it is difficult to second guess this administration or their […]
Archive | Tax Advisories
Study Finds Repealing Like-Kind Exchange Rules Would Hurt U.S. Small Businesses
The Section 1031 Like-Kind Exchange Coalition released an economic impact study today which concludes that repealing the like-kind exchange rules would slow economic growth, reduce GDP and hurt many U.S. small businesses. Download/View the Study WASHINGTON, DC, March 18, 2015 (GLOBE NEWSWIRE) — via PRWEB – The Section 1031 Like-Kind Exchange Coalition (“Coalition”) released an […]
Tax Policy, IRC1031 and Politics – By Chris Hamilton
This article was reposted with permission by Chris Hamilton, Law offices of Young Wooldridge, LLP. Click here to contact. PART 1 This post is the first part of a two-part post describing a vital tax provision, IRC 1031. Part 1 will outline its operation and perceived benefits, while Part 2 will present some of the more common arguments against […]
Beware of State Clawbacks when Using Section 1031
We have conditioned our clients to expect that state capital gains tax can be deferred along with the federal tax exposure by utilizing Section 1031 for their exchanges. It is true, most states will honor the deferral as long as the gain is being rolled into the new property. However, you should be aware that […]
Zero Percent Capital Gains Tax, Really?
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 Home Office Deduction – Past and Future
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 […]
Section 1031 Exchanges Serve as Vial Stimulant for Economic Growth
PRESS RELEASE — Release Date: April 1, 2013 Section 1031 Like-Kind Exchanges Serve as Vital Stimulant for Economic Growth After several years, real estate values are beginning to recover and activity is steadily increasing. It’s a promising trend that needs to be supported, not thwarted. IRC Section 1031 like-kind exchanges are one of the best ways […]
Did Section 1031 Fall Off the Fiscal Cliff ?
No, not at all. While the discussion (if you can call it that) in Washington is for more streamlined tax parity, the new tax rates overwhelming approved in the American Taxpayer Relief Act of 2012, and signed into law on 1/3/2013, had little impact on 1031. If anything, it is a tax strategy not to […]
President Declares Disaster in Vermont
Only in certain circumstances are the 45 and 180 day Section 1031 time limits extended.
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!