Year-end tax planning
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The Proposed Elimination of the Section 1031 Exchange
According to Congress’ Joint Committee on Taxation, Section 1031 exchanges are expected to save real estate investors approximately $51 billion between 2019 and 2023. Considering this projection, it should come as little to no surprise that President-Elect Joseph Biden is rumored to be targeting the Section 1031 exchange. Under Section 1031, no gain or loss […]
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Tax Capital Account Reporting Requirements
In 2019, the Internal Revenue Service (IRS) released a Frequently Asked Questions memorandum, which described how a partnership should determine a partner’s tax capital account and outlined a safe harbor approach based on a partner’s outside basis in a partnership. After a significant freak-out by practitioners, the IRS deferred the implementation of the proposed tax […]