Tag Archive: "Section 1031 exchange"
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Foreign Considerations in Real Estate Dispositions
Foreign persons1 are generally not subject to Federal income tax on gains from the sale of a capital asset located in the United States, unless the capital gains are effectively connected with the conduct of a United States trade or business. Internal Revenue Code (IRC) Section 897, which came online with the passing of the […]
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Reverse Section 1031 Exchanges
I must be excited for this week’s complimentary webinar presented by CLA and First American Exchange Company, as I have Section 1031 exchanges on the brain. Loyal subscribers will know that we have covered this topic extensively over the years. And for our less loyal readers, here are a couple blog posts to get you […]
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Vacation Homes: The Safe Harbor of IRS Revenue Procedure 2008-16
Colleague Ken Zacharias recently consulted with a client on the qualified purpose requirement for vacation homes, and we thought that it would be a great topic to share with our readers. Ken and his team in Wisconsin, which include Jake Caelwaerts and Brian DelVecchio, and Chicago-based Jim Milliken, make up our larger Section 1031 consultation […]
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Tax Deadlines Extended for Disaster Area Taxpayers in California, Alabama and Georgia
In late February, the Internal Revenue Service (IRS) announced that taxpayers in most of California (all but seven counties) and for parts of Alabama and Georgia would have until October 16, 2023 to file their individual and business tax returns and to make certain tax payments. The previous tax deadlines were already postponed to May […]
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Disaster Relief Also Available for Section 1031 Exchanges
Earlier today, we shared information on disaster relief available to taxpayers affected by Hurricane Ian. Disaster relief is also available to those currently in the middle of Section 1031 exchange transactions. The 45-day and 180-day deadlines have been postponed for the entire states of Florida, South Carolina, and North Carolina. The start of the disaster […]
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Recap of Where We Stand Today
Potential tax law changes have been on taxpayers’ minds for some time now. Unfortunately, there has been a lot of talk and not much action. That changed on Saturday, as the House Committee on the Budget voted to pass the $3.5 trillion spending bill out of committee and onto the floor. Almost two weeks ago, thirteen committees […]