Tag Archive: "Section 1031 Exchanges"
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Our Top 10 Blog Posts of 2023
The end of the year is a great time to reflect on the year that was and to express gratitude for those that made an impact on our lives. On behalf of my colleagues and fellow bloggers, Courtney DeVane, Brian Duren and Jeremy Siebert, we sincerely thank you for your loyal readership and engagement. In […]
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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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IRS Provides Relief for Those Affected by California Weather
In response to the severe flooding that has affected many California residents beginning January 8, 2023, the IRS has announced an extension for tax filings and payments for those affected by the disaster. The disaster area covers the counties of Colusa, El Dorado, Glenn, Humboldt, Los Angeles, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Orange, Placer, […]
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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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The Nuances of Section 1031 Exchanges (Part Three in a Series)
In the previous installments of our series highlighting the nuances of Section 1031 exchanges, we discussed the identification of replacement properties, the difference between a realized gain and a recognized gain and the concept of “boot.” In part three, we will cover transactional costs, otherwise known as “exchange expenses.” Exchange expenses are defined on IRS Form […]
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The Nuances of Section 1031 Exchanges (Part Two in a Series)
Last week, in part one of a series of blog posts covering the nuances of Section 1031 exchanges, we discussed the identification period and the three-property rule. This week, we will distinguish between a realized gain and a recognized gain and discuss the concept of “boot.” The realized gain is the potential gain, calculated as […]
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The Nuances of Section 1031 Exchanges (Part One in a Series)
As previously discussed, the Biden Administration’s American Families Plan includes a proposal to partially repeal deferred gains from Section 1031 exchanges. The proposal would implement a limit on gains eligible to be deferred to $500,000 per taxpayer (or $1 million for married individuals filing a joint return) for each year for real property exchanges that […]
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CLA Livestream: Estate and Gift Tax Proposal Implications
Jennifer Rohen, Lori Peterson and I spoke on last week’s Livestream about potential changes to estate and gift taxes and Section 1031 exchanges. Our primary takeaway: stay informed, but don’t panic…yet. Please click here to watch a replay of our conversation.
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President Biden’s Proposal Would Hit Real Estate and Private Equity Pretty Hard
President Biden introduced his American Families Plan on Wednesday, a proposal that would include $1 trillion in new spending and $800 billion in tax cuts and credits for middle- and lower-income families. The plan’s primary focus is on the expansion of access to child care and education. The proposal, however, would hit real estate and […]