RECENT BLOG POSTS
Closing CostsA. There is little definitive authority in the IRC or Regulations as to whether thetaxpayer incurs a tax liability on amount of money paid for closing expensesB. The payment of real estate brokerage commissions does not result in taxable bootRevenue Ruling 72-456, 1972-2 CB 468i. Com...
04/23/2008
IRC Section 121 - Exclusion of Capital Gain from the Sale of Principal Residence IRC§121; 1997 Taxpayer Relief Acti. Amount of gain excluded from gross income shall not exceed $250,000 forindividual taxpayers and $500,000 for married taxpayers filing jointlyii. Must have been the principal reside...
04/23/2008
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A. Partnership interests are not exchangeableB. Partnerships can complete a 1031 exchangeC. Problems may occur when partners have different investment goalsi. Cash out of partnershipii. Sell rather than exchangeiii. Solutions1. Partnership dissolves under IRC Section 7082. Partnership completes e...
04/23/2008
IRC Section 1033 - Involuntary Conversions of Property IRC §1033i. Non-recognition of gain when exchange proceeds are reinvested in property thatis similar or related in service or use to the property involuntarily converted1. Section 1033A - Property loss or destruction, such as earthquakesa. Re...
04/23/2008
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Excluded Propertyi. Property held for personal purposes, such as homes, automobiles, or boatsii. Cashiii. Stock in trade or other property held primarily for sale, such as inventory, rawmaterials, and real estate held by dealersiv. Stocks, bonds, or notes, or other securities, or evidences of ind...
04/21/2008
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Holding Periodi. Exchanges between unrelated parties - Holding requirements are not clearlydefinedii. Exchanges between related parties require a minimum holding period of twoyears1. Related parties includea. Family members (spouses, siblings, parents, and children, but notcousins, uncles, aunts,...
04/21/2008
Deferring 100% of the GainA. Acquire a replacement property that is equal to or greater than the value of therelinquished propertyB. Reinvest all of the net equity from the relinquished property in the replacementproperty andC. Acquire debt on the replacement property that is equal to or greater ...
04/21/2008
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Completing a Partial ExchangeA. The receipt of any excess cash, net reduction in replacement property debt, netreduction in replacement property value, excluded property, and/or non-like-kindproperty by the taxpayer in the exchange is taxable and termed boot IRC §1031(b)i. The receipt of excess c...
04/21/2008
An Invitation to discuss 1031 Exchanges in Bakersfield CA, Seating still availableAn Invitation to discuss Section 1031 Tax-Deferred ExchangesandAnnual Property Operating Data System This is an intermediate level discussion on Section 1031 Tax-Deferred Like-Kind Exchange transactions. Focusing o...
04/21/2008
Get your Exeter 1031 Exchange Services BrochureAre you looking for more information on 1031 Exchanges and Exeter 1031 Exchange services? This informative brochure explains why Exeter 1031 Exchange Services, LLC is your ideal partner for forward, reverse and build-to-suit 1031 exchange transactio...
04/20/2008