Like-kind property is defined according to its nature or characteristics, not its quality or grade. This means that there is a broad range of exchangeable real properties. Vacant land can be exchanged for a commercial building, for example, or industrial
It is almost inevitable that housing correction is coming. Most of the upswing nationally in housing prices is caused by low borrowing rates. A mortgage payment is mostly made up of three different columns 1) Principle 2) Interest 3) Other
Welcome to the exciting world of K-1 forms! Okay, let’s be honest, K-1 forms may not be the most thrilling topic, but understanding them can save you some serious tax headaches. In this blog post, we’ll break down everything you
A K-1 form is a tax document used to report income, deductions, and credits for partners in a partnership, shareholders in an S-corporation, or members of a limited liability company (LLC). Here are the steps to use a K-1 for
A sale followed by a purchase does not qualify as a 1031 Exchange. Rather a process of intention needs to be in place to qualify for an exchange to count for the tax benefits. The transaction must be treated as
For many, financial abuse comes long before other forms of domestic violence. It is a sly and gentle form of control that can exist from the very outset of a relationship, over develop as a form of manipulation over time.
It feels so good to write an article about something other than the virus that shall not be named. And I feel I have a better understanding of geopolitical movements and markets than I did with the nuance of microbiology.
Excess Funds The identification period of a 1031 exchange refers to the first 45-days when a taxpayer identifies property they would like to acquire as a replacement to their relinquished property. It is common for a taxpayer to identify more
Often overlooked during the divorce, and somewhat difficult to remedy after the divorce is using insurance to back up any financial agreements you come to. Alimony, child support, college tuition, and property settlements are all insurable interests you have in
It is important to remember that all goods and services inflate over time, but they don’t inflate at the same rate. Healthcare and Education have been, by far, the most inflationary elements of financial life for decades. The rising costs
The most common mistake person going through a divorce can make, is being uninformed about their joint finances before agreeing to divorce. If your spouse has always handled all of the financial decisions in your household; you may find don’t
Learn and document what you already have. First work to become familiar with what is known. List out every account that you have, its location, the current balance, if and how it’s invested, and what the liquidity situation is like.
