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
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
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
Selling a property is a significant decision that involves numerous considerations for both the buyer and the seller. While the traditional method of immediate payment is prevalent, some sellers opt for more flexible arrangements. One such option gaining popularity is
A large number, if not the majority of our clients at InSight come to us looking for ways to mitigate their tax liability. While a CPA will find backward-looking ways to lower your tax liability, our clients are working to
Key points in this article: The effects of rising home prices on Real Estate Agents tax liabilities Long-term methods for reducing your overall tax exposure Compensation alternatives that save on taxes We have been meeting with several real estate professionals.
The three takeaways in this article: What you can expect regarding the Increase Capital Gains Rate How Estate Planning & Gifting will change next year How to use Tax Credits for parents and children While I was out to lunch
