It is safe to assume that real estate owners and investors are interested in reducing and/or deferring their taxes. Cost segregation studies and 1031 Exchanges are two of the most valuable tax strategies available to real estate owners today. By utilizing a strategy...
As we all know, Section 1031 was preserved in the 2017 Tax Cut and Jobs Act (JCTA), but only for real property assets. Personal property assets, such as machinery, equipment, vehicles, rolling stock, aircraft, collectibles and artwork, no longer qualify for...
What is tax basis? The term “basis” is the cost of a property for tax purposes. When a property is initially purchased, its basis is the price paid for the property plus acquisition costs; often this is referred to as the “purchase money basis”. Over the time the...
A partnership continues to exist until it is terminated. Before the Job Cuts and Tax Act, there were two ways that a partnership could be terminated. First, if no part of the business was carried on by any of its partners and second, if there was a transfer of 50% or...
Tax Reform is behind us and we are happy to report that Section 1031 remains in the Tax Code. Now that investors and businesses have seen the details of the tax legislation, interest in structuring real estate transactions as 1031 tax deferred exchanges has seen great...
2017 was another record year for 1031 exchanges. Tax reform spurred movement in the industry and the new law will greatly impact real estate and Section 1031. As we start this new year, here are some of the issues that will affect real estate and 1031 tax deferred...
