updated May 2020 Disaster Relief has changed. Be sure to read the most current Disaster Relief information Rev. Proc. 2018-58 here. November 2012 DISASTER RELIEF – QUALIFYING FOR TAX EXTENSIONS From time to time we are asked “Can I have more than the specified 180...
There are countless myths and misconceptions about 1031 exchanges. What follows are a few of the myths heard over and over again in our offices. Here we attempt to set the record straight. For Myths 1-3, see Common 1031 Myths – Part I Myth #4 – You don’t need an...
There are countless myths and misconceptions about 1031 exchanges. What follows are a few of the myths heard over and over again in our offices. Here we attempt to set the record straight. Myth #1 – To do an exchange you have to buy equal or up! – False Or, sometimes...
To preserve the full tax-deferred benefit of a 1031 Exchange, it’s crucial to set up the exchange with your Qualified Intermediary before any closing or transfer of property. Ideally, contact IPX1031 before or right after you enter into a sales agreement or open...
There are several types of oil, gas and mineral rights (hereinafter collectively referred to as “minerals”). A mineral estate is the perpetual interest in all the minerals in or on the land. The mineral rights can be sold as a whole (separate from the fee interest)...
updated May 2020 Mind Reading 101: How the IRS Gets into Your Head to Determine if Your Sale Qualifies for Tax Deferral Most owners of real estate will tell you that if they bought a property for $75,000 and sold it a month or two later for $100,000, that it was a...
