It is a basic principle of the income tax that the gain or loss realized by a taxpayer from the conversion of property into cash, or from the exchange of property for other property that differs materially in kind from the...more
As a result of the severe winter storms, flooding and mud slides that began in California on January 8, 2023, on January 10, 2023, the IRS issued an initial extension of the 45- and 180-day deadlines for IRC §1031 exchange...more
As a result of the severe winter storms, flooding and mud slides that began in California on January 8, 2023, the IRS has issued an extension of the 45- and 180-day deadlines for IRC §1031 exchange transactions. ...more
To avoid the manipulation of tax consequences to which transactions between certain related taxpayers may be susceptible, the IRS and the Courts generally require that such transactions be closely scrutinized to ensure that...more
A like-kind exchange occurs when a property owner exchanges his/her property for a property of a similar kind. More technically, the property owner sells his/her property and instead of keeping the proceeds from the...more
Go After Real Estate? During the 2020 presidential campaign, there was one segment of the “rich” for which then-candidate Biden seemed to have reserved some of his harshest criticism – wealthy real estate investors....more
The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more