by William Horan | Sep 13, 2013 | Reporting, Tax Impact
While there was much discussion in the media over tax rates for 2013, the Alternate Minimum Tax (AMT) exemption for 2012 was still to be resolved. Fortunately the last minute ‘fiscal cliff bill’ tackled the AMT exemption, making it permanent and tied to inflation....
by William Horan | Aug 26, 2013 | Federal Law, State Law
Connecticut passes a QI law impacting qualified intermediaries. The law goes in effect October 1, 2013. More info and detials here https://www.1031.us/connecticut-passes-qi-law/
by William Horan | Oct 13, 2012 | Tax Impact
1031 Exchange Strategy An individual can do a 1031 exchange and reduce the 3.8% Medicare tax. A lot has been written on the impact of the 3.8% surtax on the “unearned income” of high income taxpayers. It is neither a real estate sales nor a transfer tax. If you sell...
by William Horan | Jul 2, 2012 | Reporting
Reporting a loss in a 1031 exchange. To avoid paying a large tax on recaptured depreciation, many qualified taxpayers do a 1031 exchange when they have a loss. Usually due to a low adjusted basis resulting from taking a lot of depreciation. The question is, how do...
by William Horan | Jun 10, 2012 | Tax Impact
For a number of years efforts have been made to get real property owners exempt from the registration requirement of the Nationwide Mortgage Licensing System and Registry. The new Virginia law HB572 does the job. It exempts “persons who make loans or extend credit for...
