by William Horan | Mar 1, 2016 | Realty Exchange Corporation
A 1031 exchange reinvests in replacement property. A tax payer does not recognize the capitol gain on their tax return and avoids the 3.8% Net Investment Income (NII) Tax. Recently the IRS distributed IRS Tax Tip 2016-28 which helps taxpayers determine if they must...
by William Horan | Feb 25, 2016 | Realty Exchange Corporation
The national Federation of Exchange Accommodators (FEA), ‘The Voice of the 1031 Industry’, has published a brochure that provides taxpayers with those areas of concern in which they should determine in advance a QI firm qualifications and experience. The brochure...
by William Horan | Feb 9, 2016 | Realty Exchange Corporation, Tax Reform, Treasury
President’s 2017 budget limits more 1031 exchanges The President’s 2017 budget proposes the capital gain deferred on 1031 exchanges of all property be limited to one million dollars, per taxpayer, per year, effective at the end of 2016. This change is a dramatic...
by William Horan | Jan 23, 2016 | Federal Law, ID and Exchange Period, Realty Exchange Corporation
1031 Exchangers should anticipate settlement delays with some delays caused by the new TRID Closing Procedures. A recent NAR survey of real estate agents found nearly one-third of all transactions encounter a delay of some sort. The majority of the delays were from...
by William Horan | Jan 21, 2016 | Realty Exchange Corporation
A 1031 exchange is reported on IRS form 8824 The IRS has requested comments on IRS Form 8824, ‘Like-Kind Exchanges’, be submitted to them prior to March 21, 2016. The Form 8824 is used by all taxpayers completing an IRC Section 1031 exchange to report the exchange of...
by William Horan | Jan 13, 2016 | Realty Exchange Corporation
Residential Landlord use of Bonus Depreciation A residential landlord should understand and use this tax benefit. To avoid a government shutdown the Congress passed in December 2015 what is commonly called the “extenders bill’ – Protecting Americans from Tax...
