Real Estate

business property

What You Need To Know About a Like-Kind Exchange

July 19, 2022

A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange. A like-kind exchange is a swap of real property held for investment or for productive…

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business property

Are You Selling Business Property? Here Are Tax Issues You Should Know

May 19, 2022

What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. To simplify the discussion, let’s assume that the property you want to sell is land or depreciable property used in your business and held by you for…

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lease accounting

Extended Rehabilitation Credit Deadlines

July 30, 2020

The IRS released Notice 2020-58 which provides relief to taxpayers in satisfying the substantial rehabilitation test due to the Coronavirus pandemic. In order to qualify a building for the rehabilitation credit, projects must meet the “substantial rehabilitation test” within a 24- or 60-month period for determining whether the rehabilitation work is satisfactory. The relief allows…

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tax credit

Relief on Low-Income Housing Tax Credits

July 13, 2020

Tax relief is available to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects with exempt facility bonds, and state agencies that have jurisdiction over such projects. IRS Notice 2020-53 provides owners and operators until December 31, 2020 to perform certain time sensitive actions and requirements that were supposed…

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qualified opportunity funds

Relief for Qualified Opportunity Funds

June 9, 2020

The IRS released Notice 2020-39 which provides relief for Qualified Opportunity Funds (QOFs) and their investors due to the Coronavirus pandemic. 180-day investment requirement Taxpayers who sold property for an eligible gain and who would have had 180 days to invest in a QOF to defer that gain now have more time to do so.…

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tax deductions

Year-End Planning for the New Rules on Deductions

December 1, 2018

The sweeping Tax Cuts and Jobs Act (TCJA) makes many significant changes that will impact your year-end tax planning strategies. One of the biggest areas affected is planning for deductions. Itemizing: Will you or won’t you? When determining your year-end strategies, you first need to figure out whether itemizing will still be beneficial for you.…

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