Newsletters

The 1031 Exchange: A Powerful Tool for Deferring Taxes

Sec. 1031 exchange activity has picked up considerably in recent years, as real estate sellers facing significant capital gains look for opportunities to soften the tax blow. By exchanging real property for other real property of “like kind,” owners can defer capital gains taxes until the replacement property is sold. The benefits of an exchange are substantial, because an outright sale of appreciated property can potentially trigger four levels of taxation: Federal income tax of 15% or 20%, depending on one’s tax bracket 25% tax on “recapture” of previous depreciation…

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Disaster Victims Qualify for Tax Relief

IRS has announced on its website that victims of severe storms and flooding in counties designated as federal disaster areas qualifying for individual assistance have more time to make tax payments and file returns. Certain other time-sensitive acts also are postponed. This article summarizes the relief that’s available and disaster area designations and extended filing and deposit dates. Who gets relief?  Only taxpayers considered to be affected taxpayers are eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts. Affected taxpayers include: Any individual…

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Improving Real Property? Don’t Miss Out on Partial Disposition Benefits

If you’re investing capital in the improvement of a building or other real estate, there’s a good chance that the project will involve demolishing and/or removing some of the property. If that’s the case, it’s important to make a “partial disposition election” early in the project to preserve valuable tax benefits. This election is easily overlooked, especially when demolition or removal occurs at or near the beginning of a multi-month or multi-year project. But failure to make the election on a timely basis can lead to the loss of these…

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Tax Filing Reminders

September 16th 2019 calendar-year corporations third installment of estimated income tax 2019 individual and trust third installment of estimated income tax 2018 calendar-year S corporation income tax return (Form 1120S) on extension 2018 calendar-year partnership income tax return (Form 1065) on extension October 1st 2018 estate and trust income tax return (Form 1041) on extension October 15th 2018 calendar-year C corporation income tax return (Form 1120) on extension 2018 individual income tax return (Form 1040) on extension 2018 gift tax return (Form 709) on extension

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