Source : http://firstexchange.com/January2013Newsletter There has been some question as to whether taxpayers could use a §1031 exchange to defer the new 3.8% tax on investment income. The IRS has issued proposed regulations that answer the question with a resounding “Yes”. The new tax is an additional 3.8% tax on “unearned income” which is generally defined…
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There is a bit of confusion surrounding the 1031 tax exchange when the property is owned by more than one individual, specifically around the time they begin considering an exit strategy. The question sometimes arises after the relinquished property has already entered escrow, which poses problems because there isn’t much the parties can do when…
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