When you sell your interest in investment property, you may incur federal capital gains taxes and, in some states, state taxes as well. Your attorney, tax advisor, or real estate professional may suggest a tax-deferred exchange under Section 1031 of the Internal Revenue Code. A 1031 tax-deferred exchange allows you to dispose of investment properties and … Read more
The Obama Administration has proposed a 2011 federal budget intended to steer the economy toward recovery and create new sources of revenue to reduce our country’s deficit. If enacted, the tax proposals in the budget would affect individuals, businesses, and estates. Individual Provisions Perhaps the most wide-reaching provision in the budget proposal allows the maximum … Read more
UNCOMMON COMMON SENSE For People Who Think THE TRUTH WILLS OUT Amid all the Red Herrings splashed across the entire Media, the one really big and significant event, which was completely ignored by the Media, happened on Saturday 9/12: We had the first huge demonstration against being taxed to death. There were about … Read more
Understanding the tax implications of replacing or selling existing life insurance coverage will help shed some light on the options available to financial advisors and policy holders looking to capitalize on the hidden value in their life insurance plans. Policy holders need to know what the tax implications are for coverage payments in advance of … Read more
A 1031 exchange refers to Section 1.1031 of the Internal Revenue Code which was passed in 1990. Normally, when you sell all real and personal property, the tax code requires the payment of the Capital Gains Tax. That is to say, when you sell your office for 0,000 more than you bought it for, you … Read more