A 1031 exchange or Like kind exchange is defined by section 1031 of the Internal Revenue Code or the IRC. According to IRC if an asset, most often some form of real estate such as land or building is sold and the proceeds of the sale are re-invested in a similar asset then there is … Read more
Section 1031 of the Internal Revenue Code (IRC) defines the 1031 exchange. 1031 exchange also known as Like kind exchange specifies that if an asset that is most often a land or a building, is sold and the proceeds of the sale are then reinvested in a similar type of asset then there is no … Read more
The 1031 exchange is a great instrument for property owners who wish to defer their capital gains tax. However, not all states treat 1031 exchanges equally. California regulations stipulate that any appreciation in property value accrued in California is subject to their state taxes, regardless of whether or not that property was exchanged for … Read more
Taxes… Say that word and many people will start to groan when they hear it …and with good reason. To begin with, paying annual taxes is usually a financial burden for most people. Each time you review your paycheck, you might feel cheated or abused, considering the federal income tax withholding amounts (let’s not even … Read more
Everyone with a traditional IRA should be looking into whether converting to a Roth IRA might make sense for them, because the ability to shelter future earnings from taxation is a very attractive feature of the Roth. The difficult part in doing a conversion analysis, however, is in forecasting the tax bracket that will apply … Read more