You can swap real estate and other assets tax free. It’s called a tax deferred like kind exchange under Code Section 1031. 1031 provides mandatory nontaxable exchange treatment if the requirements of the statute are satisfied: (1) The form of the transaction is a sale or exchange; (2) Both the property transferred and the…
An increasing portion of wealth is structured to be held in trusts. Trusts hold an array of assets, including investments which might be subject to the passive loss limitations (e.g., losses from an equipment leasing or real estate rental LLC). Can the trust deduct those losses? A court said yes, the IRS recently said no,…
The housing market collapse affects more than the stock market. A host of tax issues are raised for homeowners, and different techniques are called for to sell a house in a buyer’s market. Many homeowners leveraged their purchases with the maximum debt possible to get the largest McMansion possible. Often, as home values…
When Should You Update Your Will? Careful What You Read: No shortage of newsletters in your mailbox or inbox, but can you really rely on what you read? A recent newsletter we received from a financial planner identified 6 reasons to update your will. Let’s review it. The newsletter advises you to revise your will…