Rarely do the interests of small businesses owners and a broad range of local entrepreneurs agree with almost a century of federal income tax policy – especially when it results in billions of dollars in taxes being paid.
The new tax bill unveiled today by House Republicans proposes to repeal like-kind exchanges for personal property. In its place, the bill provides for 100% expensing of property, however this provision is only temporary, sun-setting after five years. 100% expensing may be extended, as other unrelated provisions have in the past, but the uncertainty makes long-term planning difficult for businesses.
With so many weather-related natural disasters occurring with seemingly increasing frequency, let’s take a look at how such disasters affect persons seeking to complete exchange transactions. While the safe harbor timelines for conventional forward exchanges and for reverse exchanges are strictly enforced, there is some relief afforded in the event of a federally declared disaster in the form of time granted. The applicability of a particular federally declared disaster can be found on the IRS website, which provides news releases covering disaster events.
United States tax code sections 1031 and 1033 are sometimes confused by taxpayers as they are similar, not only in section number, but in that they were both created to provide for tax deferral of depreciation recapture and capital gains on the sale of property, but that's where their similarity ends. Sections 1031 and 1033 differ materially in:
Accruit is proud to help underwrite The Succeeds Prize, which tonight will recognize and reward educators doing extraordinary work across Colorado with more than $100,000 in cash prizes. The Succeeds Prize is a partnership between Colorado Succeeds and 9NEWS/KUSA. and tonight's inaugural event will be co-hosted by Colorado Governor John Hickenlooper and Lt. Governor Donna Lynne. Accruit CEO Brent Abrahm is co-chair of the Colorado Succeeds Board of Directors
In this episode of The Commercial Real Estate Show, Michael Bull speaks with a panel of experts about tax reform and the likelihood of repeal of 1031 like-kind exchanges from the tax code. Michael is joined by:
We're looking forward to joining other Federation of Exchange Accommodator (FEA) members in San Diego to discuss issues relevant to like-kind exchanges and the 1031 industry at the FEA's annual conference from September 13-15.