The deferred like-kind exchange

Article Abstract:

An exchange of property can be conducted so that no taxation of the transaction is applied immediately. The Internal Revenue Code has a Section 1031 that defines the terms of the exchange, the use of the property and that an exchange must occur. Additional requirements include a written contract defining the exchange and specific identification and receipt rules governing the exchanged property.

Like-kind exchanges

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Rental losses and the real estate professional

Article Abstract:

Internal Revenue Code Section 469(c)(7) allows real estate taxpayers to offset rental losses against active income. The taxpayer must be a real estate professional and be actively involved with the rental property in question. Closely held C and personal service corporations, individuals, trusts, and estates are still liable for passive activity loss limits under the Tax Reform Act of 1986.

Tax deductions, Real property tax, Real property taxes

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The taxation of takings

Article Abstract:

It is advisable for taxpayers to structure condemnation awards so the gain is deferred, according to the Internal Revenue Code's rule 1033. Taxpayers should be cautious when determining whether the involuntary conversion provides a tax gain or a tax loss. There are numerous factors to consider, such as the use of the condemned property.

United States, Taxation, Economic aspects, Real estate industry, Involuntary conversion

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