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Before you sell property, it may be a good idea to talk with your CPA or tax preparer about two critical points:  (1)  What is your *adjusted basis* in the property that may be sold off?  NOTE: If you 1031 exchanged into this property, your basis will be lower than your *cost*, because of the def...

Normally, the federal filling deadline falls on April 15, unless it happens to be on a Saturday, Sunday or a federal holiday.  The reason for this is because IRC Section 6072(a) imposes the deadline of April 15 for filing income tax returns. See also IRC Section 7503. This year, however, there is...

IRC § 1031(a)(2)(D), was enacted as a part of the Tax Reform Act of 1984 to exclude partnership interests as eligible 1031 exchange property.  Many limited liability companies are taxed as partnerships; so combined there are many owners who may be wondering how to most efficiently sell their inte...

1031 exchanges of intangible personal property used in trade or business are becoming more and more popular.  Owners of unusual property types are asking themselves ‘how can I sell property without unnecessarily triggering taxes’. Is this Intangible Business Property?  As an aside, IRC Section 19...

Deferred Sales Trust Passport to Tax Deferral  There are many people who are subject to US capital gains taxes on the sale of their foreign property.  These folks may be surprised to discover that the US government collects taxes on income from many sources.  This is true, even if the income is d...

Is There a Tax Efficient Way to Sell Foreign Currency?  Many people may be holding foreign currency that has or will (hopefully) appreciate in value.  These folks may be wondering how to lessen the amount of taxes that they will have to pay when they convert their foreign currency for a profit or...