We have again published the complete IRS Form 8824 Workbook by Ed Horan titled "Reporting the Like-Kind Exchange of Real Estate Using IRS Form 8824." The workbook is written and made available because Form 8824 itself is very complicated and uses unfamiliar terms. The 8824 Workbook for 2018 returns is now available free on our web site. Also, … [Read more...]
VA Conformity for 1031 Exchanges
The TCJA was enacted in December of 2017. Some states have not changed their ‘date of conformity’ to conform to the provisions of the federal Tax Cut and Jos Act (TCJA). Personal property can no longer be exchanged under federal law, 1031 exchanges are limited to real property. Virginia’s ‘date of conformity’ with the federal Internal Revenue … [Read more...]
Tax Case: Don’t mess with the IRS
A California realtor learns not to mess with the IRS. Taxpayer did an exchange of her relinquished two rental properties but acquired a residence as replacement property and used it as her principal residence. She obtained an owner-occupied loan on the replacement and falsely reported the primary residence as a rental property and falsely … [Read more...]
Repeal of Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) Proposed
Foreign investors can take advantage of the 1031 exchange process; however, the process is confusing and overly burdensome. (We have been involved with several FIRPTA 1031 exchanges.) The Real Estate Investment and Jobs Act has been introduced to eliminate FIRPTA. During the tax reform process, many organizations endorsed FIRPTA repeal in joint … [Read more...]
Forecast
After surviving the generational downturn, we have recovered. We are watching the news and trends as you are, and we know we are due for some correction. Therefore, we are forecasting a slower pace of growth for 2019. We are closely tracking our metrics to give us clues to the future, but we see the fundamentals in the Mid-Atlantic are strong. … [Read more...]
