Updated June 1, 2021 A Potential Retroactive Hike on Capital Gains Tax Rates? On May 28th, 2021, the United States Department of the Treasury published the “Greenbook” for the Biden Administration Budget Plan. The Treasury Greenbook is a summary explanation of an Administration’s Revenue Proposals for the upcoming fiscal year and beyond. The 2022 Greenbook
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By: Legal 1031 Exchange Services, LLC Todd R. Pajonas, Esq., President James T. Walther, Esq., LL.M., General Counsel Over the past year, there has been growing speculation regarding the potential tax policies of a Biden Administration and how those policies might affect real estate. After President Biden’s address to Congress on April 28, 2021,
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Updated June 3, 2021 Over the past year, there has been growing speculation regarding the potential tax policies of a Biden White House and how they may affect real estate. President Biden’s address to Congress on April 28, 2021, made it clear that his proposed tax policies would have a major effect on real estate
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1031 EXCHANGE NEWS ALERT: PLR 202053007 THE IRS APPROVES NON-RECOGNITION TREATMENT FOR A SERIES OF RELATED PARTY EXCHANGE TRANSACTIONS By: James T. Walther, Esq., LL.M., General Counsel, Legal 1031 Exchange Services, LLC Recently, the IRS published PLR 202053007 (December 31, 2020) in which they agreed that based on facts provided by the taxpayer(s), a
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1031 EXCHANGE NEWS: It’s Baaack – Pennsylvania Reintroduces the Small Business Tax Reform Package for the 2021-22 Legislative Session By: James T. Walther, Esq., LL.M., General Counsel, Legal 1031 Exchange Services, LLC Third time is a charm! This is an update to two previous blogs about the Pennsylvania legislature’s ongoing efforts to recognize IRC
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Most real estate investors feel strongly that 1031 exchanges remain a target for repeal or limitation. By Todd R. Pajonas, Esq. President Joe Biden’s election has renewed the discussion as to whether 1031 tax deferred exchanges are once again in danger of being repealed or modified to limit its tax benefits. Most supporters of 1031
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1031 EXCHANGE UPDATE: TAX RELIEF FOR TEXAS THE IRS ISSUES DISASTER RELIEF FOR TAXPAYERS AFFECTED BY SEVERE WINTER STORMS IN TEXAS By: James T. Walther, Esq., LL.M., General Counsel, Legal 1031 Exchange Services, LLC As you may be aware, the state of Texas was recently declared a FEMA disaster area due to the impact
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Many investors selling real estate or other high value investments are often surprised to find out that their tax liability could be subject to an extra 3.8% Surtax in addition to the applicable short-term or long-term capital gains tax rates. The Net Investment Income Tax (“NIIT”) or Medicare Tax is a 3.8% Surtax imposed by
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By: James T. Walther, Esq., LL.M.; David J. Feeser, Esq.; Todd R. Pajonas, Esq. If you are an attorney, or accountant, or a commercial real estate professional, you may have heard that the IRS recently issued final regulations defining “real property” for the purpose of IRC §1031 exchanges. This Update is a brief overview into
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IRC Section 1031 requires that taxpayers acquire all replacement property by the earlier of 180 days from the sale of the relinquished property or the Federal tax return due date for the year in which the exchange commenced. Therefore, taxpayers with exchange transactions commencing in the 4th quarter of the calendar year, specifically those starting
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