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1031 Exchange
Under Section 1031 of the United States Internal Revenue Code (), a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange. In 1979, this treatment was expanded by the courts to include non-simultaneous sale and purchase of real estate, a process sometimes called a ''Starker exchange''. Before 2018, a wide array of property was covered by the deferment provisions of Section 1031. The Tax Cuts and Jobs Act of 2017 repealed Section 1031 for all types of property except real property. Summary To qualify for Section 1031 of the Internal Revenue Code, the properties exchanged must be held for productive use in a trade or business, or for investment. Prior to 2018, stocks, bonds, and other properties were listed as expressly excluded by Section 1031, although securitized properties were not excluded. Today, only real property is included under Section 1031. The properti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Property
Personal property is property that is movable. In common law systems, personal property may also be called chattels or personalty. In civil law (legal system), civil law systems, personal property is often called movable property or movables—any property that can be moved from one location to another. Personal property can be understood in comparison to real estate, immovable property or real property (such as land and buildings). Movable property on land (larger livestock, for example) was not automatically sold with the land, it was "personal" to the owner and moved with the owner. The word ''cattle'' is the Old Norman language, Norman variant of Old French ''chatel'', chattel, and today cheptel (derived from Latin ''capitalis'', "of the head"), which was once synonymous with general movable personal property. Classifications Personal property may be classified in a variety of ways. Intangible Intangible personal property or "intangibles" refers to personal property t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tenants In Common 1031 Exchange
Tenants in common 1031 Exchange is a form of real estate asset ownership in the United States in which two or more persons have an undivided, fractional interest in the asset, where ownership shares are not required to be equal, and where ownership interests can be inherited. Each co-owner receives an individual deed at closing for his or her undivided percentage interest in the entire property. In brief, a TIC owner has the same rights and benefits as a single owner of property. Although the TIC ownership form has been used for many years, its popularity has recently started increasing dramatically due to IRS ruling. Exchangers often have difficulty in locating and closing suitable replacement property within the 45-day identification period and the 180-day closing period. 1031 TIC exchanges can significantly reduce these risks. How a 1031 exchange is accomplished The following sequence represents the order of steps in a typical 1031 exchange. #An investor decides to sell investm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Transfer Tax
Real estate transfer tax is a tax that may be imposed by states, counties, or municipalities on the privilege of transferring real property within the jurisdiction. Rates In the USA, total transfer taxes can range between very small (for example, .01% in Colorado Colorado is a U.S. state, state in the Western United States. It is one of the Mountain states, sharing the Four Corners region with Arizona, New Mexico, and Utah. It is also bordered by Wyoming to the north, Nebraska to the northeast, Kansas ...) to relatively large (4% in the city of Pittsburgh). Some U.S. states have a variety of transfer tax laws which may include specific exemptions for certain types of buyers based on buying status or income level. For example, Maryland exempts certain "first time buyers" from a percentage of the total or excludes a portion of the property's sales price from taxation altogether. Real estate transfer taxes have become controversial in some U.S. jurisdictions seeking to incr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Property
Commercial property, also called commercial real estate, investment property or income property, is real estate (buildings or land) intended to generate a Profit (economics), profit, either from capital gains or Renting, rental income. Commercial property includes Office, office buildings, medical centers, hotels, Shopping mall, malls, retail stores, Multi-family residential, multifamily housing buildings, Agricultural land, farm land, warehouses, and garages. In many U.S. states, Residential area, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes. Commercial buildings are buildings that are used for commerce, commercial purposes, and include office buildings, warehouses, and retail buildings (e.g. convenience stores, 'Big-box store, big box' stores, and shopping malls). In urban locations, a commercial building may Mixed-use development, combine functions, such as offices on levels 2–10, with reta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strip Mall
A strip mall, strip center, strip plaza or simply plaza is a type of shopping mall, shopping center common in North America and Australia where the stores are arranged in a row, with a footpath in front. Strip malls are typically developed as a unit and have large parking lots in front. Many of them face major traffic arterial road, arterials and tend to be self-contained with few pedestrian connections to surrounding neighborhoods. Smaller strip malls may be called mini-malls, while larger ones may be called Power center (retail), power centers or ''big box centers''. In 2013, ''The New York Times'' reported that the United States had 65,840 strip malls. In 2020, ''The Wall Street Journal'' wrote that in the United States, despite the continuing retail apocalypse that started in around 2010, investments and visitor numbers were increasing to strip malls. In 2024 the number of strip malls in the United States had grown to more than 68,000 nationwide. In the United Kingdom and Ire ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Certified Public Accountant
Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. It is generally equivalent to the title of chartered accountant in other English-speaking countries. In the United States, the CPA is a license to provide accounting services to the public. It is awarded by each of the 50 states for practice in that state. Additionally, all states except Hawaii have passed mobility laws to allow CPAs from other states to practice in their state. State licensing requirements vary, but the minimum standard requirements include passing the Uniform Certified Public Accountant Examination, 150 semester units of college education, and one year of accounting-related experience. Continuing professional education (CPE) is also required to maintain licensure. Individuals who have been awarded the CPA but have lapsed in the fulfillment of the required CPE or who have requested conversion to inactive status are in many states permitte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Attorneys In The United States
An attorney at law (or counsellor-at-law) in the United States is a practitioner in a court of law who is legally qualified to prosecute and defend actions in court on the retainer of clients. As of January 1, 2024, there were 1,322,649 active lawyers in the United States. In terms of absolute numbers, the American legal profession was the largest in the world as of 2015, and it is thought to be the largest in the world in proportion to domestic population. A 2012 survey conducted by LexisNexis Martindale-Hubbell determined 58 million consumers in the U.S. sought an attorney in the last year and that 76 percent of consumers used the Internet to search for an attorney. The United States legal system does not draw a distinction between lawyers who plead in court and those who do not, unlike some other common law jurisdictions. For example, jurisdictions in the United Kingdom distinguish between solicitors, who do not plead in court, and barristers, who do. Likewise, civil law jur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enrolled Agent
In the United States of America, an Enrolled Agent (EA) is a tax advisor, specifically a federally authorized tax practitioner who, after passing a 3-part Special Enrollment Examination, has been licensed and empowered by the Internal Revenue Service, a division of the United States Department of the Treasury. Enrolled Agents, acting as attorneys-in-fact, may represent taxpayers before the Internal Revenue Service (IRS) for any and all tax matters. This is in addition to providing traditional tax preparation, filing, and transmittal services. Enrolled Agent status is the highest credential awarded by the IRS. According to the National Association of Enrolled Agents, there are approximately 87,000 practicing EAs in the United States. An active Enrolled Agent listing can be obtained from the IRS website. The agency updates this list twice a year, usually in the months of March and September. History The position of Enrolled Agent was created as a reaction to fraudulent war loss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Structured Sale
A structured sale or structured installment sale, is a special type of installment sale pursuant to the Internal Revenue Code. In an installment sale, the seller defers recognition of gain on the sale of a business or real estate to the tax year in which the related sale proceeds are received. In a structured sale, the seller is able to pay U.S. Federal income tax over time while having the seller's right to receive those payments guaranteed by a high credit quality alternate obligor. This obligor assumes the buyer's periodic payment obligation. Transactions can be arranged for amounts as small as $100,000. To fund its future payment obligation, the assignment company then purchases an annuity from a life insurance company, United States treasuries via a trust or other financial instrument. Case law and administrative precedents support recognition of the original contract terms after a substitution of obligors. In addition, proper handling of the transaction will help the parti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Delaware Statutory Trust
A Delaware statutory trust (DST) is a legally recognized trust that is set up for the purpose of business, but not necessarily in the U.S. state of Delaware. It may also be referred to as an Unincorporated Business Trust or UBO. Delaware statutory trusts are formed as private governing agreements under which either (1) property (real, tangible and intangible) is held, managed, administered, invested and/or operated; or (2) business or professional activities for profit are carried on by one or more trustees for the benefit of the trustor entitled to a beneficial interest in the trust property. DST Investments are offered as replacement property foaccredited investorsseeking to defer their capital gains taxes through the use of a 1031 tax deferred exchange and as straight cash investments for those wishing to diversify their real estate holdings. The DST property ownership structure allows the smaller investor to own a fractional interest in large, institutional quality and pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
