Posts Tagged ‘IRS’
So, your client is one of the lucky few who find that they own a one-of-a-kind gemstone, jewelry, or other tangible property worth hundreds of thousands of dollars. Sell it? That involves significant taxes – 28% federal capital gains taxes (scheduled to rise to 31.8% as of 2013) for property held for more than one year, as well as state…
“I want to diversify my investment portfolio and defer capital gains tax by acquiring apartment buildings in strategic growth areas while divesting from older office buildings in mature markets, and I will have to close on the new properties before I can locate a buyer for my current properties.” “I want to take immediate ownership of my new aircraft, but…
A recent ruling may signal changes for depreciation and 1031 exchanges of leased equipment. Are you prepared? The IRS is again challenging the status of leased equipment as “dual use” property where it is also available for sale or lease at the same time. Property that is considered to be held for sale is inventory and that classification means that…
