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1031 Exchange: Taxpayer plan to divorce. They both agree to
1031 Exchange:Taxpayer plan to divorce. They both agree to split commercial real estate 50 and 50. This property is under his soon to be Ex wife name only. If the divorce settlement split this 50 and … read more
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I was going over some of the rules for the 1031, and we didnt understand this part.- 200% Rule: Identification of any number of properties wherein the combined FMV (fair market value) does not exceed … read more
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My sister and I own properties together in three different
My sister and I own properties together in three different LLCS (50/50). We want to transfer Property A to LLC B (the property is in LLC A at the monet). Are there any tax liabilities associated with … read more
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I did a 1031 exchange of property held by a partnership of California property to multiple Texas properties. I want to set up new LLC's for each property. Do I recognize a gain on this transfer or doe… read more
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My father died in 2006 and my mother died in 2007. They had
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When my ex-wife and I divorced 23 years ago, the Judgments
When my ex-wife and I divorced 23 years ago, the Judgments said that we should split our two rental properties, but we did not. My ex-wife had been collecting all the rents from both properties for th… read more
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Hi I have 2 issues..... I have a client with a limited partnership,
Hi I have 2 issues..... I have a client with a limited partnership, that is a rental property. Just for this year only 1 partner did not get any of the income (rents) only 1 partner received them. For… read more
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I need help in sorting out whether this is a taxable event
I need help in sorting out whether this is a taxable event and how to handle the transactions that transpired. Below is the circumstance: 1) Six individuals transferred land with a mortgage to a LLC. … read more
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I own an interest in an LLC that is stagnating. Id prefer
I own an interest in an LLC that is stagnating. I'd prefer to dispose of my interest and take the tax losses. How can I return the interest to the LLC and take the tax losses?… read more
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My Judgment was filed July, 2007. In 2000 my X and I ...
My Judgment was filed July, 2007. In 2000 my X and I purchased a commercial property. We owned equally. The downpayment was a 1031 Exchange from a home that was my separate property. In 2000 the tax r… read more
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Whats the best way to transfer real estate to relatives while I'm still living and what are the tax issues related to such a transfer?… read more
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My father in law passed away 2 years ago. One year later, a 706 was filed and 1040 was filed for my mother in law to step up her tax basis in the apt to the date of death property value. The date of d… read more
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Our mother's house and acreage were placed in a trust for my sisters and I in 1993. Our mother had use of the property until two years ago when she went to a nursing home. Our mother's attorney tells … read more
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My husband and sister-in-law are the only two children of deceased parents. The last died in July, 2001. The house was quit-claim deeded to the two children in May, 2001, with no value determined beyo… read more
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if my husband and i divorce and do not sell our home
If my husband and I divorce and do not sell our home and keep it in both of our names, what are the tax consequences when we sell it? Can we each use the $250,000 capital gains exclusion on our 50% of… read more
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My brother and I own a piece of realesate 40/60, ...
My brother and I own a piece of realesate 40/60, respectively. He is going to sell his 40% interest to me. I would like to avoid a property tax reassessment and he would like to do a 1031 exchange (we… read more
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