Real estate investors and professionals take note: as a seller subject to California’s income tax laws, the California legislature instituted reporting requirements for parties you exchange California property under IRC Section 1031 for non-California replacement property. California … View more >>
At the end of 2015, new provisions that resulted in significant changes to the Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) rules regarding federal income taxes for foreign investors owning United State real estate … View more >>
IRS Code §1031 clearly states that for a property to qualify as a tax deferred exchange during a transaction, it must be “held for investment.” There wide interpretation of the clause “held for investment” among tax professionals … View more >>
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