property
Section 1031 Like-Kind Exchanges – Why it Pays to Follow the Rules
A taxpayer will generally recognize gain or loss upon the sale or exchange of property. However, gain or loss is not recognized under IRC §1031 on an exchange of property if: • the taxpayer exchanges property held for productive use in … read more
How to Respond to a Nexus Questionnaire
In the current economic landscape, more and more states are feeling the budget crunch. In an effort to raise revenues, states are sending out nexus questionnaires to out-of-state businesses. A taxpayer needs to be careful how to respond to these … read more
Step Up (or Down) in Basis
If someone sells an investment or other property, the gain or loss on the sale is determined by comparing the sales proceeds with the basis. What is “Basis”? The answer depends on how the seller acquired the property. The original … read more
Valuing Charitable Contributions of Property
It is especially important in tough economic times like these that we help others. One great way to help is to contribute property that you no longer need or use to a qualified charitable organization. Generally, the amount of the … read more
Ten Tips for Deducting Casualty and Theft Losses
Everyday the world is changing around us, and while some experience fame, fortune, happiness, or success, others may experience difficulty, sorrow, despair, and losses. Taxpayers who find themselves a victim of theft or natural disasters should know that there are … read more
Cost Segregation Can Generate Extra Cash Flow
For owners of real estate, a Cost Segregation study can increase the cash flow from the property by accelerating depreciation deductions. How does it work? A Cost Segregation study is the process of analyzing the cost components of a real … read more
Get the Most from your Charitable Donations
As the year winds down and the holidays near, we find more opportunities to donate to charities. You can deduct your charitable donations on your individual income tax return if you itemize your deductions using Schedule A, however, be aware … read more