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Deferring Capital Gains Tax on Sale of Farm and Agricultural Property Via 1031 Exchange Requires Advance Planning

Deferring Capital Gains

Because farmers contemplating retirement have often owned their properties for several decades, their adjusted tax basis in their farm property is often quite low.  Using a 1031 exchange of like-kind property can indefinitely defer the tax if the investment property is held until death.  Like-kind property does not have to be another farm.  The IRS like-kind definition includes any real […]

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Landlords: Benefits of Creating a Rental Property LLC


Whether you own one or multiple rental properties, creating the Limited Liability Company (LLC) business structure for your rental property brings three main benefits. Personal Liability Protection Without an LLC, the owner’s personal assets are at risk if you are sued relating to an issue with your rental property.  With an LLC structure, only the assets owned by the LLC […]

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Constructive Receipt and the Validity of Your 1031 Exchange

Constructive Receipt

An investor wanting to defer capital gains associated with the sale of business or investment real estate, will plan to take advantage of an IRC Section 1031 exchange of like-kind property.  In the forward-delayed exchange, the most commonly used 1031 exchange, the sale proceeds from the relinquished property must not be received either actually or constructively by the seller (exchanger). […]

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Exchange Expense:  How to Keep a 1031 Completely Tax-Deferred

Tax Deferred 1031 Exchanges

In order for an investor to have a completely tax-deferred 1031 exchange, he must use all of the cash from the sale of the relinquished property.  Many of the sale-related expenses and certain replacement property purchase costs can be paid with exchange funds without creating a tax liability.  Non-exchange expenses require payment with the investor’s own funds. Non-Allowable Expenses and […]

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IRS 2017 Tax Calendar – Important Dates

2017 Tax Calendar offers a great resource with important tax deadlines for the 2017 calendar year: 2017 Tax Deadlines for 2016 Returns. Here you can find specific due dates for estimated tax payments, partnership returns, trust and estate income tax returns, and more. This is not a full, comprehensive list of tax dates, but does include important deadlines that apply to individuals and […]

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Buying a Home With Cash: Important Steps in the Process

home with cash

An increasing number of people have been choosing to pay cash for a first or second residence after analyzing benefits such as current low return on investments, closing cost savings, and seller’s willingness to discount a property to a cash buyer.  However, even in the absence of lender requirements, taking several steps when buying a home with cash is prudent.  […]

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Section 8 Housing: Pros and Cons for Your Rental Property

Section 8 Housing

Section 8 is a federal program that provides rent and utilities assistance to low income families. Currently, these families pay no more than 30% of their adjusted monthly income for rent and utilities. If a rental property owner meets thirteen (13) federal housing (HUD) quality standards, which are in most cases reasonable to meet, that owner may choose to accept […]

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Independent Contractor Versus an Employee: A Brief Overview of Expense Deductions

Employee-Independant Contractor

For career purposes, someone considering whether to work as an independent contractor or as an employee faces many considerations–financial and other. One of the financial factors is the tax strategy. Business expenses of an independent contractor including start-up costs are deducted directly (“above-the-line”) from the Schedule C business income; whereas, business expenses (in most cases) of an employee are deducted […]

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Obtaining Long-term Capital Gains Treatment for Development Property


To maximize the after-tax gain on a real estate development transaction, the investor/developer is greatly incentivized to obtain long-term capital gains treatment where the highest federal capital gains rate of tax is 20% compared with the top ordinary income rate of up to 40%. The Internal Revenue Code (IRC) provides that long-term capital gain treatment applies to a gain from […]

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Annual Estate Planning Seminar (2016)

2016 Estate Planning Seminar | Layman & Nichols, PC

Presented By Layman & Nichols, P.C. and VMRC Foundation We hope to see you at the Estate Planning Seminar! Saturday, November 5, 2016 9:00am to 12:00pm Detwiler Auditorium Virginia Mennonite Retirement Community 1501 Virginia Avenue, Harrisonburg, VA 22802 Topics covered include: Estate Planning Update for 2016 Elder Law Update Estate and Gift Tax Development Concerns About Using “Online Wills” Reminder About Beneficiary […]

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