IRS Section 1245 determines how certain types of property are taxed upon sale. Specifically, it deals with recapturing depreciation on personal property and specific kinds of real estate. When ...

Depreciation recapture taxes gains from selling depreciated property as ordinary income, reclaiming prior tax benefits. If you’re a business owner, you’ve probably bought at least some property to use ...

I’m in the specialty tax business, and I get calls on a daily basis from CPAs and real estate owners who are concerned that the reallocation of tax basis to “personal property” as part of a cost ...

Gain from a couple’s disposition of agricultural property could not be deferred, even though the property was relinquished in a like-kind exchange that was properly executed, the Tax Court held. The ...

It has been a while since we did a post on Section 1031 exchanges. Tax Reform eliminated the ability for using a tax-deferred exchange on personal property. For farmers in states without an income tax ...

Under the Tax Cut and Jobs Act, the benefits of combining cost segregation and Section 1031 exchanges have become an even more important tax strategy for real estate investors. With the recently ...