Like-Kind exchanges, more commonly known as 1031 exchanges, have long been used to defer taxes when “trading” assets. Melissa Chauvin provides an update and can help you with rule changes made to like-kind (1031) exchanges. Tax deferrals with like-kind (1031) exchanges had been available for use on vehicles, equipment and real property. With the passing […]
Question: I took advantage of the increased lifetime exemption amount but heard that it will revert back to a lower amount – now what? Answer: Under the Tax Cuts and Jobs Act (TCJA) passed at the end of 2017, the basic exclusion for estate and gift tax was increased to $10 million, indexed for inflation
A Like Kind Exchange, known as a 1031…many of you with real estate know the sweet benefits offered in the program but you may have likely also heard of the many “thou shall nots!” One big one, of course, came with the Tax Cut and Jobs Act that limited all Like Kind Exchange activity to
Taxes and Trusts – Tax Manager Melissa Chauvin Outlines the Opportunities and Traps in the New Tax Law.
With the passing of the TCJA, sweeping changes were made to tax laws for various types of taxpayers. Trusts and estates were among those taxpayers affected. For income tax purposes, trusts and estates are treated similarly to individuals. Therefore, some of the changes affecting individuals also apply to trusts and estates. These changes are: •