The Impact of CA Taxation of investment property sales
California has a progressive state capital gain tax rate that ranges from 1% to 13.3% for the tax year 2021. The rate you will pay depends on your taxable income, filing status, and the…
Navigating Foreign Sellers: How FIRPTA withholding affects your 1031 Exchange
A stands for Foreign Investment in Real Property Tax Act, which requires foreign sellers of U.S. real estate to pay taxes on their capital gains. The law also…
Inheritance vs. Gift: Tax implications and wealth transfer strategies
Not sure how to transfer property to your heirs? Below are two of the most common options for transferring real property. Each option has a unique impact on the 1031…
Understanding Your Tax Liability: Calculating Capital Gains Tax for CA Investment Properties
Calculating capital gains tax on the sale of California investment property involves several steps: Determine your “adjusted basis” in the…
Preserving Your Tax Benefits: How To Dissolve a Partnership in Preparation for a 1031 Exchange
Not seeing eye-to-eye with your partners anymore? Proper planning is needed before a 1031 Exchange would allow you to go your separate ways!…
Preserving Your Tax Benefits: Understanding how Revocable and Irrevocable Trusts impact 1031 Exchanges
The main difference between a revocable trust and an irrevocable trust is the degree of control that the person creating the trust (the…