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Real Estate Professionals: Like-Kind Exchanges & Rehabilitation Credit

1031 Like-Kind Exchanges Applies to Only Real Property: Like-kind exchanges are the exchange of real property used for business or held as an investment solely for other business or investment property that is the same type or “like-kind”. This has long been permitted under the Internal Revenue Code for all business property such as real […]

Tax Reform & Your 2018 Tax Return

Wondering how the new Tax Law will impact your tax return? Over the next week, we will be sending our 2017 clients a letter of the specific items that were reported on their 2017 tax return that, if reported in 2018, may be impacted for 2018 by Tax Cuts and Jobs Act.  This is just […]

A Good Reminder of Business vs. Hobby Activities

The following court case is a reminder for us all to look at the activities of our business and ask ourselves – is it really business or could it be considered a hobby? Film Festival Activity Was a Hobby: The taxpayer was the sole member of an LLC that organized film festivals at colleges and universities. He didn’t create […]

Happy 4th of July Weekend!

Have a Very Happy & Safe 4th of July Weekend! Please also be considerate of those whose ears are sensitive to fireworks. July 5 Is The Busiest Day of the Year for U.S. Animal Shelters