Sell an Investment and Pay No Taxes with a 1031 Exchange

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Sell an Investment and Pay No Taxes with a 1031 Exchange

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October 31, 2014 , , ,

Internal Revenue Code Section 1031 is one of my favorite code sections.  That is saying something coming from a tax geek like myself.  What is a 1031 exchange? Generally speaking, a 1031 exchange is a swap of one business or investment asset for another.  If you follow the 1031 rules, you’ll either have no tax or limited tax due at the time of the exchange which allows your investment to grow tax deferred.  The rules can get complicated so the following are some things you should know if you are considering an exchange.

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IRS Audit Red Flags

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Image Courtsey of Sean Cunningham on Flickr
August 12, 2014 , , , ,

Many clients are concerned about “red flags” that can trigger an IRS audit.  Since the IRS audits less than one percent of all individual tax returns annually, the odds are pretty low that your return will be chosen for review.  I believe that you should take every legitimate deduction that is available to you, so I am not suggesting that you pay more in taxes than you should just to avoid the small risk of a potential audit.  That being said, the presence of the following factors in your return increases the chances that the IRS will come calling.

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Entity Selection

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January 16, 2014 , , , , ,

I am often asked by entrepreneurs if they should set up a separate entity for their small business. For many people, operating as a sole proprietor is sufficient. If you are doing a little work on the side and you are not in a risky industry, there is often no reason to set up a separate entity.Continue Reading: Entity Selection

Year-End Tax Opportunities

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December 21, 2013 , , , , ,

With the end of the year quickly approaching, now is the perfect time to look for ways to reduce your 2013 tax burden. Several popular tax breaks are currently slated to expire on December 31. Continue Reading: Year-End Tax Opportunities