Extension of Deadlines for 1031 Exchanges (and Some Ambiguity)

The #IRS announced extensions for 1031 exchange ID and closing deadlines, however, some ambiguity in conflicting sections of the tax code will require further clarification on the specifics. Either way, this welcome update gives some taxpayers currently working on a 1031 exchange a bit of welcome breathing room.

Update: How to Ensure Your Real Estate Investment Qualifies for the 20% QBI Deduction

The IRS knows that there has been confusion as to whether or not rental real estate qualifies for the new 20% pass-through deduction on Qualified Business Income. The IRS issued guidance in the form of a safe harbor, which, if met, will ensure that your rental property qualifies for this valuable tax deduction. We break down the safe harbor to help you determine if your property qualifies…