An involuntary conversion, or ‘1033 exchange’, is similar to a ‘1031/like-kind exchange,’ but more generous in some ways, and can occur in various situations such as destruction, seizure, theft, requisition/condemnation, or threat thereof to investment property.
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This safe harbor is available for taxpayers who seek to claim the section 199A deduction with respect to a “rental real estate enterprise.”
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On May 21st, Governor Jay Inslee signed legislation designed to overhaul Washington’s real estate excise tax.
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Here are some IRS Tax Tips for homeowners to consider when considering selling a home.
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The IRS has released a Fact Sheet outlining the components and related details of the section 199A deduction, also known as the qualified business income deduction. Many individuals, including owners of businesses operated through sole proprietorships, partnerships, S-corps, trusts and setates may be eligible for this deduction.
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In the vast world of property management, whether you’re managing AirBnBs, long-term rentals, or temporary stays, the software with which you management your business can make all the difference in the level of success that you achieve.
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