Back in 2017, the Tax Cuts & Jobs Act (TJCA) made a big change to Section 1031, which allows taxpayers to put off recognition of capital gains and associated federal income tax liability. The change meant that Section 1031 could be applied only to exchanges of real property that were being held for productive use in a trade or business or for investment, or those that were not held primarily for sale.
Are you suffering from information overload? Check out these FAQs to learn more about new tax deadlines and extensions, rate information, remote online notarization, and more.
Taxes in November? This time of year, our phones start ringing off the hook with questions about how that’s possible. It might be unusual, but yes — in Idaho, homeowners will receive their first property tax bill this month. Here’s a guide to how it works that you can share with your buyers and sellers.