Tax Law Tips

25 05, 2021

Opportunity Zone Basis Step-Up

2021-05-25T23:22:03+00:00May 25th, 2021|Tax Law Tips|

May 2021

Monthly Tax Law Tip

When you invest capital gain into a Qualified Opportunity Fund, to take advantage of the gain deferral provided by the Opportunity Zone provisions, your basis in the investment is zero. If you hold the investment for five years, your basis is increased by 10% of the amount of your investment. In order to take advantage of this Continue Reading

3 03, 2021

Exchange Period for 1031 Exchanges

2021-03-03T23:56:35+00:00March 3rd, 2021|Tax Law Tips|

March 2021

Monthly Tax Law Tip

If you are doing a 1031 exchange, your exchange period ends on the earlier of: (i) 180 days after the close of the sale of the relinquished property, or (ii) the next due date for your tax return. That means that, if your sale closed after October 17, you will need to file for an extension of Continue Reading

4 02, 2021

Real Estate Owned by an Entity Can be Reassessed Due to Change in Control or Ownership

2021-02-04T23:11:54+00:00February 4th, 2021|Tax Law Tips|

February 2021

Monthly Tax Law Tip

Real estate owned by an entity can be reassessed for California property tax purposes even with no transfer of the property. A transfer of interests in the entity resulting in a change in control or a change in ownership of the entity can result in reassessment even if the entity continues to own the real estate.