Amr’s Recent Posts

What is an Immediate Power of Attorney?

A power of attorney is a designation that another person has the authority to make decisions on behalf of the power grantor. Typically, you would grant a power of attorney to someone either for convenience or necessity.

Jan 25, 2023

Do Trusts Avoid Estate Taxes?

Establishing a trust can help you achieve many different estate planning objectives, especially preserving wealth from estate taxes.  With the federal estate tax exemption exceeding $12 million for 2022, only a small percentage of Americans need to worry about having to pay estate taxes at the federal level. However, 12 states, along with the District of Columbia, impose estate taxes at the state level. 

Jan 20, 2023

What is a Private Letter Ruling?

Filing tax returns can be a complicated and messy process, especially for real property owners, 1031 exchangors, or business owners who may not fully understand the various tax codes that affect their returns. 

Jan 16, 2023

What are the Advantages of Financial Planning?

Financial planning is imperative to make sure your finances are in order while you are alive, and also to convey your wishes for assets after your death. However, a 2022 study showed that only 29% of surveyed Americans have a written financial plan. With the uncertainties in life, if you don’t have a plan, now is the time to get started. 

Jan 11, 2023

Does Deferred Income Count as Earned Income?

A deferred income plan isn’t just another name for a retirement plan. There are two types of deferred income plans — qualified and non-qualified. Is it considered earned income when you contribute to one of these plans? Does it matter? We’ll discuss the differences in these plans and cover if their income is considered earned.

Jan 6, 2023

What Happens When a 1031 Exchange Straddles Two Tax Years?

Some 1031 exchange executions start in one year and finish in another. This is called straddling tax years. Usually, this is no more than two years. What are the tax consequences when a 1031 stretches across two years, and what does it mean for the outcome of the 1031?

Jan 2, 2023

Can You Do A 1031 Exchange With A Family Member?

Can You Do A 1031 Exchange With A Family Member?

Doing a 1031 exchange with an immediate family member raises red flags with the IRS. Tax-deferred exchanges between family members are allowed, but the IRS has specific rules to qualify and avoid abuse of the system by tax evaders.

Dec 28, 2022

Can You Sell a House that is Under Construction?

Real estate investments are often attractive to buyers as a potential means to wealth accumulation, and residential dwellings also have the emotional appeal offered by a place to call home. Owning your home is part of the American dream, and many extend the vision by turning a property into income. Still, real estate is volatile and subject to ups and downs.

Dec 28, 2022

Can You Do A Like-Kind Exchange On An NFT?

Investors have long dealt in all kinds of traditional assets (cash, stocks, and bonds) and alternative assets (hedge funds, real estate, private equity, and stamp or coin collections). Within these asset classes are: 

Dec 23, 2022

What is Gross Easement?

A gross easement is commonly called an easement in gross and is one of the two most common forms of easement relating to real estate. The other type is referred to as an easement appurtenant. The appurtenant easement involves benefits to one piece of property at the expense of another. These easements belong to the land and are transferrable upon sale. A good example is an easement that allows access to one property by traversing another.

Dec 14, 2022

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