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Is Interest Taxed as Ordinary Income?
With tax season almost around the corner, it’s time to figure out what you might owe (or not) to the IRS on your 2022 proceeds. Those earnings might include wages and salaries, income received from rental properties, fund distributions, profit from an investment property sale, or interest received on investments.
How is an Installment Sale Taxed?
The 2023 federal tax deadline is April 18 for most of the United States and U.S. territories. Some states (most of California and parts of Alabama and Georgia) have a longer deadline, due to natural disasters impacting those areas.
[Webinar Recap] How To Treat Your DSTs During Tax Season: Understanding Basis Calculations
A Delaware Statutory Trust, or DST, is an investment vehicle that can help investors seek passive income while having fractional ownership in commercial real estate. When investing in a DST, you can use a 1031 exchange to defer the capital gains taxes due when you sell an investment property.
What is an Example of an Installment Sale?
Completing a 1031 exchange is a common way for real estate investors to defer capital gains tax liabilities on the sale of investment properties.
[Webinar Recap] How To Treat Your DSTs During Tax Season - Managing Income Tax and Cash Flow
Here at Realized, we help our clients use 1031 Exchanges to buy and sell real estate. 1031 Exchanges help investors legally defer capital gains taxes on real estate sales by exchanging one property for another like-kind property. In addition to direct real estate, one form of like-kind property investors can exchange into is a Delaware Statutory Trust, or DST. DSTs can be a tool for growing your real estate portfolio, but they can also be tricky to manage when tax season comes around.
What Happens If You Don't File Form 8824?
The 26 U.S. Code § 1031—”Exchange of Real Property Held for Productive Use or Investment”—can help defer any potential taxes levied on gains resulting from the sale of investment real estate. Swapping your relinquished property for a replacement property of equal or greater value can push your tax burden down the road at least, as long as you follow the IRS’ many rules regarding the like-kind exchange.
How to Report a Section 121 Exclusion
Section 121 of the Internal Revenue Code allows taxpayers to exclude from income some of the gains they have enjoyed due to the increase in value of a primary residence. The IRS rules are meant to support the exclusion by homeowners while denying it in the case of an investment property. To that end, taxpayers claiming the exclusion must satisfy both an ownership and use test.
Do I Have to File a 1099-R Form?
You will likely get a 1099-R form If you received a distribution from a retirement plan or a similar account like an annuity, pension, or insurance contract. The plan administrator is responsible for filing the 1099-R with the IRS and any required state or local governments. As the taxpayer you will also report the distribution on your income taxes.
Which States Do Not Have an Estate Tax?
When someone passes away, their assets might be transferred to beneficiaries. If over a certain amount, the transferred assets can be subject to a federal inheritance tax. And, sometimes, can incur an estate tax at the state level.
Is Money Received From an Eminent Domain Taxable?
One bright, sunny day you might hear a knock on the door. When you answer it, the local mail man hands you a certified letter, requiring your signature. You sign, take the letter and rip it open.
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