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A non-simultaneous exchange is sometimes called a Starker Tax Deferred Exchange, named for an investor who won a case against the Internal Revenue Service (IRS). [ 3 ] For a non-simultaneous exchange, the taxpayer must use a Qualified Intermediary , follow guidelines of the IRS, and use the proceeds of the sale to buy qualifying, like-kind ...
A joint tenancy or joint tenancy with right of survivorship (JTWROS) is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. The deceased owner's interest in the ...
Taxes on interest from a bank account or bonds. Taxes on interest from bank accounts and most bonds (corporate, Treasury) are assessed at ordinary tax rates and are due when you file your income ...
Qualified dividends are taxed at a different rate than your regular, earned income or income from interest payments. In and of themselves, regular dividends and qualified dividends are similar.
Tenants in common (TIC) deeds may or may not be taken in equal shares, but a joint tenants with rights of survivorship (JTWROS) deed must always be taken in equal shares unless specifically and clearly indicated otherwise in the deed language. Therefore, a partition action for those two types of deeds will vary.
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The rules governing partnership taxation, for purposes of the U.S. Federal income tax, are codified according to Subchapter K of Chapter 1 of the U.S. Internal Revenue Code (Title 26 of the United States Code). Partnerships are "flow-through" entities. Flow-through taxation means that the entity does not pay taxes on its income.
An investor decides to sell investment property and do a 1031 exchange. He contacts a qualified intermediary (QI) and they enter into an agreement. The investment property is placed on the market. An offer to purchase the investment property is accepted and signed by the QI. Escrow for the sale is opened, and a preliminary title report is produced.