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Taxpayers who hold real estate as inventory, or who purchase real estate for re-sale, are considered "dealers". These properties are not eligible for Section 1031 treatment. However, if a taxpayer is a dealer and also an investor, he or she can use Section 1031 on qualifying like properties.
The Learning Annex was an American education company based in New York City. It was founded in 1980 by Bill Zanker in his New York City studio apartment with a $5,000 investment.
IRS Direct File is a popular free program that offers guidance and support as you fill out your tax return and file your taxes directly with the IRS. And it may not be long for this world. On Feb ...
The IRS is launching the Direct File pilot in 2024 (for 2023 taxes.) It’s a free service that allows taxpayers initially in 13 states to file electronically directly with the IRS.
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g., in the case of conveyance, one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...
The IRS estimates that about 9 in 10 filers take the standard deduction. The standard deduction for the 2023 tax year is: $13,850 for taxpayers filing as single or married filing separately
Michael Sexton created a business plan for a real estate training program and presented it to Donald Trump, looking to pay Trump a flat fee for the use of his name. Trump instead decided he wanted to be the principal owner. [9] Trump University was incorporated in 2004 by Trump, Sexton, and Spitalny, as a New York limited liability company. [10]
Editor’s Note: Taxpayers who received 1099-K forms this year do not have to report payments of less than $600 for the 2022 tax year. They may have to report that tax information for the 2023 tax ...