Tax Planning For Your Future
When selling property, you must report a loss or gain. This capital gains tax can significantly cut into your profit. That said, a 1031 exchange can be an ideal tax planning device. A 1031 exchange allows taxpayers to file for nonrecognition of taxable gains in many circumstances. A seller may be in a position to exchange one property for another, or comparable investment, without taking on the burden of significant tax or property management obligations.
If you are thinking about selling a property that will involve capital gains taxes you need to prepare for the transaction well in advance of the actual sale. This must be carefully planned in order to ensure the transaction has the characteristic of an eligible 1031 exchange. If you are working through these or similar tax issues, an experienced attorney is often an ideal asset.
1031 Exchange Lawyer In Norfolk County
For more than 15 years, Christopher J. Fein has helped clients work through tax issues related to mergers and acquisitions, 1031s and tax lien releases in addition to:
- Income taxes
- Self-employment taxes
- Partnership taxes
- Real estate taxes
- Forgiveness of debt
- Ordinary income vs. capital gains
- 1031 “like-kind exchange”
- 1099 form
- 1099-C form
- Delinquent taxes
Mr. Fein understands that the strain of tax bills that are larger than necessary can put a significant strain on businesses, individuals and families. As such, he is prepared to bring his comprehensive knowledge and his network of experts to help you address any tax issues with which you are faced. This approach has helped hundreds of clients in more than a decade, and he is prepared to bring it to work on your case.