A "like kind exchange", also referred to as a "1031 exchange", is an income tax deferral tool on the sale of property, typically real estate. Under Section 1031 of the... MORE
The IRS makes a subjective determination of the taxpayer's intent at the time of sale or purchase, as applicable. Thus, if you purchased a condominium with the intent to hold... MORE
There are two time deadlines that must be met for the exchange to qualify for tax deferral. Both deadlines are tied to the date you sell your property. First, you... MORE
As a general rule, the government allows you to identify: (1) up to three (3) potential replacement properties of any value; or (2) any number of properties not exceeding in... MORE
The following steps must be taken (note: this is no an exhaustive list of requirements): 1. Add language to your contract of sale to indicate you intend to do... MORE
If a taxpayer purchases property with the speculative intent to "flip" the property soon after purchase to make money off expected rapid price appreciation, the property is purchased the property... MORE
The government allows taxpayers to defer gain from the sale to some later point in time when the taxpayer ultimately disposes of the property in a taxable transaction or the... MORE
Whether you are a South Carolina resident will not affect your ability to qualify for a like kind exchange for Federal or South Carolina income tax purposes. South Carolina law... MORE
You must reinvest all of the cash proceeds AND debt relief you receive from your sale. In you do not reinvest ALL of the cash proceeds and replace ALL of... MORE
Yes. If you are selling property subject to a mortgage, there are special rules that require you to replace the debt with a loan on the replacement property being purchased.... MORE
You can use a like kind exchange to purchase property under construction or to be built, but the rules can become quite complex. In almost all cases, the construction of... MORE
Maybe. If replacement property is purchased from a related person or entity, special rules determine whether the transaction qualifies as a like kind exchange. In addition, there is a minimum... MORE
A reverse exchange is an exchange where you buy the replacement property first and then sell the relinquished property. The typical exchange occurs in the opposite order: first you sell... MORE
You should consider, among other things, the following factors in deciding whether to do a like kind exchange: (1) the amount of gain subject to tax; (2) the tax rate... MORE
Generally speaking, "like kind" is defined as something that is similar in nature or use; that said, the government has issued detailed guidance on what is "like kind". For most... MORE
The State of South Carolina taxes real estate, including the improvements thereon, based upon the fair market value of the property. Each county is responsible for determining the fair market... MORE
The primary types of reductions are: (1) reduced assessment rate for one primary residence; (2) reduction of assessed value for homestead exemption; and (3) reduced assessment rate for farmland and... MORE
Generally speaking, a "primary residence" is a person's fixed and permanent home, and a person can have only one primary residence. Evidence of whether property is being used as the... MORE
Yes. A primary residence will qualify for the special assessment rate if the person owns a life estate, or the right to use the property for his or her lifetime,... MORE
Yes. A primary residence owned or titled in a trust will qualify for the special assessment rate if the income beneficiary of the trust occupies the property as his or... MORE
No. Leased property cannot qualify as a primary residence for property tax purposes because it is not owned by the occupant. Likewise, property leased with an option to purchase does... MORE
You should contact the Assessor?s Office for the county in which your property is located. They can provide you with the necessary forms. In Horry County, the Assessor?s Office is... MORE
Property tax bills are issued by the county in which the property is located, usually in October of the current calendar year. In South Carolina, property taxes are paid in arrears,... MORE
Payment is due no later than January 15th of the calendar following the year in which the bill is issued. For income tax purposes, however, most owners pay their tax... MORE
There is much discussion these days over the use of revocable trusts (also called living trusts) in estate planning. Lawyers, accountants and financial advisors seem to have differing opinions about... MORE
For clients with annual income tax liability, potential estate tax problems and a desire to give to charity, we often recommend they consider giving assets to charity during their lives... MORE
Many clients are surprised to learn that life insurance proceeds are usually included in their estate for estate tax purposes. Generally speaking, proceeds are included in your estate and subject... MORE
For clients with potential estate tax problems, we routinely recommend that they begin an annual gifting program. Generally speaking, each person may give $11,000 per donee, per year free of... MORE
