Wolff and Taylor November 29, 2018 No Comments Share
Small Business29 Nov
The IRS is reminding taxpayers that like-kind exchange tax treatment is now generally limited to exchanges of real property. Effective 1/1/18, exchanges of personal or intangible property such as machinery, equipment, vehicles, artwork, collectibles, and intellectual property generally no longer qualify for nonrecognition of gain as like-kind exchanges. Like-kind exchange treatment now applies only to exchanges of real property held for use in a trade or business or for investment. Real property includes land and generally anything built on or attached to it.
Previous Article
2023 – 02/07 – Answers to your questions about 2023 limits on individual taxes