A detailed article on the like-kind exchange aka the 1031 exchange, including requirements and discussions on use with personal residences, and interplay with the IRS section 121 exemptions. There may be no better tax incentive than the 1031 Exchange, available exclusively to real estate investors.
Effective until June 30, 2023, California is waiving the traditional $70 filing fee to form a California Limited Liability Company, or “LLC.” Even better – The annual minimum $800 tax to the California Franchise Tax Board is also waived for the first year.
Good news for those seeking to gift or inherit real estate in 2022, the IRS applicable exclusion amount for gifts (the total amount exempted from gift and/or estate tax) is raised to $12,060,000 ($12.06mm) per person, or $24,120,000 ($24.12mm) for a married couple filing jointly.
Lucas Real Estate
2901 West Coast Highway Suite 200 | Newport Beach | California | 92663-4023
info@lucas-real-estate.com | 949.478.1623 office | 949.613.7837 24-hour answering service | 888.667.6038 fax
Devin Lucas BRE No. 01912302 | Courtney Lucas BRE No. 02015514
Real Estate Agents & All Forms of Real Estate Transactional Assistance | Devin Lucas, licensed Real Estate Attorney, Real Estate Broker, REALTOR® | Courtney Lucas, licensed CPA, REALTOR®