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Archive for the ‘Like Kind Exchange’ Category

PostHeaderIcon Tax News – August 13, 2013

No silly intros (or is that what this is?).  Let’s get right to the news.

Yesterday I linked to a story about taxpayers who hadn’t filed their taxes in a while.  One of the tips they recommend is you get a copy of your transcripts.  With that, here’s more information on getting a copy of your transcripts.  It looks like it was cut and pasted from the IRS website but I didn’t check to confirm this.

The IRS announced that they are softening the rules for innocent spouse tax relief.  Under the news, taxpayers have up to ten years to apply for the program in order to stop collections.  The old rule used to be two years.

This article talks about how you can defer taxes on your vacation home by using a like kind exchange.  The rules are tricky for like kind exchanges so if you’re thinking about doing this, get all of your ducks in a row now.  You’ll have to also hire a third party intermediary because you can’t take possession of the money without tainting the exchange.  This article gives a good summary of the rules involved in a safe harbor exchange.

Peter Reilly’s latest discusses when you too many rules collide.  In the Elmer Nuss case, we have divorce, tax and military retirement rules all coming into play.  Things got messy when his VA benefits were reduced but the court case is an interesting read.