Taxes

1031 Exchange Trends for 2016

From the 1031 Insider Newsletter, IPX Investment Property Exchange Services, Inc. January, 2016 FIRPTA – What the Change to FIRPTA Withholding Means for You Under current federal law, if a foreign person sells US real property, the buyer is obligated to withhold 10% of the gross sales price and remit this to the IRS. Pursuant to the Protecting Americans from Tax Hikes Act of 2015, however, which became law on December 18, 2015 (the “PATH Act”), the required 10% withholding will increase to 15% for all closings occurring on or after February 16, 2016. There is an exception to the …

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Outlook for Texas Land Markets

Outlook for Texas Land Markets.  It’s been a great conference in San Antonio this week. Currently, Joe Outlaw is discussing the changes to the Farm Bill.  Six Clift Land Brokers representatives are here at the conference.  Just another way for us to stay up on land issues and continue being the Land Experts. Why would you go any place else for your farm and ranch real estate needs?

House Committee Passes Bill to Repeal Death Tax

House Committee Passes Bill to Repeal Death Tax Source:  Western Livestock Journal  A divided House panel passed a bill March 25 that would repeal the federal estate tax-the “Death Tax.” The House Ways and Means Committee voted 22-10 to approve H.R. 1105, the Death Tax Repeal Act of 2015, introduced by Representatives Kevin Brady (R-TX) and Sanford Bishop (D-GA), sending it to the full House. Continue Reading…