Replacement property may now be bought before you sell the property you wish to exchange under the new 1031 rule. That means capital gains taxes can be deferred even if replacement property is bought first. Until now, currently owned property had to be sold first in order to clearly defer capital gains. Now, IRS guidelines preserve tax deferral in some carefully structured deals where replacement property is purchased fewer than 180 days ahead of the existing property sale. For individuals, the new rules affect everything from art collections to rental property and private jets.
Businesses applications range from car fleets to factories and machinery.
But like-kind exchange rules can't be applied to stock portfolios other securities. 8 Kirby Holmes , Arlington, VA, December 2000 Housing providers get an increase in the assisted housing inventory, as Congress provided the money for 79,000 incremental Sec. 8 vouchers. The vouchers will go to households on housing agency waiting lists to enable them to rent affordable rental housing in the private rental market. 8 funding is expected to cover the renewal of all expiring contracts, as well as supporting the incremental vouchers. Because of the lack of money in fiscal 2000 for a Family Unification Program, HUD says housing agencies may wish to consider using some of their fair share funding to establish or expand their existing programs.