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Can I Do a 1031 Exchange After Closing?
Tax laws in the United States give real estate investors many benefits. Deferring the payment of capital gains tax is one example. The Internal Revenue Service (IRS) assists real estate investors with building wealth by allowing the deferred payment of capital tax gains through a 1031 exchange. In light of all the advantages of real […]
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What Should I Do if I Was Injured as a Passenger in a Car Accident?
Survivors of car accidents often report being emotionally traumatized for years afterwards, especially if they suffered injuries. Drivers involved in accidents are usually the primary parties involved, but what about injured passengers? They may experience the same kind of trauma through no fault of their own. As long as a passenger did nothing to contribute […]
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Two Ohio Car Crashes Claim the Lives of Two, Leaves Seven Others Injured
Two separate car crashes occurred in Ohio on Wednesday, July 13, injuring seven and killing two people. The first involving three cars and injuring six people, while the second resulted in two fatalities on Wednesday, July 13 in Clermont County and Franklin County. Officers responded to a serious crash on Wednesday morning in Columbus at […]
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Pedestrian Fatalities Projected to Reach Highest Level in 40 Years
According to a press release from the Governors Highway Safety Association (GHSA), pedestrian deaths across the country are at a 40-year high. Based on crash data collected from state and federal agencies, the GHSA reports that 7,485 people on foot were killed in a single year. That equates to an average of 20 fatalities per […]
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Can I Do a 1031 Exchange on a Rental Property?
A 1031 exchange is a commonly used real estate transaction where you can swap out an investment property for another like-kind property, which helps you avoid paying capital gains tax. Without the 1031 exchange, you normally would have to pay taxes as soon as the sale occurs. However, if you do a 1031 exchange on […]
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What Are the Most Common Car Accident Injuries?
The Ohio State Patrol recorded more than 6,000 motor vehicle accidents across the state last year. Many resulted in severe injuries to drivers, passengers, and pedestrians. When a moving vehicle collides with another vehicle or object, immense force is released. Upon impact, the human body absorbs some of this force. The greater the force of […]
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What Are Exchange Property Identification Rules?
If you are selling an investment property, the proceeds from the sale are subject to capital gains taxes unless you follow the rules of a 1031 exchange. A misunderstanding or mistake in following any of the rules could be costly, as your sale becomes a taxable event with anywhere from 20 to 35 percent of […]
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Who Is Liable for a Bus Accident?
There could be multiple parties responsible for a bus accident. The bus could be owned and operated by a private company, a city or state government, or even a school. If you have been injured in a bus accident, you may be able to hold the at-fault party liable with help from a lawyer. Buses […]
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How Can a 1031 Exchange Help Build My Net Worth?
A 1031 tax exchange can help build your net worth. Under Section 1031 of the U.S. Internal Revenue Code, the capital gains tax can be deferred when you sell an investment property in exchange for a similar property, also known as like-kind properties. As long as there is a like-kind purchase, the capital gains tax […]
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How Does a Wrongful Death Lawsuit Work?
Despite advancements in auto safety technology, fatal car accidents still happen. In Ohio, thousands of car accidents occur every year, and over 1,000 people die. According to Ohio State Highway Patrol data, fatal car accidents increased from 1,230 to 1,360 in 2020, which is the highest rate of fatalities the state had seen since 2002. […]
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