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A deferred 1031 exchange has two hard timing checkpoints: identify replacement property within 45 days and receive it within 180 days, or by the earlier due date of the tax return for the year of transfer, including extensions. The qualified intermediary, identification rules, and boot analysis must be arranged before the physician’s relinquished property closes.… Continue reading 1031 Exchange Timeline and Qualified Intermediary

A 1031 exchange can defer recognition of gain when a physician exchanges qualifying real property held for business or investment for other qualifying real property. The strategy is technical: the property purpose, taxpayer ownership, replacement terms, debt, cash, deadlines, and California reporting all matter. Discuss a physician-investor 1031 exchange with Clear Peak Accounting. What a… Continue reading 1031 Exchange for Physicians in California

Passive activity loss rules can prevent a physician from using a rental-property loss against W-2 wages, even when the physician owns the property and pays its expenses. Form 8582 helps noncorporate taxpayers calculate the allowed loss, prior-year suspended losses, and amounts carried forward. Ask Clear Peak Accounting how passive-loss rules apply to your rental property.… Continue reading Passive Activity Loss Rules and Form 8582 for Doctors

Real estate professional status can change how rental real estate losses are treated, but it is not an automatic tax benefit for physicians. An employed doctor generally must satisfy two separate hour tests, materially participate in the rental activities, and keep records that support the position. Talk with Clear Peak Accounting about your physician real-estate… Continue reading Real Estate Professional Status for Physicians