Tax reform adjusted like-kind exchanges, rehab credit for buildings

 

e-News for Small Business July 24, 2018
Tax Resources for Small Business Small Business and Self-Employed One-Stop Resource Small Business Forms & Instructions Small Business Events Small Business Webinars e-File for Businesses and Self-Employed Businesses with Employees Small Business Products Self-Employed Individuals S Corporations Other Resources IRS.gov Find it Fast! All Forms and Instructions Filing Your Taxes Make a Payment Taxpayer Advocate Service Retirement Plans Tax Information for Charities and Other Non-Profits State Links SSA/IRS Reporter IRS Social Media	Issue Number: 2018-25   Inside This Issue Tax reform redefines like-kind exchanges Rehabilitation Credit also adjusted 1.  Tax reform redefines like-kind exchanges The Tax Cuts and Jobs Act (TCJA) modified how the law applies to like-kind exchanges, those which occur when a taxpayer exchanges real property used for business or held as an investment solely for other business or investment property that is the same type or "like-kind." The new law applies only to exchanges of real property, and not personal or intangible property. Back to top 2.  Rehabilitation Credit also adjusted The TCJA also affects the Rehabilitation Credit for amounts that some business owners pay or incur for qualified expenditures after December 31, 2017. The credit is a percentage of expenditures for the rehabilitation of qualifying buildings in the year the property is placed in service. The legislation: Requires taxpayers take the 20-percent credit ratably over five years instead of in the year they placed the building into service, and Eliminates the 10 percent rehabilitation credit for pre-1936 buildings. For more information on these and other tax reform topics for small business and self-employed individuals, visit the IRS.gov Tax Reform page. Back to top                       Thank you for subscribing to this IRS e-mail service. This message was distributed automatically from the mailing list e-News For Small Business. Please Do Not Reply To This Message.

 

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