When dealing with property tax law or property exchanges, it is crucial to have thorough knowledge of federal and state tax laws so that you can avoid unnecessary taxation. Blindly going into a transaction or exchange could cost you tens of thousands of dollars or more.
Federal and California State Tax laws are always changing. Mendes Weed, LLP is experienced in providing up-to-date advice for property tax concerns in California.
We also assist with property exchanges under the IRS Tax Code section 1031. If your exchange meets 1031 requirements, your tax liability could be reduced to as little as zero dollars due at the time of transaction. It is a complex section that has been updated by congress in 2004 and the IRS 2008, so it is essential that you work with a professional who is informed and dedicated to your best interests.