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Generally, taxpayers must identify the replacement property within 45 days of selling the relinquished property and then acquire the replacement property within 180 days of the sale transaction or by the due date of the taxreturn. Additionally, these transactions require the use of a qualified intermediary to facilitate the exchange.
Consider asking your employer to increase withholding of state and local taxes (or you can pay estimated state and local tax payments) before year-end to pull the deduction of those taxes into 2024. Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax.
The deadline for making a nondeductible IRA contribution typically aligns with the federal income taxreturn filing deadline for that tax year, usually April 15 of the following year. However, IRS Notice 2023-62 established a two-year extension, delaying implementation until January 1, 2026.
The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many taxaccountants and business professionals welcome the additional guidance, the timing was not ideal.
The deadline for making a nondeductible IRA contribution typically aligns with the federal income taxreturn filing deadline for that tax year, usually April 15 of the following year. However, IRS Notice 2023-62 established a two-year extension, delaying implementation until January 1, 2026.
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