In these times we are all looking to make or keep as much money as possible. It is not unusual for us to sell real estate that we own – either our homes or our businesses for added revenue.
Anytime we transition property to another person, something happens from a tax perspective. There are provisions in our tax laws that say that in these type of exchanges – you don’t have to pay the tax.
Sound good – it is but with the advantages the tax laws allow come some potential challenges. To help us sort through the benefits and challenges of transitioning real estate - we have asked tax expert John Sikora who is a partner from our Resident Legal Expert firm – Weiss Berzowski Brady.
JOHN A. SIKORA is a partner in the Milwaukee and Delafield offices of Weiss Berzowski Brady LLP, where his practice includes tax planning, tax controversies, real estate law and corporate law.
He is a current member of the Board of Directors of the State Bar Taxation Section. He is an adjunct professor of law at Marquette University Law School where he teaches the corporate income tax and tax practice and procedure courses.
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Like Kind Exchanges
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