• Taxation, Accounting, Planning Areas, Real Estate, Business Valuations, Forensic Accounting & IRS Representation

Real Estate Services

Qualified Intermediary for Like-kind Exchanges
The IRS allows for the deferral of tax on certain like-kind exchanges of investment or trade or business property. Any taxpayer can take advantage of this tax provision but it must be done in strict accordance with the tax law and the regulations. As such, a Qualified Intermediary must be used. The Qualified Intermediary facilitates the transaction in strict accordance with the tax laws to ensure the deferral of tax. Mikel is an experienced Qualified Intermediary recognized by the IRS and has facilitated hundreds of like-kind exchanges.

FIRPTA Exemption from Withholding and Application
for Reduced Withholding
When a foreigner sells real property in the U. S. for $300,000 or more the IRS mandates a 15% withholding tax. This forces the seller to file an income tax return for the year of sale. There are numerous exemptions from the withholding, for example; whether or not the real estate is going to be used as a residence, the calculation of the maximum gain on sale, and if there is a loss on the sale. Our knowledge of the tax law and experience in the application and filing of any exemption from withholding that you may be entitled to will secure a successful transaction.