One little-discussed change in the new tax law is the broad changes to code section 1031 and the impact it will have on your clients who own collectibles. While the changes in the rules for personal property under §1031 will limit many collectors, they don’t mean all sellers will now have to realize tax on sale.
Eric Cohen, CPA is the President and Founder of E. Cohen and Company CPAs, a full-service CPA firm serving nonprofit organizations, government contractors, professional service companies and other industries with audit, tax and business advisory services for over 26 years. The firm was commended as a SmartCPA Reader’s Choice by SmartCEO magazine and a “Best Accounting Firm to Work For” by AccountingToday magazine. For more information, visit www.ecohencpas.com or call 301-917-6200.