Effective July 19, 2024, the Heirs Property Protection and Deed Theft Prevention Act of 2024 became law in New York. With the enactment of a new Section 424 of the Real Property Law (RPL), a Transfer on Death Deed (TODD) was authorized. One of the stated objectives of a TODD is to avoid probate for real property without having to use a costlier living trust. This purportedly simplifies and reduces the expense of conveying real property for persons of modest means and lower income.

It is estimated that 70% of adults aged 65 years and older will require long-term care at some point in their lives. Long-term care includes a variety of services designed to meet an individual’s health or personal care needs, allowing them to live as independently and safely as possible when they can no longer perform daily activities on their own.

The Inflation Reduction Act of 2022 marks a pivotal moment in the realm of clean energy investments, offering tax incentives for businesses and individuals to employ sustainable practices. The Act serves to incentivize taxpayers to invest in clean, renewable energy property by providing incentives in the form of tax credits and deductions. Certain incentives provided by the Act are discussed below. 

2023 was another busy year for New York taxes.  Highlights included: a Budget with new appeal rights for the Tax Department, enhanced disaster relief, and important—but narrow—tax increases; final and adopted regulations, tracking updates and various changes brought about by New York’s 2014 corporate tax reform; continued pressure on the allocation of wage income from remote work and a recent nonresident wage allocation decision; new tools on the New York Tax Department’s website for taxpayers and tax practitioners; and numerous other updates.

This article is a three-part series explaining the basics of the tax-deferred 1031 exchange, the different types available, the mechanics of how they work, and the benefits to be reaped by a client who decides to partake in such an exchange.