by William Horan | Jan 2, 2024 | 8824
If you closed on your 1031 exchange relinquished property in the last quarter of 2023 and still have an active 1031 exchange you may want to file an on-time tax return extension. The IRS 1031 regulations say: “The exchange period begins on the date the taxpayer...
by William Horan | Dec 28, 2023 | Reporting
The IRS 1031 regulation (§1.1031(k)-1(j)) provides that if an exchanger receives 1031 escrow funds from the qualified intermediary at the end of the exchange, or if the exchanger had a bona fide intent to do an exchange but does not complete the exchange by receiving...
by William Horan | Aug 10, 2020 | Critical Elements
Continuity of title is an important component of a 1031 exchange. Remember: 1031 exchanges are about deferring taxes. The same taxpayer(s) that sells a property must be the same taxpayer(s) that owns new replacement property(ies). We strongly recommend you check who...
by William Horan | Apr 13, 2020 | Realty Exchange Corporation
Treasury Notice 2020-23; this Notice provides an extension to July 15, 2020 for taxpayers whose 45-day identification period or 180-day exchange period fall between April 1, 2020, and July 14, 2020. Likewise, taxpayers engaged in reverse exchanges whose 45th day to...
by William Horan | Mar 24, 2020 | Extensions, Realty Exchange Corporation
Many of our clients are contacting us regarding the status of their 1031 exchanges due to the ongoing measures being implemented in response to the COVID-19 pandemic. We are monitoring the situation closely and wanted to provide an update to our clients regarding the...
