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...
MARGO MCDONNELL CERTIFIED EXCHANGE SPECIALIST® PERPETUAL AWARD PRESENTED TO WILLIAM ‘BILL’ HORAN, CES®AT NATIONAL CONFERENCE HELD VIRTUALLY (Sept. 22 – 25, 2020) – A delegation of more than 200 members of Federation of Exchange Accommodators (FEA) attending the...
Gerhardt et al., 180 TC 9 (2023) is a tax court case that has caught our attention and may be of some interest to you as well. The Gerhardt’s completed a 1031 exchange of an Iowa farm with hog buildings for rental real estate in Cape Coral, FL. An IRS audit discovered...
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...
A 1031 Exchange, also known as a “like-kind” exchange, allows individuals to defer capital gains taxes on the sale of investment or business property by reinvesting the proceeds into another qualifying “like-kind” property. “Like-kind” refers to the use...
Following all rules and regulations of a 1031 Exchange is critical to achieving deferral of capital gains taxes on the sale of an investment property. Missing a step, or completing it incorrectly, may give the IRS reason to challenge an Exchange transaction. A...
A 1031 Exchange, also known as a “like-kind exchange,” is a mechanism for investors to defer paying taxes on the sale of investment or business property by exchanging investment property for different investment property. A 1031 Exchange can be an...
