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...
By: Ed Horan, Certified Exchange Specialist® Second home classification. To qualify for a like-kind exchange, IRC Section 1031 requires that the property be “held for productive use in a trade or business or for investment.” The property will qualify when it is being...
IRS issued guidance relating to deferral of gains. The IRS issued proposed changes on April 17, 2019 to their draft proposed regulation on IRC section 1400Z-2, relative to Qualified Opportunity Fund investments....
Vacation Home Revenue Procedure by William Horan Safe Harbor for Vacation Home The IRS published Revenue Procedure 2008-16 for the purpose of providing a Safe Harbor under which the IRS will not challenge whether a dwelling unit with limited personal use qualifies as...
The TCJA was enacted in December of 2017. Some states have not changed their ‘date of conformity’ to conform to the provisions of the federal Tax Cut and Jos Act (TCJA). Personal property can no longer be exchanged under federal law, 1031 exchanges are limited to real...
A California realtor learns not to mess with the IRS. Taxpayer did an exchange of her relinquished two rental properties but acquired a residence as replacement property and used it as her principal residence. She obtained an owner-occupied loan on the replacement and...
