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...
Final 199A Regulations As part of implementing tax reform, Congress gives Treasury the job to provide regulations interpreting the new law. A new component of the tax law, 199A, provides pass-through businesses the ability to deduct 20% of their qualified business...
In October 2018 Ed Horan submitted commentary (https://bit.ly/2RAYyYs) requesting Treasury clarify that rental property owners will qualify for the new 199A deduction. His comments were also picked up by TAX NOTES, a national tax news service. With the final 199A...
1031 Exchangers should anticipate settlement delays with some delays caused by the new TRID Closing Procedures. A recent NAR survey of real estate agents found nearly one-third of all transactions encounter a delay of some sort. The majority of the delays were from...
In a previous blog, we alerted 1031 exchangers and all other buyers and sellers to expect longer settlement times due to implementation of the new CFPB TRID rules and new forms after Aug 1, 2015. As a qualified Intermediary (QI) we are prepared during the transition...
Qualified Intermediary Safe Harbor The IRS established safe harbors to complete a 1031 exchange in accordance with the law. A key behind the safe harbor is to make sure the taxpayer does not actually or constructively receive proceeds or other property during an...
