by William Horan | Aug 8, 2010 | Criteria, Qualified Intermediary, Regulations
For close to two decades our firm, Realty Exchange Corporation, has been involved with IRS Internal Revenue Code Section 1031 and like-kind exchanges on a daily basis. During this time we have been involved with educating folks on how to do a like-kind exchange in...
by William Horan | May 29, 2010 | State Law, Tax Impact, VA QI Law
Virginia has passed House Bill 417 the Exchange Facilitators Act and it has been signed by Governor McDonnel. The bill become effective July 1, 2010. Link to the VA Bill: Exchange Facilitators Act §1031 of the Internal Revenue Code permits a taxpayer to exchange...
by William Horan | Jan 1, 2008 | Federal Law, Regulations, Related Parties, Reporting
By Ed Horan, Certified Exchange Specialist® Basic Rule While not specifically stated in IRC 1031 a basic rule when doing a like kind exchange is that there must be continuity of title. This is often called the “same taxpayer rule”. It means that title to the interest...
by William Horan | Jan 1, 2008 | Criteria, Qualified Intermediary, Regulations
By Ed Horan, Certified Exchange Specialist® Why do you need a qualified intermediary to do a tax-deferred exchange? In 1991 the IRS established the requirement for a qualified intermediary (QI) in their regulation on Section 1031 of the Internal Revenue Code. The...
by William Horan | Jan 1, 2008 | Extensions, Reporting, Vacation Homes
By: Ed Horan, Certified Exchange Specialist® It is a stretch to see the connection between hurricanes and like-kind real estate exchanges. But the IRS has found an important one. In January of last year the IRS published Revenue Procedure 2004-13 which provided...
by William Horan | Jan 1, 2008 | Regulations, Reporting, Vacation Homes
By Ed Horan, Certified Exchange Specialist® Vacation Property Conversions When they talk about conversion in the real estate industry it is usually the process of converting an apartment building into condominiums. In the exchange world a conversion means changing a...
