New York Law Journal/November 24, 2003 – A cost segregation study allows investors who own residential or commercial investment property to increase the profitability of their investment by accelerating their depreciation deductions for personal property that is improperly classified as IRC
West Real Estate Finance Journal/Summer 2000 – How unique purchasing and financing requirements can affect the structure of an exchange transaction.
New York Law Journal/November 26, 2001 – Although property owners and their advisers are becoming increasingly aware of the benefits of an IRC
New York Real Estate Journal – Many times an advisor to an entity which has the potential to enter into an Exchange will ask “How does this benefit my client, and how does this affect me?”
New York Law Journal/April 18, 2003 – The topic of the article is how to structure an exchange where the taxpayer already owns the replacement property and wishes to make an improvement on it. Rev. Proc. 2004-51 casts some doubt on whether or not this is still a viable form of exchange.
New York Law Journal/August 19, 2002 – Sometimes a standard legal document does not contemplate all aspects of a client’s transaction, or more often, does not sufficiently clarify each party’s rights and positions relative to the transaction. Equally important is the ever present need for clear drafting which will avoid future questions concerning the intentions of the parties to the instrument. Although all parties may walk away from a conversation feeling as though they are in agreement, it is the written document evidencing these agreements that will control when a dispute arises . . .
Many times taxpayers are advised that there are no extensions to these time deadlines, but technically this is not correct. In general, a taxpayer’s individual circumstances or problems are not taken into consideration by the Internal Revenue Service in determining whether or not a deadline for an exchange should be extended. However, actions . . .
Primary residences are normally not a consideration when talking about IRC §1031 tax deferred exchanges, but some recent rulings have clarified what the results are when these two areas intersect. Revenue Procedure 2005-14 (1/27/2005, corrected February 3, 2005) provides for clarification and additional benefits for those taxpayers converting property between a primary residence use and a business and investment.
A Qualified Intermediary is an independent third party to the transaction whose function is to prepare the documents necessary to create the exchange, as well as to act as the independent escrow agent for the exchange funds. The Qualified Intermediary is defined by the Treasury Regulations and may not give tax or legal advice.
While most tax deferred exchanges of real property under