1031 EXCHANGE NEWS: It’s Baaack – Pennsylvania Reintroduces the Small Business Tax Reform Package for the 2021-22 Legislative Session

1031 EXCHANGE NEWS: It’s Baaack – Pennsylvania Reintroduces the Small Business Tax Reform Package for the 2021-22 Legislative Session   By: James T. Walther, Esq., LL.M., General Counsel, Legal 1031 Exchange Services, LLC Third time is a charm! This is an update to two previous blogs about the Pennsylvania legislature’s ongoing efforts to recognize IRC

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The Political Path to Repeal the 1031 Exchange

Most real estate investors feel strongly that 1031 exchanges remain a target for repeal or limitation. By Todd R. Pajonas, Esq. President Joe Biden’s election has renewed the discussion as to whether 1031 tax deferred exchanges are once again in danger of being repealed or modified to limit its tax benefits. Most supporters of 1031

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1031 EXCHANGE UPDATE: TAX RELIEF FOR TEXAS

1031 EXCHANGE UPDATE: TAX RELIEF FOR TEXAS THE IRS ISSUES DISASTER RELIEF FOR TAXPAYERS AFFECTED BY SEVERE WINTER STORMS IN TEXAS   By: James T. Walther, Esq., LL.M., General Counsel, Legal 1031 Exchange Services, LLC As you may be aware, the state of Texas was recently declared a FEMA disaster area due to the impact

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1031 EXCHANGE UPDATE- IRC 1031 EXCHANGES AND DISASTER RELIEF 2020

THE IRS ISSUES DISASTER RELIEF FOR HURRICANE LAURA, CALIFORNIA WILDFIRES, AND OTHER RECENT DISASTERS By: James T. Walther, Esq., LL.M., General Counsel, Legal 1031 Exchange Services, LLC As we get into late Summer we tend to see increases in natural disasters such as extreme weather events and wildfires, it is important for taxpayers who are

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1031 Exchange Update: California FTB’s Failure to Withhold Penalties for 1031 Exchange Rescue Transactions/QIs are in Effect as of March 24, 2020

By: James T. Walther, Esq., LL.M., General Counsel Legal 1031 Exchange Services, LLC The California Franchise Tax Board (“FTB”) recently emphasized its position on installment note or installment trust structures used as rescue options for failed or partial 1031 exchanges. Qualified intermediaries (“QIs) and investors should take note of CA FTB Notice 2019-05, September 24,

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It’s a Struggle to Understand the IRS’ Guidance for 1031 Extensions

Unfortunately, this much-needed announcement has been marred by a departure from standard language, causing tax and legal professionals to debate the nature of the relief that the Notice granted. By Todd R. Pajonas, Esq. and Matthew K. Scheriff, CPA The Internal Revenue Service is aware that taxpayers who structure the sale of their real estate

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