Investing in Opportunity Zones
INVESTING IN OPPORTUNITY ZONES BACKGROUND, BASICS, AND COMPARISON TO 1031 EXCHANGES by James T. Walther, Esq. LL.M. Introduction: Opportunity Zones (OZs) have frequently been a topic of discussion in the news and in the commercial real estate industry, especially after Amazon’s announcement (now rescinded) that it would expand using a development site in an OZ […]
Pennsylvania still doesn’t recognize 1031 Exchanges
By: James T. Walther, Esq., LL.M.Exchange Director, Legal 1031 Exchange Services, Inc.January 27, 2019 **UPDATE: In July 2022, the Pennsylvania Legislature enacted HB 1342, a budget bill that included sweeping tax reform legislation. A provision of the Bill conforms the state’s treatment of like-like exchanges with Section 1031 of the Federal Internal Revenue Code. Previously, state personal […]
1031 Exchanges and the Foreign Investment in Real Property Tax Act
A 1031 exchange is available to foreign sellers of real property held for productive use in a trade or business, or held for investment purposes, however, the foreign status of the person or entity selling the real property can cause some extra complications which must be addressed. The Foreign Investment in Real Property Act (FIRPTA) […]
IRC 1031 Exchanges and Disaster Relief
With 2018 hurricane season upon us, it is important for exchangers to understand the effects of Federally declared disasters, like Hurricanes Florence and Michael, on the strict deadlines for completing a 1031exchange. For delayed exchanges, the 1031 rules set two time periods for a total deadline of 180 calendar days to close escrow on replacement […]
David Feeser, Esq. CLE Presentation
Continuing Legal Education Presentation on Representing an IRC 1031 Client QUALIFIED David J. Feeser, Esq. Exchange Director for Legal 1031 Exchange Services, Inc. gave a presentation at the Springfield branch of Flushing Bank on June 19, 2018 to attorneys and other interested parties on representing clients that want to execute a 1031 exchange. The presentation […]
It is never too early to prepare for a 1031 Exchange
It is never too early to prepare for a 1031 exchange. There are many options that should be considered when planning for an exchange. Advance planning can help the process go smoother and provide better results for the exchanger. The financial, legal and accounting aspects of the transaction should be considered prior to the sale […]
How the Tax Code Rewrite Favors Real Estate Over Art
By Paul Sullivan Jan. 12, 2018 Of the many winners and losers in the overhaul of the tax code, one change makes real estate investors the biggest beneficiaries, while art collectors seem to have drawn the short straw. Real estate investors were given a gift after Congress voted to maintain what are known as 1031 exchanges, […]
Potential For Repeal Of Section 1031
AUGUST 4, 2017 | BY TODD R. PAJONAS The elimination of 1031 exchanges would most likely only occur with true tax reform, where portions of the code are rewritten or eliminated, Todd R. Pajonas writes in this EXCLUSIVE commentary. MELVILLE, NY—You might think that the current efforts to repeal or reform the Affordable Care Act have nothing to do […]