November 2024 Disaster Relief Update
Throughout the month of November, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas. Each Notice provides universal tax relief that extends the deadline to file various individual and business tax returns and to make tax payments for affected […]
October 2024 Disaster Relief Update
Throughout the month of October, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas. Each Notice provides universal tax relief that extends the deadline to file various individual and business tax returns and to make tax payments for affected […]
Navigating the Complexities of 1031 Tax Straddles
When a 1031 exchange crosses over from one tax year to the next, it creates a unique scenario called a “tax straddle.” This strategy can offer valuable, short-term deferral benefits for exchangers when a property sale and replacement purchase are not completed within the same tax year. With tax straddles, certain gains from a failed […]
Tax Relief For 7 States Affected By Hurricanes Milton And Helene
October 16, 2024 Recently, the IRS issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for Hurricane Helene (multiple states and Notices) and for Hurricane Milton in Florida (FL 2024-10). Each Relief Notice provides universal tax relief that extends the deadline to file various individual and business […]
Legal 1031 Exchange Services, LLC Announces Complimentary Fall 2024 CLE Series
Legal 1031 Exchange Services, LLC is pleased to announce our upcoming Complimentary Continuing Legal Education (CLE) Series: A Basic Guide to IRC 1031 Tax Deferred Exchanges. This exclusive series offers attorneys the opportunity to earn 3 CLE credits while gaining valuable insights into the tax-deferred exchange process. Designed with real estate and tax law professionals […]
Tax Relief for New York & Connecticut Areas Affected by Storms & Flooding
September 27, 2024 Recently, the IRS issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for severe storms and flooding that began on August 18th, 2024 (Notice NY-2024-08 and CT-2024-11). Each Relief Notice provides universal tax relief for affected taxpayers that can extend the deadlines to file […]
September 2024 Disaster Relief Update
Throughout the month of September, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas. Each Notice provides universal tax relief that extends the deadline to file various individual and business tax returns and to make tax payments for affected […]
August 2024 Disaster Relief Update
Throughout the month of August, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas. Each Notice provides universal tax relief that extends the deadline to file various individual and business tax returns and to make tax payments for affected […]
Tax Relief For States Affected By Hurricane Beryl & Hurricane Debby
August 23, 2024 Recently, the IRS issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for Hurricane Beryl (67 counties in Texas, Notice TX-2024-08) and for Hurricane Debby (multiple states and Notices). Each Relief Notice provides universal tax relief that extends the deadline to file various individual […]
Update on CTA and NY LLC Disclosure Law
*Update – As of 12/3/24, the mandatory reporting under the CTA has been enjoined nationwide by a 5th Circuit Court in TX. The Department of Justice has filed an appeal of the injunction. Whether entities will need to comply with the requirements is dependent on the outcome of litigation. Per FinCEN, reporting of beneficial owner […]