November 2023 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 2023 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 […]
September 2023 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 […]
Liabilities Related to Relinquished Property: Can I Pay Off Secured/Unsecured Debt Through my 1031 Exchange?
Under IRC Section 1031 (b) and related guidance, it is a general principle that proceeds from a sale used in the exchange cannot be used to pay off liabilities that are unrelated to the relinquished property (they do not share a common nexus). Ideally, such liabilities should be secured to the relinquished property, however the […]
August 2023 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 […]
July 2023 Disaster Relief Update
Throughout the month of July, 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 […]
May 2023 Disaster Relief Update
Throughout the month of May, 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 […]
Refinancing Before or After your 1031 Exchange
May 11, 2023 By: Julia Mastrotto, Esq., Counsel All too common is the question of refinance in proximity to an IRC Section 1031 exchange. The key takeaway being that a refinance cannot occur as part of a 1031 exchange. It should be noted that generally, a refinance is not a taxable event (subject to exceptions/limitations like […]
April 2023 Disaster Relief Update
Throughout the month of April, 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 […]
1031 Exchange update – Tax relief for Mississippi due to severe storms, straight-line winds and tornadoes
March 28, 2023 From March 24, 2023, to March 25, 2023, severe storms, straight-line winds and tornadoes severely impacted areas of Mississippi. Due to the disruption caused by the storm, the IRS issued tax relief pursuant to IRS Notice MS-2023-02, dated March 27, 2023 (the “IRS Notice”), to those who reside or have businesses located […]