1031 EXCHANGE UPDATE – TAX RELIEF FOR AFFECTED COUNTIES OF FLORIDA DUE TO HURRICANE NICOLE
December 29, 2022 On or about November 7, 2022, Hurricane Nicole made landfall and severely impacted areas of the State of Florida. On December 16, 2022, the IRS published Disaster Relief Notice FL-2022-20 (subsequently updated). This relief may still apply to the 45-day and 180-day deadlines for ongoing 1031 exchanges. Due to the disruption caused by […]
Can I Use A 1031 Exchange To Acquire Real Estate Outside Of The U.S.?
James T. Walther, Esq., LL.M., General Counsel Julia Mastrotto, Esq., Counsel As a national qualified intermediary, we are frequently asked by investors selling U.S. real estate if they can utilize an IRC Section 1031 exchange to acquire property outside of the United States (a.k.a. international or foreign real estate). The following questions commonly arise when […]
1031 EXCHANGE INSIGHTS: WHEN DOES THE TRANSFER OF REAL PROPERTY ACTUALLY OCCUR FOR 1031 EXCHANGE PURPOSES?
November 4, 2022 By: Julia Mastrotto, Esq., Counsel In an IRC Section 1031 exchange, the exchanger has 45 days from the date of sale to identify replacement property, and up to a total of 180 days to close on identified property (or until the date their tax return is due, including extensions, for the tax […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR FLORIDA, NORTH CAROLINA, AND SOUTH CAROLINA DUE TO HURRICANE IAN
October 5, 2022 On September 29th, 2022, Hurricane Ian made landfall and severely impacted the state of Florida and subsequently, Tropical Storm Ian severely impacted the Carolinas. Because of the damage, flooding, and disruption caused by this historic storm, the IRS has issued tax relief to those who reside, or who have businesses located throughout […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR AREAS OF MISSISSIPPI AFFECTED BY THE WATER CRISIS
September 28, 2022 On August 30, 2022, areas of Mississippi were affected by a water crisis. Due to the disruption caused by the water crisis, the IRS issued tax relief to those who reside, or who have businesses located in specified FEMA disaster areas. Currently, the IRS has published Relief Notice MS-2022-01, dated September 2, […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR PUERTO RICO DUE TO HURRICANE FIONA
October 19, 2022 On September 17, 2022, Hurricane Fiona made landfall and severely impacted areas of Puerto Rico. Due to the damage, flooding, and disruption caused by the storm, the IRS issued tax relief to those who reside or have businesses in any of the 78 municipalities of Puerto Rico. IRS Notice PR-2022-10, dated September […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR AREAS OF ARIZONA AFFECTED BY HEAVY STORMS
September 28, 2022 On July 17 and July 18, 2022, areas of Arizona were hit with severe storms. Due to the damage, flooding, and disruption caused by the storms, the IRS issued tax relief to those who reside or have businesses located in specified FEMA disaster areas. Currently, the IRS has published Relief Notice AZ-2022-08, […]
TAX RELIEF FOR AREAS OF KENTUCKY AND MISSOURI AFFECTED BY HEAVY STORMS
August 2, 2022 Updated August 24, 2022 In late July 2022, areas of Kentucky and Missouri were hit with severe summer storms. Because of the damage, flooding, and disruption caused by the storms, the IRS has issued tax relief to those who reside, or who have businesses located in specified FEMA disaster areas. Currently, the […]
1031 EXCHANGE NEWS UPDATE: Pennsylvania Conforms its State Tax Code to Federal §1031
By: James T. Walther, Esq., LL.M. General Counsel, Legal 1031 Exchange Services, LLC Summary: Pennsylvania now recognizes 1031 Exchanges for individuals and partnerships. For tax years beginning after December 31, 2022, Pennsylvania will conform its state tax code to Internal Revenue Code §1031. This change will benefit real estate investors and businesses who were subject to […]
Truist Insurance Holdings, Inc. acquires Kensington Vanguard National Land Services, LLC and Legal 1031 Exchange Services, LLC
445 Broad Hollow Road, Suite 25 Melville, NY 11747 p 877.701.1031 f 877.703.1031 March 28, 2022 Legal 1031 Exchange Services, LLC (“Legal 1031”) is pleased to announce that Kensington Vanguard National Land Services, LLC (“KV”) and Legal 1031 have been acquired by Truist Insurance Holdings, a subsidiary of Truist Financial Corporation, the nation’s sixth-largest bank […]