1031 Exchange Update: Avoid a Tax Season Trap by Preserving Your 180 day Exchange Period
IRC Section 1031 requires that taxpayers acquire all replacement property by the earlier of 180 days from the sale of the relinquished property or the Federal tax return due date for the year in which the exchange commenced. Therefore, taxpayers with exchange transactions commencing in the 4th quarter of the calendar year, specifically those starting […]
Update on 1031 Tax Relief for Hurricane Ida NY, NJ, PA, CT, LA, and MS
Updated January 2022 due to IRS revisions/extensions Hurricane Ida made landfall on August 29th, 2021, and the IRS issued tax relief to those who reside, or who have businesses located in specified FEMA disaster areas. The IRS published Relief Notices for certain geographic areas of New York, New Jersey, Pennsylvania, Connecticut and for the states […]
Legal 1031 end of the year update and December continuing Education Class Announcement
Legal 1031 end of the year update and December continuing Education Class Announcement We hope everyone is enjoying the start to their Holiday Season! Please find year end updates and announcements below. 1. Complimentary continuing education class Representing an IRC §1031 Exchange Client Date: Wednesday, December 15, 2021 Time: 10:00am – 11:45am EST Earn: […]
Real Estate Breathes a Sigh of Relief as Proposed Changes to Section 1031 and to the Step Up in Basis are Absent from Current Reconciliation Bill
1031 Exchange News: Tax Reform Update By: Todd R. Pajonas, Esq., President September 20, 2021 News out of Washington this week indicates a positive outlook for Section 1031 exchanges to survive in their current form. The House of Representatives Ways and Means Committee advanced a reconciliation bill that did not include any changes to Section […]
1031 Exchange Update – Tax Relief for areas affected by Hurricane Ida: NY, NJ, PA, LA, and MS and Tax Relief for areas affected by the California Wildfires
Updated October 26, 2021 Hurricane Ida – Tax Relief for affected taxpayers in New York, New Jersey, Pennsylvania, Louisiana, and Mississippi Hurricane Ida made landfall on August 29th, 2021, and severely impacted those living in several Gulf States and the Eastern United States. Because of the damage and disruption caused by this historic storm, the […]
1031 Tax Reform News Update: SENATE “VOTE – A – RAMA” 1031 AMENDMENT SEEN AS A POSITIVE BY 1031 EXCHANGE ADVOCATES
By: James T. Walther, Esq., LL.M. General Counsel, Legal 1031 Exchange Services, LLC The Senate adopted initial budget amendments on August 10 for the fiscal year 2022 in a late night/early morning Senate session, commonly referred to by political analysts as “Vote-a-Rama.” The amendments which were passed under budget reconciliation votes only require a simple […]
Tax Reform News Alert: Biden Administration Proposes to Retroactively Raise Capital Gains Taxes
Updated June 1, 2021 A Potential Retroactive Hike on Capital Gains Tax Rates? On May 28th, 2021, the United States Department of the Treasury published the “Greenbook” for the Biden Administration Budget Plan. The Treasury Greenbook is a summary explanation of an Administration’s Revenue Proposals for the upcoming fiscal year and beyond. The 2022 Greenbook […]
The American Families Plan: A Problematic Proposal for Real Estate Investors
By: Legal 1031 Exchange Services, LLC Todd R. Pajonas, Esq., President James T. Walther, Esq., LL.M., General Counsel Over the past year, there has been growing speculation regarding the potential tax policies of a Biden Administration and how those policies might affect real estate. After President Biden’s address to Congress on April 28, 2021, […]
1031 EXCHANGE ALERT: INFORMATION AND FACT SHEET “THE 2021 AMERICAN FAMILIES PLAN”
Updated June 3, 2021 Over the past year, there has been growing speculation regarding the potential tax policies of a Biden White House and how they may affect real estate. President Biden’s address to Congress on April 28, 2021, made it clear that his proposed tax policies would have a major effect on real estate […]
1031 EXCHANGE ALERT: INFORMATION AND FACT SHEET “THE 2021 AMERICAN FAMILIES PLAN”
Updated June 3, 2021 Over the past year, there has been growing speculation regarding the potential tax policies of a Biden White House and how they may affect real estate. President Biden’s address to Congress on April 28, 2021, made it clear that his proposed tax policies would have a major effect on real estate […]