News

News

11/23/2020 / News

1031 Exchange Insights: Filing an Extension of a Tax Return due date to Preserve 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...
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11/05/2020

What Transactional Costs can I Pay with my 1031 Exchange Funds?

By: James T. Walther, Esq., LL.M., General Counsel, and Todd R. Pajonas, Esq., President, Legal 1031 Exchange Services, LLC The answer to this question is “it depends.” For some items,...
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10/08/2020

A 1031 Exchange is not a “tax loophole” or a “tax dodge.” It is a tax benefit that helps fuel the economy.

By: James T. Walther, Esq., LL.M. Legal 1031 Exchange Services, LLC Presidential candidate Joe Biden recently announced his proposed tax plan, which seeks to fund a $775 billion child and...
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10/05/2020

The IRS Issues CV-19 Tax Relief for Delaware Statutory Trusts, a Common Investment Option for 1031 Exchange Investors

By: James T. Walther, Esq., LL.M. Interests in Delaware Statutory Trusts (“DSTs”) are commonly purchased as replacement properties by 1031 investors. The IRS allows these fractional interests in an investment trust...
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09/16/2020 / News

1031 EXCHANGE UPDATE- IRC 1031 EXCHANGES AND DISASTER RELIEF 2020

THE IRS ISSUES DISASTER RELIEF FOR HURRICANE LAURA, CALIFORNIA WILDFIRES, AND OTHER RECENT DISASTERS By: James T. Walther, Esq., LL.M., General Counsel, Legal 1031 Exchange Services, LLC As we get...
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09/01/2020

CV-19 Disaster Relief Update

The IRS Finally Clarifies its April Guidance Providing Extensions for 1031 Exchange Deadlines On August 11, 2020, the IRS published an FAQ on its website finally clarifying that Notice 2020-23...
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05/20/2020 / News

1031 Exchange Update: California FTB’s Failure to Withhold Penalties for 1031 Exchange Rescue Transactions/QIs are in Effect as of March 24, 2020

By: James T. Walther, Esq., LL.M., General Counsel Legal 1031 Exchange Services, LLC The California Franchise Tax Board (“FTB”) recently emphasized its position on installment note or installment trust structures...
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04/22/2020 / News

Ambiguous 1031 Exchange Extension Notice puts QIs and Exchangers in an awkward position

By David J. Feeser, Esq. and James T. Walther, Esq., LL.M The commercial real estate industry is in uncharted waters due to the impact of the COVID-19 pandemic. The economic...
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04/14/2020 / News

It’s a Struggle to Understand the IRS’ Guidance for 1031 Extensions

Unfortunately, this much-needed announcement has been marred by a departure from standard language, causing tax and legal professionals to debate the nature of the relief that the Notice granted. By...
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04/10/2020

Covid-19 Extension for 1031 Exchanges and Opportunity Zones

The IRS published Notice 2020-23 on April 9, 2020, which provides, among other items, an extension of the 1031 Exchange and Opportunity Zone deadlines, as a result of the Covid-19...
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