News
1031 Exchanges and Liabilities Related to Relinquished Property: Can I Pay Off Secured or Unsecured Debt Through my 1031 Exchange?
09/12/2023
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...
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August 2023 Disaster Relief Update
08/31/2023
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....
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July 2023 Disaster Relief Update
07/31/2023
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....
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May 2023 Disaster Relief Update
05/31/2023
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....
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Refinancing Before or After your 1031 Exchange
05/11/2023
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...
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April 2023 Disaster Relief Update
04/27/2023
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....
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1031 EXCHANGE UPDATE – TAX RELIEF FOR MISSISSIPPI DUE TO SEVERE STORMS, STRAIGHT-LINE WINDS AND TORNADOES
03/28/2023
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,...
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1031 Buyer Beware: Co-Ownership of Real Estate (Fractional TIC Interests) vs. Interests in Business Entities
03/27/2023
March 24, 2023 By: Julia Mastrotto, Esq., Counsel Internal Revenue Code Section 1031 solely applies to the exchange of real property, as personal property exchanges are no longer eligible.[1] Many...
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1031 EXCHANGE UPDATE – TAX RELIEF FOR CALIFORNIA DUE TO SEVERE WINTER STORMS, FLOODING AND MUDSLIDES
03/23/2023
March 22, 2023 Beginning March 9, 2023, a severe winter storm made landfall and resulted in flooding, landslides, and mudslides that severely impacted areas of California. Due to the disruption...
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WHAT IS “INVESTMENT INTENT” IN A 1031 EXCHANGE? AND WHEN IS INVESTMENT INTENT MEASURED?
03/17/2023
By: Julia Mastrotto, Esq., Counsel Internal Revenue Code Section 1031(a) provides that “no gain or loss shall be recognized on the exchange of real property held for productive use in...
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