News
1031 EXCHANGE UPDATE: HOW TO AVOID A LITTLE-KNOWN TAX SEASON TRAP BY PRESERVING YOUR 180-DAY EXCHANGE PERIOD
02/09/2023
IRC Section 1031 requires that exchanging taxpayers acquire all replacement property by the earlier of (i) 180 days from the sale of the relinquished property, or (ii) the Federal tax...
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1031 EXCHANGE UPDATE – TAX RELIEF FOR CALIFORNIA DUE TO SEVERE WINTER STORMS, FLOODING AND MUDSLIDES
02/08/2023
February 6, 2023 Beginning December 27, 2022, severe winter storms made landfall, resulting in flooding, landslides and mudslides that severely impacted areas of California. Please note that pursuant to IRS...
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What is the 3.8% “MEDICARE TAX” or NET INVESTMENT INCOME TAX (“NIIT”)?
02/08/2023
2024 UPDATE Many investors selling real estate or other high value investments are often surprised to find out that their tax liability could be subject to an extra 3.8% surtax...
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1031 EXCHANGE UPDATE – TAX RELIEF FOR AFFECTED AREAS OF ALABAMA & GEORGIA DUE TO SEVERE STORMS, HIGH WINDS, AND TORNADOES
01/30/2023
January 30, 2023 Beginning January 12, 2023, a severe storm made landfall and resulted in straight-line winds and tornadoes that severely impacted areas of Alabama and Georgia. Due to the...
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1031 EXCHANGE UPDATE – TAX RELIEF FOR ILLINOIS DUE TO SEVERE STORMS AND FLOODING
01/18/2023
January 17, 2023 Occurring between July 25 and 28, 2022, a severe storm accompanied by flooding severely impacted areas of Illinois. Due to the disruption caused by the storm, the...
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1031 EXCHANGE UPDATE – TAX RELIEF FOR CALIFORNIA DUE TO SEVERE WINTER STORMS, FLOODING AND MUDSLIDES
01/17/2023
January 17, 2023 Beginning January 8, 2023, a severe winter storm made landfall and resulted in flooding and mudslides that severely impacted areas of California. Please note that pursuant to...
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WHY DO I NEED A QUALIFIED INTERMEDIARY BEFORE I START MY 1031 EXCHANGE? A DISCUSSION ON ACTUAL AND CONSTRUCTIVE RECEIPT
01/09/2023
January 9, 2023 By: Julia Mastrotto, Esq., Counsel If I have already closed on the sale of real estate, is it too late to structure my transaction as a 1031...
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1031 EXCHANGE UPDATE – TAX RELIEF FOR NEW YORK DUE TO SEVERE WINTER STORMS
01/03/2023
January 3, 2023 On November 18, 2022, a severe winter storm made landfall and severely impacted areas of Upstate New York, subsequently, a second severe winter storm made landfall on...
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1031 EXCHANGE UPDATE – TAX RELIEF FOR AFFECTED COUNTIES OF FLORIDA DUE TO HURRICANE NICOLE
12/29/2022
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...
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CAN I USE A §1031 EXCHANGE TO ACQUIRE REAL ESTATE OUTSIDE OF THE U.S.?
12/06/2022
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...
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