News Archive

March 27, 2023

Avoiding a Common 1031 Compliance Pitfall: Partnership vs. Real Property Interests

When completing a 1031 exchange, not all real estate interests are created equal. Our Team breaks down a key compliance issue: the difference between acquiring a real property interest versus a partnership interest. While...

March 23, 2023

1031 EXCHANGE UPDATE – TAX RELIEF FOR CALIFORNIA DUE TO SEVERE WINTER STORMS, FLOODING AND MUDSLIDES

March 22, 2023 IRS Updated 10/16/23: This news release has been updated to change the filing and payment deadlines from Oct. 16, 2023 to Nov. 16, 2023. The Nov. 16...

March 17, 2023

WHAT IS “INVESTMENT INTENT” IN A 1031 EXCHANGE? AND WHEN IS INVESTMENT INTENT MEASURED?

March 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...

March 9, 2023

FLIPPERS, DEALERS, & WHOLESALERS: WHAT IS INVESTMENT INTENT FOR PURPOSES OF A 1031 EXCHANGE?

March 9, 2023 By: Julia Mastrotto, Esq., Counsel IRC Section 1031(a) provides that “no gain or loss shall be recognized on the exchange of real property held for productive use...

February 24, 2023

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 Updated 1/2/2023 – this law is now effective for 1031 exchanges where property is relinquished in 2023....

February 9, 2023

1031 EXCHANGE UPDATE: HOW TO AVOID A LITTLE-KNOWN TAX SEASON TRAP BY PRESERVING YOUR 180-DAY EXCHANGE PERIOD

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...

February 8, 2023

1031 EXCHANGE UPDATE – TAX RELIEF FOR CALIFORNIA DUE TO SEVERE WINTER STORMS, FLOODING AND MUDSLIDES

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...

February 8, 2023

What is the 3.8% “MEDICARE TAX” or NET INVESTMENT INCOME TAX (“NIIT”)?

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...

January 30, 2023

1031 EXCHANGE UPDATE – TAX RELIEF FOR AFFECTED AREAS OF ALABAMA & GEORGIA DUE TO SEVERE STORMS, HIGH WINDS, AND TORNADOES

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...

January 18, 2023

1031 EXCHANGE UPDATE – TAX RELIEF FOR ILLINOIS DUE TO SEVERE STORMS AND FLOODING

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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