Liabilities Related to Relinquished Property: Can I Pay Off Secured/Unsecured Debt Through my 1031 Exchange?
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 […]
May 2023 Disaster Relief Update
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. […]
Refinancing Before or After your 1031 Exchange
May 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 […]
April 2023 Disaster Relief Update
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. […]
1031 EXCHANGE INSIGHTS: WHEN DOES THE TRANSFER OF REAL PROPERTY ACTUALLY OCCUR FOR 1031 EXCHANGE PURPOSES?
November 4, 2022 By: Julia Mastrotto, Esq., Counsel In an IRC Section 1031 exchange, the exchanger has 45 days from the date of sale to identify replacement property, and up […]
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 […]