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. Each Notice provides universal tax relief that extends the deadline to file various individual and business tax returns and to make tax payments for affected […]
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 cannot occur as part of a 1031 exchange. It should be noted that generally, a refinance is not a taxable event (subject to exceptions/limitations like […]
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. Each Notice provides universal tax relief that extends the deadline to file various individual and business tax returns and to make tax payments for affected […]
1031 Exchange update – Tax relief for Mississippi due to severe storms, straight-line winds and tornadoes
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, the IRS issued tax relief pursuant to IRS Notice MS-2023-02, dated March 27, 2023 (the “IRS Notice”), to those who reside or have businesses located […]
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 to a total of 180 days to close on identified property (or until the date their tax return is due, including extensions, for the tax […]
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 for the year in which the exchange commenced. Therefore, taxpayers with exchange transactions commencing in the 4th quarter of the calendar year, specifically those starting […]
The American Families Plan: A Problematic Proposal for Real Estate Investors
By: Legal 1031 Exchange Services, LLC Todd R. Pajonas, Esq., President James T. Walther, Esq., LL.M., General Counsel Over the past year, there has been growing speculation regarding the potential tax policies of a Biden Administration and how those policies might affect real estate. After President Biden’s address to Congress on April 28, 2021, […]
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 elder care plan by making several major changes to the Tax Code, including a repeal or limitation on the “1031 exchange” or “like-kind exchange a […]