A Really Great Reason to Celebrate!
Dear Clients and Associates,
At this time last year I shared that 1031 exchanges were in jeopardy due to the new Administrations’ desire to implement sweeping tax reform.
I am very happy to announce that both the Senate and the House bills (still yet to be reconciled at the time of this writing) leave 1031 exchanges for real property intact and unchanged. Both bills, however, eliminate 1031 exchanges of personal property.
We all owe a special “thank you” and “job well done” to the members of the Federation of Exchange Accommodators Government Affairs Committee (GAC). The GAC team has worked tirelessly, along with over 100 Like-Kind Coalition partners, to educate government representatives in Congress on the economic benefits of 1031 exchanges for helping small businesses expand, job creation and the redeployment of capital into better performing properties. The GAC had hundreds and hundreds of meetings with members in Congress this year and made pivotal contributions that helped retain Section 1031 in the tax code. Their work was truly amazing and I wholeheartedly thank them.
So, given all this fantastic news, it’s time to celebrate this holiday season and enjoy time with your associates, family and friends.
I speak for all of us at Asset Preservation in saying how much we appreciate your business and enjoy working with you year in and year out. Cheers!
Javier G. Vande Steeg, President
New YouTube Channel
We are very excited to share Asset Preservation’s YouTube channel is officially live! This channel was created as another way to provide more value and education to you and your customers. Please visit our YouTube channel.
Important Information for Investors Beginning a 1031 Exchange
From October 17 – December 31, 2017
Do Not File Your 2017 Income Tax Return Until Your Exchange Has Been Fully Completed.
The time frame you have to complete the acquisition of your replacement property ends at midnight on the earlier of the 180th day after the date you transferred the relinquished property OR the due date (including extensions) for your income tax return for the taxable year in which the transfer of the relinquished property occurs. (U.S. Treasury Regulations section 1.1031(k)-1(b)(2)).
This means, if the 180th day following the closing of your first relinquished property falls after the due date for your 2017 tax return (this year, for individuals, April 17, 2018) you must file an application for extension of time with the IRS to extend the due date. If you do not file for an extension, you will NOT be able to acquire any replacement property in your exchange after your tax return due date.
If your exchange is not completed by the due date of your tax return —
FILE AN EXTENSION.
If you have any questions, please call your Exchange Counselor at
Webinars: 1031 Exchange Issues in 2017
Hottest Real Estate Markets in the U.S.
They say a good place is hard to find, but if you are looking to live in one of these 25 metropolitan areas, that may feel like an understatement.
Using data from ATTOM Solutions, we checked which metro areas have the lowest vacancy rates—that is to say, the fewest available residential properties—and ranked them. To make the list more relevant, we did not include areas with a population less than 100,000.
Believe it or not, every metro area on this list has a less than 1% vacancy rate. So if you are a house hunter in one of the following 25 metro areas, we wish you good luck (you will need it). Read More
Asset Preservation would appreciate the opportunity to work with you on your next exchange regardless of how simple or complex. Give us a call at 800-282-1031 with any 1031 related questions or Open a 1031 Exchange Online.