Asset Preservation's 1031 Exchange eNews | 800.282.1031|info@apiexchange.com

Happy 10-31 Day from Asset Preservation!

1031-day-2019

FTB Notice 2019-05

Imposing the Failure to Withhold Penalty Against Qualified Intermediaries Who Actively Participate in Certain Improper Like-Kind Exchange Transactions

The purpose of this Notice is to inform qualified intermediaries (“QIs”) that the Franchise Tax Board (“FTB”) will impose failure to withhold penalties against QIs who actively participate in structures where boot or proceeds from an attempted like-kind exchange are converted into an installment note or similar arrangement in which payments are to be paid out over two or more years. These penalties may be imposed beginning with attempted like-kind exchanges in which property is relinquished on or after March 24, 2020. Read More »



Important Information for Investors Beginning an Exchange

From October 17 – December 31, 2019

Do Not File Your 2019 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 2019 tax return (this year, for individuals, April 17, 2020, 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.

REMEMBER:
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

National Headquarters: 800.282.1031
Eastern Regional Office: 866.394.1031


1031 Exchange Webinars

Wednesday, November 13th

11:00 AM – 12:00 PM EST
CPE Available

§1031 Tax-Deferred Exchange Issues in Today’s Market. This intermediate -advanced level webinar provides a concise and thorough overview of 1031 exchanges for accountants, CPAs, and tax advisors. Register »

Monday, November 25th

1:00 PM – 2:30 PM EST
CLE/CPE Available

Applying 1031 Knowledge in the Real World – Learn about the key issues impacting real estate 1031 like-kind exchanges. Includes a brief overview of Opportunity Zone (OZ) investments. Register »


Executive Global Interview with Javier G. Vande Steeg

Click here to read a Fall, 2019 interview of Javier G. Vande Steeg, Asset Preservation’s President and Co-Founder by Executive Global. Mr. Vande Steeg talks about 1031 tax deferral, wealth creation and other issues of interest to business owners and real estate investors. Executive Global offers a unique insight into the state of global business in the contemporary age, bringing together the most renowned business personalities and economists of the modern era to deliver the statistics, thorough analysis, strategy, and foresight required to make informed business decisions. Read the Interview »


 

 


 Tax Relief for Victims in Disaster Situations

Requirements for Postponement of 1031 Exchange Time Periods

Special tax law provisions may help taxpayers recover financially from the impact of a disaster such as a flood, hurricane, tornado, wildfire or certain other natural disasters or catastrophic events, particularly when the federal government declares a location to be a Presidentially-declared disaster area often referred to as a federally-declared disaster. If the IRS releases an official notice, then Section 17 of Revenue Procedure 2007-56 provides extensions of certain time deadlines in a 1031 exchange. Read More »


 The U.S. States People Are Fleeing (And The Ones They Are Moving To)

Each year families pack up their belongings and move to a new home, sometimes out of state. Tracking where they go—and where they’re leaving from—paints an interesting picture of U.S. migration…Read More »


We Love Our Happy Customers

Job well done!! It was a pleasure working with you on the 1031 Exchange. You made it so easy and effortless. Thank you again for taking care of my clients and making it all come together. I appreciate it. I look forward to the next one.

– Peter, Colorado


How Housing Wealth Transferred From Families to Corporations

The Great Housing Reset has led to growing numbers of single-family homes shifting from owner-occupied housing to investment vehicles for large corporations. Read More »


1031 Tools: 45/180 Day Calculator

From the closing on the sale of the relinquished property, an exchanger must: (1) properly identify potential replacement properties within 45 calendar days (the “Identification Period”) and; (2) close on the replacement property(ies) within 180 calendar days of the transfer of relinquished property sale (the “Exchange Period”). To access a calculator and determine your 45-day Identification Period and 180-day Exchange Period, click here…


Purchasing Replacement Property from a Builder

When a taxpayer considers purchasing new construction from a builder as replacement property in a 1031 exchange, they should be aware of many factors in advance of the contemplated 1031 exchange transaction…Read More »

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    Happy 10-31 Day from Asset Preservation!

    By |October 24th, 2019|Categories: Uncategorized|

    FTB Notice 2019-05 Imposing the Failure to Withhold Penalty Against Qualified Intermediaries Who Actively Participate in Certain Improper Like-Kind Exchange Transactions The purpose of this Notice is to inform qualified intermediaries ("QIs") that the [...]

    Comments Off on Happy 10-31 Day from Asset Preservation!

    Executive Global Interview with Javier G. Vande Steeg

    By |September 5th, 2019|Categories: Uncategorized|

    Click here to read a Fall, 2019 interview of Javier G. Vande Steeg, Asset Preservation’s President and Co-Founder by Executive Global. Mr. Vande Steeg talks about 1031 tax deferral, wealth creation and other issues of interest [...]

    Comments Off on Executive Global Interview with Javier G. Vande Steeg

    Purchasing Replacement Property from a Builder

    By |July 22nd, 2019|Categories: Uncategorized|

    When a taxpayer considers purchasing new construction from a builder as replacement property in a 1031 exchange, they should be aware of many factors in advance of the 1031 exchange transaction...Read More » WEBINARS [...]

    Comments Off on Purchasing Replacement Property from a Builder

    Opportunity Zones & 1031 Exchanges-Summary of Benefits

    By |June 25th, 2019|Categories: Uncategorized|

    Opportunity Zone (OZ) investments provide three federal income tax benefits for investors. Some investors want to know which strategy is generally a better approach and the summary below highlights the advantages of Opportunity Zone and [...]

    Comments Off on Opportunity Zones & 1031 Exchanges-Summary of Benefits
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