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

1031 Exchange Summer Update – 2020

The 1031 exchange market nationally has been like a roller coaster this past spring and summer, plummeting down in April and roaring back up starting in June.

In late March and April exchange activity dropped off significantly as a result of the COVID-19 pandemic which forced the entire nation to work from home and/or shelter at home. The Treasury provided tax relief to some investors with Notice 2020-23 which extended many deadlines for investors affected by the COVID-19 pandemic including Section 1031 exchange time deadlines. Notice 2020-23 extended the 45-day identification period deadline and 180-day exchange period for certain investors until July 15, 2020. (Note: There is no further extension in place currently.)

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Webinars: 1031 Exchanges Issues in Today’s Market

Thursday, July 30th
2:00 PM – 4:00 PM CT

This two-hour course for commercial brokers provides a concise and thorough overview of IRC Section 1031 tax-deferred exchanges. This webinar tackles advanced issues such as partnership/LLC scenarios, creative property variations such as perpetual cellular easements (cell towers), fractional ownership, transferable development rights, reverse and improvement exchanges, how to avoid common pitfalls and related-party transactions.

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Tuesday, August 4th
9:00 AM – 10:00 AM MDT

CPE Credit Available

This one-hour intermediate/advanced level webinar provides a concise and thorough overview of 1031 exchanges for accountants, CPAs, and tax advisors. This webinar covers critical time deadlines, like-kind requirements, oil/gas/mineral rights, fractional ownership, partnership/LLC scenarios, reverse and improvement exchanges, related party transactions, and how to avoid common pitfalls.

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The Real Deal: Biden’s Tax Plan Would “Pull the Rug Out” from Under the Real Estate Industry

Joe Biden went after one of the real estate industry’s favorite tax benefits Tuesday when he proposed funding a child- and elderly-care spending platform by closing off a loophole used by property investors.

The presumptive Democratic presidential nominee proposed eliminating 1031 “like-kind” exchanges for investors with annual incomes greater than $400,000, as part of his plan to finance $775 billion in government spending over the next 10 years on child care and care for the elderly.

* Link to an article in The Real Deal. This article is linked to make investors aware of a proposed change in the Section 1031 tax law.

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We Love Our Happy Customers

Thank you for the very professional way in which my transactions were handled, making this a pleasant and efficient process. Thanks as well to all your associates who were very gracious to work with.

  • – LORI H., MASSACHUSETTS

 

1031 Basics: Closing Costs

A frequently asked question is “What expenses can be deducted from the exchange proceeds without resulting in a tax consequence?” Although the IRS has not published a complete list of qualifying expenses, there are some rulings that provide general parameters. Brokerage commissions can be deducted from the exchange proceeds (Revenue Ruling 72-456). Other transactional costs may also be able to be deducted if they are paid in connection with the exchange…

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Real Estate is a Seller’s Market as Sales Soar by 21% — but Renters Worry They Will Be Left Behind

The coronavirus has made roomier homes with backyards in the suburbs more appealing — driving up prices and triggering bidding wars.

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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 [...]

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    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 [...]

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    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 [...]

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    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 [...]

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