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 Tax Relief for Victims in Disaster SituationsRequirements for Postponement of 1031 Exchange Time PeriodsSpecial 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 » |
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1031 Exchanges and Investments in REITs
1031 Exchanges and Investments in REITs Real estate investors frequently ask the question “Can I do a 1031 exchange of the relinquished property proceeds into a REIT (Real Estate Investment Trust) as replacement property?” REITs [...]
Intent to Hold for Investment: 12-Year Holding Period
Intent To Hold For Investment: 12-Year Holding Period Lessons From Allen v. United States Is a 12-year holding period long enough for property to be considered to be “held for investment?" At first blush, a [...]
Two 1031 Audits: Cash Boot at Closing/Failed Exchange & ID Violation
California FTB Denies Exchange Based on Cash Out at Closing: Analysis and Response It’s no secret that the California Franchise Tax Board (“FTB”) has become very aggressive in challenging 1031 exchanges. In a recent audit, [...]
Taxpayer Uses Disqualified Person as a QI
Taxpayer Uses Disqualified Person as a Qualified Intermediary (QI) In  Blangiardo v. Commissioner, T.C. Memo. 2014-110, the taxpayer hired his son to serve as his intermediary. The taxpayer duly reinvested the exchange proceeds into like-kind replacement [...]