Dear Clients and Associates,
As we bring 2021 to a close, we have extremely good news! The proposed limitation to cap 1031 like-kind exchange tax deferral was defeated. The 1031 national trade association, the Federation of Exchange Accommodators – along with the support of 60+ other real estate-related organizations and the efforts of many others – demonstrated how vital 1031 exchanges are to job creation and promotion of real estate transactional activity nationwide. This activity also supports many ancillary industries connected to real estate transactions. Such news is a sigh of relief!
On behalf of the API family, we thank you for your patronage and support this past year. It was an incredibly busy year in the real estate industry, and particularly for 1031 exchanges. We congratulate and thank everyone who worked long hours and dedicated themselves to ensure transactions were handled properly and timely. The teamwork amongst all parties involved was spectacular to witness.
We wish you and your families a joyous and safe Holiday Season, and we look forward to working with you in 2022!
 Javier G. Vande Steeg, President |
Webinar: 1031 Exchanges Issues in Today’s Market
Wednesday, January 12th
11:00 AM – 12:00 PM EST
CPE Credit Available
This one-hour intermediate/advanced 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, fractional ownership, oil/gas/mineral rights, related party transactions, partnership/LLC scenarios, reverse and improvement exchanges, and how to avoid common pitfalls.
Call Us
Asset Preservation would appreciate the opportunity to work with you on your next 1031 exchange. Give us a call for a free consultation.
Important Information for Investors Beginning an Exchange
From October 17 – December 31, 2021
Do Not File Your 2021 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 2021 tax return (this year, for individuals, April 17, 2022, 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
Federally Declared Disaster Extension Information
Click the link below to determine if you may qualify for an extension.
https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
Additional information here: https://apiexchange.com/disaster-relief/
Federally Declared Disaster Extension Information
Click the link below to determine if you may qualify for an extension.
https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
Additional information here: https://apiexchange.com/disaster-relief/
Call Us
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 Ask a Question online.