The COVID-19 pandemic changed how many people work, with many more working at home or a hybrid of at home split with time in an office setting. This has led to a significant increase in the value of vacation home/2nd home markets as many taxpayers have contemplated relocating to a more desirable area that isn’t necessarily tied to where a physical office is located. The increase in values has resulted in many taxpayers considering a 1031 exchange and/or positioning their property as a rental property so it may qualify for a 1031 exchange in the future.
1031 Exchange Webinars
Monday, December 19th
10:00 AM – 11:00 AM CT
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.
Thursday, December 1st
12:00 PM – 2:00 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, and how to avoid common pitfalls and related-party transactions.
Free 1031 Exchange Calculator
Register for a lite version of TheAnalyst PRO at no charge (no credit card required): https://theanalystpro.com/1031/
Discounted upgrade plans are available to unlock all of the tools within CRE Tech’s #1 Analysis and Marketing Platform. TheAnalyst PRO includes Financial and Lease Analysis, Location Risk Analysis, Demographics, Infographics, Offering Memorandums, Flyers, and Brochures.
Pennsylvania to Recognize 1031 Exchange Tax Deferral
The state of Pennsylvania has been the only state where the personal income tax provision regarding Section 1031 did not conform to the federal Internal Revenue Code Section 1031. In the past, this meant taxpayers could defer capital gain taxes at the federal level but not on Pennsylvania state income taxes. On July 11, 2022, Governor Tom Wolf signed HB 1342. Beginning January 1, 2023, Pennsylvania state treatment of 1031 exchange will conform to the federal internal revenue code, and taxpayers who complete 1031 exchanges be eligible for 1031 exchange tax deferral of both federal and state taxes.
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Federally Declared Disaster Extension Information
Click the link below to determine if you may qualify for an extension.
Additional information here: https://apiexchange.com/disaster-relief/
Asset Preservation would appreciate the opportunity to work with you
on your next 1031 exchange. Give us a call for a free consultation.
Get Real Podcast: Ways To Defer Taxes and Get Better Returns
Scott Saunders, Sr. Vice President of Asset Preservation, joins the Get Real (Estate) podcast to discuss the best ways to tailor your 1031 exchanges and how you should be handling them.