Wishing You Happy Holidays
Message from the President
As the holiday season approaches, we wanted to take a moment to express our heartfelt gratitude for your continued patronage of API. It has been a pleasure serving you, and we are truly thankful for the trust and partnership you have extended to us throughout the year.
In the spirit of celebration, we are thrilled to share some exciting news with you. We are delighted to announce the well-deserved promotion of Donalee Ham to the position of Chief Operating Officer (COO) at API. Donalee has been an invaluable member of our team, contributing significantly to our success and growth. Her dedication, leadership, and commitment to excellence make her an ideal fit for this role, and we are confident that she will play a key role in shaping the future of API.
As we reflect on the past year, we are filled with gratitude for the milestones achieved and the positive partnerships we have built together. Your support has been instrumental in our success, and we are excited about the possibilities that lie ahead.
Looking forward to the new year, we are enthusiastic about the opportunities and challenges that 2024 will bring. With Donalee at the helm as our COO, we are confident in our ability to innovate, excel, and continue providing you with the exceptional service you deserve.
May this holiday season bring joy, peace, and prosperity to you and your loved ones. We are truly grateful for the trust you have placed in API, and we look forward to another year of collaboration and success.
Wishing you a wonderful holiday season and a fantastic start to the new year!
Javier G. Vande Steeg
President
Do You Have a Property Closing in December?
Many investors and their advisors have real estate transactions closing near the end of December. If you or your client have an investment property transaction closing before the end of 2023 – and you have not already set up a 1031 exchange – keep in mind Asset Preservation is available to set up your exchange at the last minute! We can often set up a new 1031 exchange, converting an otherwise taxable sale into a tax-deferred transaction, within an hour. A properly structured exchange provides an investor with up to 45 calendar days to potentially find suitable replacement property. For more information, please call us at 800-282-1031 or via email at info@apiexchange.com.
1031 Exchange Webinar
Thursday, January 4th
10:00 AM – 11:00 AM CT
CPE Available
This one-hour intermediate/advanced 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.
Important Information for Investors Beginning an Exchange
From October 17 – December 31, 2024
If your 1031 exchange is not complete by the due date for your tax return, you may need to file for an extension.
The time frame you have to complete the acquisition of your replacement property ends at midnight on the earlier of: (a) the 180th day after the date you transferred the relinquished property; OR (b) 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 your relinquished property sale closes after October 17, 2024, your 180th day deadline to acquire replacement property will fall after the common 2024 tax return due date of April 15, 2025. In order to receive the full 180-day period to acquire replacement property, you must file an application for extension of time with the IRS to extend the due date for your 2024 tax return. 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. Taxpayers may have different tax return due dates. Please consult with your tax advisor to determine your tax return due date, and whether you will need to file for an extension.
If you have any questions, please contact your tax advisor.
National Headquarters: 800-282-1031
Eastern Regional Office: 866-394-1031
From home sales to prices, here’s what Goldman Sachs sees for the housing market in the next 4 years
Goldman Sachs expects the frozen housing market to thaw just slightly over the next four years, according to an outlook from a team of strategists led by chief economist Jan Hatzius. For 2023, the bank’s preliminary estimate for housing starts sits at 1.390 million.
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/
2023 Year-End Tax Planning
Exchanges Over Two Tax Years May Be Treated As An Installment Sale
In a delayed exchange transaction structured to satisfy the requirements of §1031, an exchanger has up to 180 calendar days to acquire like-kind replacement property measured from the day the relinquished property is sold. Once initiated, the delayed exchange may be successfully completed (resulting in complete tax deferral), partially completed (resulting in recognition of some capital gain) or it may fail if no like-kind replacement property is acquired (resulting in the recognition of all capital gain generated by the sale). If the exchange begins in one tax year and extends into the subsequent tax year, the question arises whether the gain realized on the sale is recognized in the year in which the relinquished property was sold or in the subsequent year in which the exchanger received the cash sale proceeds from the qualified intermediary.
In a perfect world, gain would be recognized in the subsequent year when the proceeds were actually received by the exchanger. In many cases, this turns out to be wholly or partially true.
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.