Happy Holidays From API’s President
To all of our Clients and Associates, Greetings and Happy Holidays!
It is with great pleasure and gratitude that I say Thank You for another wonderful year filled with comradery, excitement, and satisfaction for a job well done. I hope that your year was successful, as was API’s 25 year anniversary.
I wish you all a joyous holiday season full of love and laughter as we prepare for another great year!
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Do You Have A Property Closing in December?
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The time frame a taxpayer has to complete the acquisition of a replacement property in a 1031 exchange ends at midnight on the earlier of the 180th day after the date the relinquished property was transferred –or– the due date (including extensions) for the 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)). Consequently, some taxpayers closing on the sale of relinquished property late in 2015 may need to file for an extension to utilize the entire 180-day exchange period. As a general rule, exchangers should not file a tax return until the 1031 exchange is complete. |
More specifically, if the 180th day following the closing of the sale of the first relinquished property falls after the due date for filing the 2015 tax return (generally April 15, 2016, for individuals), a taxpayer must file an Application for Extension of Time (IRS Form 4868) with the IRS to extend the filing date. If a taxpayer does not file for such an extension, they will not be able to acquire any replacement property in an exchange after the tax return due date. If you have any questions, please call your Exchange Counselor at Asset Preservation at National Headquarters (800) 282-1031 or Eastern Regional Office (866) 394-1031.
Most Affordable Places for Millennials to Buy a Home
The future demand for housing centers on the largest demographic cohort the U.S. has ever seen – Millennials. There are an estimated 83.1 million millennials today from 18 to 34 years of age – more people than any group has ever had. While they are not yet a major home buying segment, it is a matter of just a few years before home buying becomes a primary goal and Millennials become the majority of new homeowners across the country. Read more…
1031 Calculations are a Cinch with TheAnalyst® PRO!
Make analysis simple. That’s the goal of TheAnalyst® PRO, a desktop and mobile application that translates minimal inputs into maximum outputs. The application’s multi-tool functionality has prompted its nickname, “the Swiss Army Knife of CRE,” but what caught our attention about TheAnalyst® PRO is its handy 1031 Exchange Calculator.
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The 1031 Exchange Calculator is designed for either commercial or residential properties. By simply plugging in your inputs, you can quickly identify any taxes deferred by 1031 exchange for your client. The calculator’s advanced settings allow you to account for Federal Capital Gains Tax Rate, Cost Recover Recapture Rate and Percent Improvements. The calculator prepares a detailed PDF report that you can print, email or text to a client on the spot. |
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TheAnalyst® PRO was developed by Todd Kuhlmann, founder of CRE Tech, Inc. Kuhlmann’s background as a CCIM instructor and lengthy career in CRE investment and lending provides him with the understanding for the type of technology needed to advance the industry.
Subscription to TheAnalyst® PRO is an affordable $15.99/month or $159.99/year and includes access from your desktop and unlimited mobile devices.
Interested in trying out this 1031 Exchange Calculator for yourself? Sign-up for a 7-day free trial of TheAnalyst® PRO.
Complimentary 1031 Exchange Webinar for CPE Credit
Title: 1031 TAX-DEFERRED EXCHANGE ISSUES IN 2015
Presenter: Scott Saunders, Asset Preservation, Inc.
Course Description:
This intermediate level webinar provides a concise and thorough overview of IRC Section 1031 tax-deferred exchanges for accountants, CPAs and tax advisors. This webinar covers critical IRS time deadlines in delayed exchange, like-kind requirements including creative property variations such as easements and personal property exchanges, partnership/LLC scenarios (and how to best structure in advance of a 1031 exchange), reverse and improvement exchanges, related party transactions, how to avoid common pitfalls and other 1031 related issues. This webinar will provide a summary of current developments regarding possible tax reform and the implications for 1031 exchanges. It will aslo address applicable Revenue Rulings, PLR’s and other recent IRS guidance on current issues related to exchanges.
Course Details:
Date/Time: Learn anytime, this course is a self-study webinar
Cost: Free (Use promo code "API" to bypass the $5 charge)
CPE Credits: 1.0 hour (Accountants & CPAs)
View Details and Registration Info at cpaacademy.org
Help Support the Real Estate Industry Now
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Take Action – Contact Your Representatives Contact your congressional representatives using the link below and send a message to Congress that Section 1031 provides a powerful economic tool for stimulating the economy. It only takes one minute to voice your support for 1031 exchanges.
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Call Us!
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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 Open a 1031 Exchange Online. |
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