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Dear Friends,
As the Holidays rapidly approach us, I want to take a moment and thank you for your business, your loyalty, and your work this past year. 2018 was a very busy year in the real estate industry, and I hope you unwind and spend quality time with your family and friends this Holiday season.
2019 marks Asset Preservation's 29th year in business! In reflecting on all those years, I am reminded of all those who have made Asset Preservation a remarkable company. I am grateful and very fortunate to work with wonderful clients and excellent associates.
As I look to the New Year and what will soon be Asset Preservation’s 30th anniversary, I remain committed to continuing our culture of excellent service and of being a valuable asset to you in obtaining your goals.
I hope you make the upcoming year the best it can possibly be.
Cheers and Happy Holidays!
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Javier G. Vande Steeg, President |
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New Location, Same Excellent Service
Asset Preservation’s National Headquarters has moved into a much larger office space to help accommodate additional exchange counselors and other support staff and maintain Asset Preservation’s commitment to exceptional service nationwide. The new address for the National Headquarters is 1420 Rocky Ridge Drive, Suite 380, Roseville, CA 95661.
All phone numbers and other information is the same. |
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Important Information for Investors Beginning a 1031 Exchange
From October 17 – December 31, 2018
Do Not File Your 2018 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 2018 tax return (this year, for individuals, April 17, 2019) 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
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The Cost Seg/1031 Exchange Combo is Even More Important Under Tax Reform
Under the Tax Cut and Jobs Act, the benefits of combining cost segregation and Section 1031 exchanges have become an even more important tax strategy for real estate investors. With the recently passed TCJA, the rules for Section 1031 exchanges have been modified and depreciation rules have been expanded. The interplay of these new rules creates new opportunities that one might overlook -- namely, the ability to utilize a cost segregation study to identify short life assets that will be fully depreciated and ultimately retired. The no-value assets are then not considered to be a part of the Section 1031 exchange – resulting in no depreciation recapture tax.
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Best Cities to Live In Today
There is no shortage of the best places to live lists, with each yielding a differing set of winners – with the outcome dependent on the inclusion and exclusion criteria, metrics and relative weightings. The latest list comes from Money and Realtor.com and was targeted at the largest cities in America. Money focused on the following for their findings of the Best Big Cities to Live In Today. Included among the 8,000 data points were...
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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.
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31 Cities Adding the Most Jobs as the U.S. Economy Grows
A healthy job market is the backbone of any thriving city. Across a population, a strong labor market can create a virtuous economic cycle, reducing financial hardship, fueling consumer spending, and attracting new residents. The United States is in the midst of unprecedented employment growth. The U.S. economy added 134,000 new jobs in...
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Annamarie Kooning
Northwest Division Manager
503.348.9577
annamarie@apiexchange.com
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