The state of Pennsylvania has been the only state where the personal income tax provision regarding Section 1031 did not conform 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 federal internal revenue code and taxpayers who complete 1031 exchanges be eligible for 1031 exchange tax deferral of both federal and state taxes.
1031 Exchange Webinars
Thursday, August 25th
1:00 PM – 2:00 PM PT
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.
Friday, September 16th
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.
We Love Our Happy Customers
Our exchange paperwork was flawless and always on time. Thank you.
-William T., California
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.
1031 Basics: IRS Form 8824 Like-Kind Exchanges
The tax filing date for many taxpayers is just around the corner. The Internal Revenue Service Form 8824, Like-Kind Exchanges, must be completed and filed with the IRS every time a taxpayer performs a 1031 exchange. The IRS Form 8824 contains three sections related to a 1031 exchange:
- Part 1, Information on the Like-Kind Exchange;
- Part II, Related Party Exchange Information; and
- Part III, Realized Gain or (Loss), Recognized Gain, and Basis of Like-Kind Property Received.
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.
Shared Equity Financing
The purchase of an undivided interest in investment property with a third party, including a child or other family member, who will occupy the property as their principal residence (referred to as the “occupying-co-owner”) can qualify as replacement property under IRC Section 1031, and the investor-co-owner can receive rental income and depreciation benefits, provided the arrangement meets certain criteria in a written “shared equity financing agreement.”