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Extensions for Disaster Areas announced in California, Florida and Louisiana

on Wed, 11/18/2020 - 14:26 Accruit

US Map with CA, FL and LA highlighted in blue

The IRS has issued extensions of exchange transactions under the guidelines set forth around federally declared disasters in California, Florida, and Louisiana. Accruit suggests that affected taxpayers consult with their tax and legal professionals as well as confirm on IRS website for any updates.

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What Happens if a 1031 Exchange Spans Two Tax Years?

on Mon, 11/16/2020 - 11:47 David Gorenberg

year end tax deadline with blue pushpin on 31st day of the month

As the fourth quarter of 2020 draws to a close, exchangers must consider the tax implications of completing a 1031 exchange that spans two tax years. If you are starting an exchange at this point in the year, it is imperative to pay close attention to exchange deadlines.

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Advanced 1031 Exchange Exit Strategies

on Thu, 11/12/2020 - 14:01 Accruit

Do you have property that is eligible for 1031 exchange, but you're not sure what to replace it with? In the world of like-kind exchange, there are options that are more complex than simply exchanging one building for another. Join Dan Raupp of Fortitude Investments, and David Gorenberg, Managing Director of Accruit, as they discuss the basics of 1031 exchanges and replacement property options including NNN, TICs, DSTs and more.

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Reporting a 1031 Exchange on IRS Form 8824

on Thu, 11/12/2020 - 13:14 Brent Abrahm

Filing form 8824 is not simply "another" tax form. It is a critical step to appropriately document that a like-kind exchange has occurred. Once those financial statements are complete, accountants can utilize this information to prepare related tax returns. For owners who have completed a 1031 like-kind exchange, Form 8824 will need to be prepared and filed with the Internal Revenue Service (IRS).

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10 Ways to KILL a 1031 Exchange

on Wed, 10/28/2020 - 13:35 Brent Abrahm

Don't let the grim reaper kill your 1031 exchange

Don't get caught by the grim reaper. The 1031 exchange regulations are designed to prevent people from "tricking" their way into an exchange. For those who follow the process, they are "treated" with a deferral on capital gains taxes, allowing them to grow and diversify investments.

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Webinar: Mechanics of 1031 Tax-Deferred Exchange

on Tue, 10/27/2020 - 11:34 Accruit

As members of IRELA (Illinois Real Estate Lawyers Association), Accruit is pleased to have Senior Director Jordan Born co-presenting the Mechanics of 1031 Exchange to this organization on November 11th. This will be a discussion of the general concepts of 1031 tax-deferred exchanges of real estate, including the technical and chronological requirements as well as the process, procedures and different structures. This webinar is available to non-members and MCLE credit is available.

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Webinar: Advanced 1031 Exchange Exit Strategies

on Wed, 10/21/2020 - 15:17 Accruit

Do you have property that is eligible for 1031 exchange, but you're not sure what to replace it with? In the world of like-kind exchange, there are options that are more complex than simply exchanging one building for another. Join Roy Pfleger of RVP II Consulting, and David Gorenberg, Managing Director of Accruit, as they discuss the basics of 1031 exchanges and replacement property options including NNN, TICs, DSTs and more.

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The Myth of the 1031 Exchange Cooperation Clause

on Mon, 10/19/2020 - 09:08 Martin Edwards

Over the past 100 years, Section 1031 has grown and evolved. Regulations have been added such as creating the function of the Qualified Intermediary, and we've seen the elimination of personal property. In this post, Martin Edwards explores the Exchange Cooperation Clause, once a requirement for 1031 transactions, is now superfluous paperwork.

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Preserving Section 1031

on Fri, 10/16/2020 - 12:54 Eunice Brownlee

Accruit has always advocated for the preservation of 1031 exchange. Exchanges provide economic stimulus on the local level, which is especially important in times of economic uncertainty such as these. As members of the Federation of Exchange Administrators (FEA), Accruit is an active participant in the work that is being done to preserve Section 1031 of the Internal Revenue Code. The FEA is incredibly important to our industry and we are proud to be members and support the work they are doing.

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Webinar: 1031 Exchange for Residential Agents & Brokers

on Mon, 10/12/2020 - 09:45 Accruit

Do you have clients who own investment property? Have you ever wondered how to incorporate 1031 tax-deferred exchange into your residential business? While generally, residential properties are not eligible for 1031 exchange, you may have clients who are buying or selling a property that qualifies. We will be providing a high level overview during this webinar on how the concepts of 1031 not only benefit your clients but also you as a broker.

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