Accruit, LLC is closely monitoring any 1031 exchange deadline extensions due to COVID-19 on both a state and federal level through the Department of Treasury and IRS
Accruit Senior Director Brendan Lewis Hosts Webinar, Concepts of 1031 Tax-Deferred Exchange
A 1031 Exchange, also known as a Starker Trust or Tax-Deferred Exchange, is one of the most popular tax strategies available when selling and buying real estate “held for productive use in a trade or business...
As uncertain as we are of the current economic situation, investors are optimistic when it comes to real estate opportunities but may be seeking certitude in the concepts of 1031 exchange. Tried and true, tax-deferred exchanges translate to more value in the property portfolios of investment and business use property owners. That’s a bailout they can count on. While players in the residential housing space are adjusting to the current ‘ball game’ by offering virtual tours and remote closings to generate activity, the commercial, industrial and agricultural/recreational segments maintain their robustness.
DENVER - Accruit, a leading national qualified intermediary and back-office managed service provider of 1031 like-kind exchanges, today announced the addition of Steve Holtkamp as the company’s Executive Vice President and Chief Financial Officer. Holtkamp comes to Accruit with an impressive background in leading growth stage businesses.
“We’re incredibly fortunate Steve is joining us as we celebrate 20 years in business, open new regional offices, and expand our technology leading 1031 like-kind exchange solutions," said Brent Abrahm, President & CEO of Accruit.
Holtkamp joins Accruit with experience in growing businesses across hospitality and the financial sector and is passionate about building trust and relationships with clients. In his most recent role as Chief Strategy Officer for Hotel Engine, a rapidly growing hotel booking platform, Steve’s tenure included leading sales, operations and the company’s initiatives expanding into public sector travel. Holtkamp is a huge proponent of empowering employees and providing recognition when objectives are achieved. It is this approach to team building that makes him an excellent addition to the Accruit culture.
With a focus on protecting our employees and limiting the unnecessary spread of this novel coronavirus, Accruit and its subsidiaries are implementing our Business Continuity Plan effective March 16, 2020. With offices in CO, MT, & IL, weather has warranted the need to implement our remote service plan in the past and our employees are well practiced in following protocol. Our operational processes for remote access mandate that our services to our clients and the needs of their exchanges must be met timely and securely. All employees will continue to operate under similar security protocols to ensure your 1031 exchanges and the associated funds remain a top priority.
For the last two years, Accruit has processed our clients’ exchanges 100% paper free through our Accruit Exchange Manager application, providing our team constant access to secured data – anytime, anywhere. You should experience no change in how you interact with our Client Services Team or our Treasury Operations. Our teams will continue to monitor your exchange transactions from remote locations. They can always be reached via...
Accruit is proud to sponsor this year's Heavy Hitters in Commercial Real Estate Awards. This event is produced by the Denver Metro Commercial Association of Realtors and the Denver Business Journal. The event will be held at the Four Seasons downtown Denver and will celebrate the accomplishments of the region's highest producers in commercial real estate. Accruit will have a table at the event, so be sure to look for CEO Brent Abrahm when you're there.
A 1031 exchange, or like-kind exchange, allows you to defer various forms of taxes - including capital gains and depreciation recapture - when you sell real estate held for investment purposes and purchase another asset that is deemed like-kind. The ability to do so stems from a 1921 decision in which Congress decided that an investor who continues an investment by selling one property...
What is a Reverse Exchange and What Causes it to Fail?
A conventional IRC §1031 tax deferred exchange involves, among other things, a taxpayer’s sale of old property (the “relinquished property”) followed by the purchase of new property (the “replacement property”) within a 180 day period. A so-called reverse exchange takes place when the taxpayer is forced to acquire the ...
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