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1031 News

Home / Blog » 1031 News

Tax Relief for Victims of Hurricane Florence

on Fri, 09/21/2018 - 15:17   Mark Flanagan
Hurricane Florence Tax Relief

In the event of a federally-declared disaster, the IRS will provide relief to taxpayers in the form of extensions on the 180-day exchange period and 45-day identification period...

Selecting the Entity for a Real Estate Purchase – Part 1

on Fri, 08/24/2018 - 16:20   Jordan Born
Selecting the Entity for a Real Estate Purchase – Part 1

In this series of blogs, I provide a brief overview of the most common forms and business entities available under state law for purposes of owning real estate. These summaries do not seek to account for every similarity or difference between forms and business entities, but rather focus on what will probably be the most salient factors when comparing one entity against another.

The descriptions of these entities are organized according to their functional characteristics, such as formation, management and conduct of business, firm property, ownership interests, dissociation of owners, and dissolution of the firm. This allows the reader to compare and contrast the alternatives offered by the various forms.

Tax Law and Business Law Considerations of Real Estate Entities

Investors can choose from several different organizational forms for purposes of purchasing real estate. Most organizational entities are separate and apart from the assets and liabilities of any other entity or owner. The choice of entities in owning real estate is usually dependent upon a combination of business law and tax factors.

Tax law considerations...

Accruit Expands 1031 Exchange Capabilities and Technology Footprint

on Mon, 07/16/2018 - 15:08   Mark Flanagan
American Equity Exchange logo

DENVER, CO – Accruit, a financial technology company and leader in the 1031 like-kind exchange industry, has acquired Montana-based American Equity Exchange, founded in 1991 by 1031 veteran, Max A. Hansen. Hansen will join Accruit as an Executive Vice President and continue serving exchange clients from his Montana location.

“American Equity Exchange has contributed significantly to our industry growth and advocacy over the past two decades,” said Accruit CEO Brent Abrahm. “We’re very excited to be joining forces with Max and his seasoned team and growing Accruit’s portfolio of services for our customers.”

In addition to his role as President and CEO of American Equity Exchange, Hansen is an attorney who has...

Misconceptions about 1031 Like-Kind Exchanges

on Thu, 05/24/2018 - 11:33   Martin Edwards
Misconceptions about 1031 Exchanges

1031 tax-deferred exchanges were established as part of United States tax law in 1921, yet there are still misconceptions about like-kind exchanges and how they work. Let's clear up a few in this post.

I can receive tax deferral by rolling over my gain into new property

No, this is not the case. In order to receive full deferral, the value of the property must be replaced, net of the closing costs. In other words, the net proceeds from the sale of...

Accruit Again Transforms 1031 Exchange Industry with Major Release of Exchange Manager

on Tue, 05/01/2018 - 08:39   Mark Flanagan
Exchange Manager Transforms 1031 Exchange Industry

DENVER, CO – Accruit, a financial technology company specializing in escrow and 1031 exchange services, today announced the general availability of its fifth major release of its Exchange Manager application that makes tax-deferred exchanges of real estate safe, secure and simple for both clients and advisors. With this unique app, investors and...

Real Estate Transaction Basics

on Tue, 04/17/2018 - 13:05   Jordan Born
Real Estate Transaction Basics

A real estate transaction can be a perplexing process no matter if it’s large or small.  The precise procedures and professionals pushing paper appear puzzling regardless of whether the transaction qualifies for a tax-deferred exchange under Section 1031.  While there are many legal and financial aspects that revolve around the purchase and sale of real estate, the closing of a real estate transaction should not be an adversarial process.  No useful reason exists to think of or treat a closing like litigation although it does happen.  Everyone involved needs to work together in a cooperative way to consummate the deal.  Real estate law is a function of locality and custom in many respects; however, we will generally review some commonalities in the closing of a real estate...

1031 Tax-Deferred Exchanges as an Important Estate Planning Tool

on Mon, 03/26/2018 - 12:47   Martin Edwards
1031 Exchange Estate Planning

There are many factors which motivate taxpayers to complete tax-deferred exchanges when selling real estate.  Such considerations can include:

  • Consolidate many properties into fewer properties
  • Diversify fewer properties into more
  • Trade appreciated low cash flow property for high cash flow property
  • Maximize ability to borrow against properties using bank funds rather than owner’s
  • Trade for higher basis property to take advantage of depreciation deduction
  • Acquire property closer to owner in the event of relocation

Another very important, but often overlooked, reason to consider a tax-deferred exchange is to take advantage of a stepped-up basis for heirs upon the death of the property owner.  According to Investopedia a stepped-up basis is defined as:

“Step-up in basis is the readjustment of the value of an appreciated asset for tax

...

Infographic: Requirements for Identification of Replacement Property in a 1031 Exchange

on Wed, 03/07/2018 - 08:34   Mark Flanagan
Infographic: Requirements for Identification of Replacement Property in a 1031 Exchang

The ability to defer taxes through a 1031 like-kind exchange is a valuable taxpayer benefit, but to
receive this benefit, the rules pertaining to identification and acquisition of replacement property
must be strictly adhered to or the exchange will fail.

What are the effects of tax reform on 1031 tax-deferred exchanges?

on Thu, 01/18/2018 - 11:15   Martin Edwards
2017 Tax Reform

Tax deferral afforded through Section 1031 like-kind exchanges has been under threat of repeal or being reduction for many years. A committee made up members from the Senate Finance Committee and the House Way and Means Committee known as The Joint Committee on Taxation have made such recommendations many time over the past few decades. Cutbacks to Section 1031 had been recommended as far back as President Clinton’s administration. In 1997, that administration suggested requiring exchanges to be limited to “same-kind” properties...

1031 Exchanges + Tax Reform = Permanent Tax Reduction

on Fri, 12/15/2017 - 13:39   Steve Chacon
1031 Exchanges + Tax Reform = Permanent Tax Reduction

Comprehensive tax reform is here, and Congress is moving the legislative text through its final stages. Final voting is expected before the end of the year, with the new legislation to become effective for 2018. With Section 1031 retained for investment and business use real estate, but repealed for personal property (equipment, autos, machinery, etc), the new legislation presents a unique opportunity for exchangers to permanently reduce tax liabilities. There’s a very short window. If the new tax legislation passes, Section 1031 exchanges of personal property will only be allowed on sales that occur through December 31, 2017.

The Opportunity

Equipment owners can defer current tax liabilities into a post-tax reform future, allowing gains to be recognized within a lower tax rate environment. This “tax arbitrage” strategy can result in permanent deferrals and once-in-a-lifetime opportunities for businesses.

If the proposed tax legislation passes this year, then lower tax rates are...

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