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Friday, October 18, 2024
A 1031 Exchange allows the taxpayer, or seller, to defer the capital gains tax and depreciation recapture on the transaction. The property sold as part of a 1031 Exchange is called the Relinquished Property. The property purchased is the Replacement Property.
Jackson Hanssen
Thursday, October 17, 2024
For a 1031 Exchange to be in accordance with IRC § 1031, within 45-days of the close of the sale of the Relinquished Property the taxpayer must identify their potential replacement property(ies) in writing to the qualified intermediary.
Jackson Hanssen
Monday, October 21, 2024
Jackson Hanssen
Why do a 1031 Exchange?
If the property you are selling is “real property” that has been held for business or investment use? Then the property should qualify for a 1031 Exchange. Are you planning on reinvesting the full sale proceeds from the sale of your property into another property that will be held for business or investment use? If yes, then you qualify for a 1031 Exchange.
Tuesday, October 15, 2024
Jackson Hanssen
1031 exchange affected by the storms in the southeast, what you need to know.
To be granted additional time included you must: Live in the disaster zone, have a relinquished property in the disaster zone, or identify a replacement property in the disaster zone.