by William Horan | Nov 10, 2020 | Reporting
Example of receiving 1031 escrow funds in the following year: The IRS 1031 regulation (§1.1031(k)-1(j)) provides that if an exchanger receives 1031 escrow funds from the qualified intermediary at the end of the exchange, or if the exchanger had a bona...
by William Horan | Aug 10, 2020 | Critical Elements
Continuity of title is an important component of a 1031 exchange. Remember: 1031 exchanges are about deferring taxes. The same taxpayer(s) that sells a property must be the same taxpayer(s) that owns new replacement property(ies). We strongly recommend you check who...
by William Horan | Apr 13, 2020 | Realty Exchange Corporation
This Notice provides an extension to July 15, 2020 for taxpayers whose 45-day identification period or 180-day exchange period fall between April 1, 2020, and July 14, 2020. Likewise, taxpayers engaged in reverse exchanges whose 45th day to identify relinquished...
by William Horan | Mar 24, 2020 | Extensions, Realty Exchange Corporation
Many of our clients are contacting us regarding the status of their 1031 exchanges due to the ongoing measures being implemented in response to the COVID-19 pandemic. We are monitoring the situation closely and wanted to provide an update to our clients regarding the...
by William Horan | Mar 8, 2019 | Vacation Homes
Safe Harbor for Vacation Home The IRS published Revenue Procedure 2008-16 for the purpose of providing a Safe Harbor under which the IRS will not challenge whether a dwelling unit with limited personal use qualifies as property held for productive use in a trade...
